Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | CREDICORP LTD |
Entity Central Index Key | 0001001290 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Trading Symbol | BAP |
Entity Common Stock, Shares Outstanding | 94,382,317 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and due from banks: | ||
Non-interest-bearing | S/ 6,177,356 | S/ 7,435,807 |
Interest-bearing | 19,809,406 | 14,732,709 |
Total Cash and Due from Banks | 25,986,762 | 22,168,516 |
Cash collateral, reverse repurchase agreements and securities borrowing | 4,288,524 | 4,082,942 |
Investments: | ||
At fair value through profit or loss | 3,850,762 | 3,512,445 |
At fair value through other comprehensive income | 24,614,050 | 23,056,954 |
At fair value through other comprehensive income pledged as collateral | 1,588,673 | 2,138,881 |
Total at fair value through other comprehensive income investments | 26,202,723 | 25,195,835 |
Amortized cost | 1,907,738 | 1,292,203 |
Amortized cost pledged as collateral | 1,569,308 | 2,862,635 |
Total amortized cost Investments | 3,477,046 | 4,154,838 |
Loans, net: | ||
Loans, net of unearned income | 115,609,679 | 110,759,390 |
Allowance for loan losses | (5,123,962) | (4,952,392) |
Total loans, net | 110,485,717 | 105,806,998 |
Financial assets designated at fair value through profit or loss | 620,544 | 521,186 |
Premiums and other policies receivable | 838,731 | 887,273 |
Accounts receivable from reinsurers and coinsurers | 791,704 | 842,043 |
Property, furniture and equipment, net | 1,428,173 | 1,480,702 |
Due from customers on acceptances | 535,222 | 967,968 |
Intangible assets and goodwill, net | 2,552,274 | 2,055,702 |
Right-of-use assets, net | 839,086 | 0 |
Deferred tax assets, net | 520,953 | 463,717 |
Other assets | 5,458,470 | 5,123,036 |
Total assets | 187,876,691 | 177,263,201 |
Deposits and obligations: | ||
Non-interest-bearing | 33,830,166 | 32,249,606 |
Interest-bearing | 78,175,219 | 72,301,704 |
Deposits and obligations | 112,005,385 | 104,551,310 |
Payables from repurchase agreements and securities lending | 7,678,016 | 9,415,357 |
Due to banks and correspondents | 8,841,732 | 8,448,140 |
Banker's acceptances outstanding | 535,222 | 967,968 |
Accounts payable to reinsurers | 216,734 | 291,693 |
Lease liabilities | 847,504 | 0 |
Financial liabilities at fair value through profit or loss | 493,700 | 362,310 |
Technical reserves for insurance claims and premiums | 9,950,233 | 8,452,671 |
Bonds and notes issued | 14,946,363 | 15,457,540 |
Deferred tax liabilities, net | 134,204 | 108,603 |
Other liabilities | 5,481,288 | 4,941,533 |
Total liabilities | 161,130,381 | 152,997,125 |
Equity attributable to Credicorps equity holders: | ||
Capital stock | 1,318,993 | 1,318,993 |
Treasury stock | (207,839) | (207,994) |
Capital surplus | 226,037 | 246,194 |
Reserves | 19,437,645 | 17,598,556 |
Other reserves | 1,088,189 | 708,453 |
Retained earnings | 4,374,935 | 4,175,041 |
Equity attributable to owners of parent | 26,237,960 | 23,839,243 |
Non-controlling interest | 508,350 | 426,833 |
Total equity, net | 26,746,310 | 24,266,076 |
Total liabilities and net equity | S/ 187,876,691 | S/ 177,263,201 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENT OF INCOME | |||
Interest and similar income | S/ 12,381,664 | S/ 11,522,634 | S/ 11,030,683 |
Interest and similar expenses | (3,290,867) | (3,033,529) | (2,959,196) |
Net interest, similar income and expenses | 9,090,797 | 8,489,105 | 8,071,487 |
Provision for credit losses on loan portfolio | (2,100,091) | (1,814,898) | (2,057,478) |
Recoveries of written-off loans | 254,155 | 283,190 | 268,313 |
Provision for credit losses on loan portfolio, net of recoveries | (1,845,936) | (1,531,708) | (1,789,165) |
Net interest, similar income and expenses, after provision for credit losses on loan portfolio | 7,244,861 | 6,957,397 | 6,282,322 |
Other income | |||
Commissions and fees | 3,232,781 | 3,126,857 | 2,911,408 |
Net gain on foreign exchange transactions | 748,382 | 737,954 | 650,228 |
Net gain on securities | 546,814 | 242,829 | 760,772 |
Net gain on derivatives held for trading | 6,043 | 13,262 | 103,580 |
Net gain from exchange differences | 19,735 | 16,022 | 17,394 |
Others | 344,229 | 273,882 | 249,197 |
Total other income | 4,897,984 | 4,410,806 | 4,692,579 |
Insurance underwriting result | |||
Net premiums earned | 2,419,349 | 2,091,366 | 1,875,973 |
Net claims incurred for life, general and health insurance contracts | (1,554,477) | (1,239,635) | (1,118,304) |
Acquisition cost | (365,848) | (380,310) | (269,504) |
Total insurance underwriting result | 499,024 | 471,421 | 488,165 |
Other expenses | |||
Salaries and employee benefits | (3,411,023) | (3,219,875) | (3,071,020) |
Administrative expenses | (2,354,630) | (2,330,044) | (2,158,823) |
Depreciation and amortization | (455,032) | (429,122) | (419,975) |
Depreciation for right-of-use assets | (177,307) | 0 | 0 |
Impairment loss on goodwill | 0 | (38,189) | 0 |
Others | (268,469) | (230,180) | (238,314) |
Total other expenses | (6,666,461) | (6,247,410) | (5,888,132) |
Profit before income tax | 5,975,408 | 5,592,214 | 5,574,934 |
Income tax | (1,623,077) | (1,520,909) | (1,393,286) |
Net profit | 4,352,331 | 4,071,305 | 4,181,648 |
Attributable to: | |||
Credicorp's equity holders | 4,265,304 | 3,983,865 | 4,091,753 |
Non-controlling interest | 87,027 | 87,440 | 89,895 |
Net profit for the year | S/ 4,352,331 | S/ 4,071,305 | S/ 4,181,648 |
Net basic and dilutive earnings per share attributable to Credicorp's equity holders (in Soles): | |||
Basic | S/ 53.66 | S/ 50.13 | S/ 51.49 |
Diluted | S/ 53.53 | S/ 49.99 | S/ 51.35 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Net profit for the year | S/ 4,352,331 | S/ 4,071,305 | S/ 4,181,648 |
To be reclassified to profit or loss in subsequent periods: | |||
Net gain (loss) on investments at fair value through other comprehensive income | 1,064,859 | (642,505) | 0 |
Income tax | (22,259) | 11,831 | 0 |
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income | 1,042,600 | (630,674) | 0 |
Net gain on investments available for sale | 0 | 0 | 375,710 |
Income tax | 0 | 0 | (13,962) |
Other comprehensive income, net of tax, available-for-sale financial assets | 0 | 0 | 361,748 |
Net movement on cash flow hedges | (37,851) | 41,241 | (77,369) |
Income tax | 10,290 | (10,942) | 18,719 |
Other comprehensive income, net of tax, cash flow hedges | (27,561) | 30,299 | (58,650) |
Other reserves | (666,556) | 0 | 0 |
Exchange differences on translation of foreign operations | (58,323) | 45,655 | (54,227) |
Other comprehensive income, net of tax, exchange differences on translation of foreign operations | (58,323) | 45,655 | (54,227) |
Total | 290,160 | (554,720) | 248,871 |
Not to be reclassified to profit or loss in subsequent periods: | |||
Net gain in equity instruments designated at fair value through other comprehensive income | 91,512 | 20,971 | 0 |
Income tax | 5,999 | (168) | 0 |
Total | 97,511 | 20,803 | 0 |
Total other comprehensive income | 387,671 | (533,917) | 248,871 |
Total comprehensive income for the year, net of income tax | 4,740,002 | 3,537,388 | 4,430,519 |
Attributable to: | |||
Credicorp's equity holders | 4,645,040 | 3,455,682 | 4,337,616 |
Non-controlling interest | 94,962 | 81,706 | 92,903 |
Comprehensive income | S/ 4,740,002 | S/ 3,537,388 | S/ 4,430,519 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN NET EQUITY - PEN (S/) S/ in Thousands | Capital stock | Shares of the Group | Share-based payment | Capital surplus | Reserves | Investments in equity instruments | Available-for-sale investments | Investments in debt instruments | Cash flow hedge reserve | Insurance reserves | Foreign currency translation reserve | Retained earnings | Equity attributable to owners of parent, Total | Non-controlling interest | Total |
Balances at Dec. 31, 2016 | S/ 1,318,993 | S/ (204,567) | S/ (4,755) | S/ 280,876 | S/ 13,539,091 | S/ 0 | S/ 1,146,788 | S/ 0 | S/ 24,650 | S/ 0 | S/ 38,293 | S/ 3,516,766 | S/ 19,656,135 | S/ 460,376 | S/ 20,116,511 |
Changes in equity | |||||||||||||||
Net profit for the year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,091,753 | 4,091,753 | 89,895 | 4,181,648 |
Other comprehensive income, Note 18(d) | 0 | 0 | 0 | 0 | 0 | 0 | 357,628 | 0 | (57,431) | 0 | (54,334) | 0 | 245,863 | 3,008 | 248,871 |
Total comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 357,628 | 0 | (57,431) | 0 | (54,334) | 4,091,753 | 4,337,616 | 92,903 | 4,430,519 |
Transfer of retained earnings to reserves, Note 18(c) | 0 | 0 | 0 | 0 | 2,354,954 | 0 | 0 | 0 | 0 | 0 | 0 | (2,354,954) | 0 | 0 | 0 |
Dividend distribution, Note 18(e) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (979,989) | (979,989) | 0 | (979,989) |
Dividends paid to interest non-controlling of subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (50,234) | (50,234) |
Additional dividends | 0 | 0 | 0 | 0 | (1,252,255) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,252,255) | 0 | (1,252,255) |
Purchase of treasury stock, Note 18(b) | 0 | 0 | (2,141) | (68,867) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (71,008) | 0 | (71,008) |
Share-based payment transactions | 0 | 0 | 2,357 | 59,939 | 5,919 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68,215 | 0 | 68,215 |
Others | 0 | 169 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,316) | (2,147) | (5,909) | (8,056) |
Balances (Restated) at Dec. 31, 2017 | 1,318,993 | (204,398) | (4,539) | 271,948 | 14,647,709 | 431,711 | 0 | 853,747 | (32,781) | 0 | (16,041) | 4,298,578 | 21,564,927 | 497,136 | 22,062,063 |
Balances at Dec. 31, 2017 | 1,318,993 | (204,398) | (4,539) | 271,948 | 14,647,709 | 0 | 1,504,416 | 0 | (32,781) | 0 | (16,041) | 4,271,260 | 21,756,567 | 497,136 | 22,253,703 |
Change in accounting policy, Note 3(a)(vii) | 0 | 0 | 0 | 0 | 0 | 431,711 | (1,504,416) | 853,747 | 0 | 0 | 0 | 27,318 | (191,640) | 0 | (191,640) |
Changes in equity | |||||||||||||||
Net profit for the year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,983,865 | 3,983,865 | 87,440 | 4,071,305 |
Other comprehensive income, Note 18(d) | 0 | 0 | 0 | 0 | 0 | 20,840 | 0 | (624,277) | 29,620 | 0 | 45,634 | 0 | (528,183) | (5,734) | (533,917) |
Total comprehensive income | 0 | 0 | 0 | 0 | 0 | 20,840 | 0 | (624,277) | 29,620 | 0 | 45,634 | 3,983,865 | 3,455,682 | 81,706 | 3,537,388 |
Transfer of retained earnings to reserves, Note 18(c) | 0 | 0 | 0 | 0 | 2,933,617 | 0 | 0 | 0 | 0 | 0 | 0 | (2,933,617) | 0 | 0 | 0 |
Dividend distribution, Note 18(e) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,130,427) | (1,130,427) | 0 | (1,130,427) |
Dividends paid to interest non-controlling of subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (45,134) | (45,134) |
Acquisition of non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (70,046) | (70,046) | (104,426) | (174,472) |
Purchase of treasury stock, Note 18(b) | 0 | 0 | (1,869) | (93,544) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (95,413) | 0 | (95,413) |
Share-based payment transactions | 0 | 0 | 2,767 | 67,790 | 17,230 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87,787 | 0 | 87,787 |
Others | 0 | 45 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26,688 | 26,733 | (2,449) | 24,284 |
Balances at Dec. 31, 2018 | 1,318,993 | (204,353) | (3,641) | 246,194 | 17,598,556 | 452,551 | 0 | 229,470 | (3,161) | 0 | 29,593 | 4,175,041 | 23,839,243 | 426,833 | 24,266,076 |
Changes in equity | |||||||||||||||
Net profit for the year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,265,304 | 4,265,304 | 87,027 | 4,352,331 |
Other comprehensive income, Note 18(d) | 0 | 0 | 0 | 0 | 0 | 97,514 | 0 | 1,026,518 | (26,943) | (658,491) | (58,862) | 0 | 379,736 | 7,935 | 387,671 |
Total comprehensive income | 0 | 0 | 0 | 0 | 0 | 97,514 | 0 | 1,026,518 | (26,943) | (658,491) | (58,862) | 4,265,304 | 4,645,040 | 94,962 | 4,740,002 |
Transfer of retained earnings to reserves, Note 18(c) | 0 | 0 | 0 | 0 | 1,858,811 | 0 | 0 | 0 | 0 | 0 | 0 | (1,858,811) | 0 | 0 | 0 |
Dividend distribution, Note 18(e) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,595,229) | (1,595,229) | 0 | (1,595,229) |
Dividends paid to interest non-controlling of subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (52,971) | (52,971) |
Additional dividends | 0 | 0 | 0 | 0 | (31,268) | 0 | 0 | 0 | 0 | 0 | 0 | (606,824) | (638,092) | 0 | (638,092) |
Purchase of treasury stock, Note 18(b) | 0 | 0 | (1,814) | (101,411) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (103,225) | 0 | (103,225) |
Share-based payment transactions | 0 | 0 | 2,004 | 81,254 | 11,546 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94,804 | 0 | 94,804 |
Acquisition of subsidiaries, Note 2(a) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74,392 | 74,392 |
Others | 0 | (35) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (4,546) | (4,581) | (34,866) | (39,447) |
Balances at Dec. 31, 2019 | S/ 1,318,993 | S/ (204,388) | S/ (3,451) | S/ 226,037 | S/ 19,437,645 | S/ 550,065 | S/ 0 | S/ 1,255,988 | S/ (30,104) | S/ (658,491) | S/ (29,269) | S/ 4,374,935 | S/ 26,237,960 | S/ 508,350 | S/ 26,746,310 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS S/ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | Dec. 31, 2017PEN (S/) | |
CASH AND CASH EQUIVALENTS FROM OPERATING ACTIVITIES | |||
Net profit for the year | S/ 4,352,331 | S/ 4,071,305 | S/ 4,181,648 |
Adjustment to reconcile net profit to net cash arising from operating activities: | |||
Provision for credit losses on loan portfolio | 2,100,091 | 1,814,898 | 2,057,478 |
Depreciation and amortization | 455,032 | 429,122 | 419,975 |
Depreciation for right-of-use assets | 177,307 | 0 | 0 |
Depreciation of investment properties | 6,727 | 7,405 | 6,440 |
Deferred (income) tax expense | (52,540) | 91,101 | (3,556) |
Adjustment of technical reserves | 761,970 | 713,433 | 608,072 |
Net gain on securities | (546,814) | (242,829) | (760,772) |
Impairment loss on goodwill | 0 | 38,189 | 0 |
Provision for sundry risks | 27,272 | 42,236 | 29,023 |
Gain (loss) on financial assets designated at fair value through profit and loss | (93,664) | 53,935 | (67,633) |
Net gain of trading derivatives | (6,043) | (13,262) | (103,580) |
Net Income from sale of property, furniture and equipment | (16,869) | (54,952) | (36,970) |
Net loss (gain) from sale of seized and recovered assets | 9,617 | 3,411 | (2,494) |
Expense for share-based payment transactions | 120,062 | 106,865 | 104,170 |
Others | (19,735) | (16,022) | 2,363 |
Net (increase) decrease in assets: | |||
Loans | (6,767,721) | (10,236,155) | (8,387,767) |
Investments at fair value through profit or loss | (206,534) | 530,918 | (16,400) |
Investments at fair value through other comprehensive income | 771,680 | (837,699) | 0 |
Investments available-for-sale | 0 | 0 | (5,380,789) |
Cash collateral, reverse repurchase agreements and securities borrowings | (265,157) | 3,604,105 | 3,134,530 |
Other assets | (1,066,465) | (1,078,163) | 425,245 |
Net increase (decrease) in liabilities | |||
Deposits and obligations | 7,457,393 | 5,583,328 | 12,779,204 |
Due to Banks and correspondents | 426,411 | 267,383 | 661,747 |
Payables from repurchase agreements and securities lending | (1,714,532) | (4,069,121) | (1,661,576) |
Bonds and notes issued | 670,877 | (1,264,573) | 788,144 |
Short-term and low-value lease payments | (63,047) | 0 | 0 |
Other liabilities | 1,584,192 | 1,310,271 | 1,745,720 |
Income tax paid | (1,168,130) | (1,106,700) | (1,014,907) |
Net cash flow from operating activities | 6,933,711 | (251,571) | 9,507,315 |
NET CASH FLOWS FROM INVESTING ACTIVITIES | |||
Revenue from sale of property, furniture and equipment | 35,355 | 95,063 | 44,137 |
Revenue from sale of investment property | 38,969 | 25,552 | 115,705 |
Purchase of property, furniture and equipment | (134,776) | (181,459) | (143,851) |
Purchase of investment property | (33,321) | (49,519) | (9,217) |
Purchase of intangible assets | (371,957) | (419,789) | (271,722) |
Purchase of investment at amortized cost | (1,688,443) | (3,613,093) | 0 |
Revenue from sales and reimbursement of investment at amortized cost | 3,256,332 | 4,083,902 | 0 |
Purchase of investments held-to-maturity | 0 | 0 | (2,242,548) |
Revenue from sales and reimbursement of investments held-to-maturity | 0 | 0 | 2,757,402 |
Acquisition of subsidiaries, net of cash received | (375,952) | 0 | 0 |
Net cash flows from investing activities | 726,207 | (59,343) | 249,906 |
NET CASH FLOWS FROM FINANCING ACTIVITIES | |||
Dividends paid | (1,595,229) | (1,130,427) | (979,989) |
Dividends paid to non-controlling interest of subsidiaries | (52,971) | (45,134) | (50,234) |
Additional dividends paid | (638,092) | 0 | (1,252,255) |
Principal payments of leasing contracts | (147,841) | 0 | 0 |
Interest payments of leasing contracts | (37,438) | 0 | 0 |
Subordinated bonds | (977,009) | 0 | (40,049) |
Purchase of treasury stock | (103,225) | (95,413) | (71,008) |
Acquisition of non-controlling interest | 0 | (174,472) | 0 |
Net cash flows from financing activities | (3,551,805) | (1,445,446) | (2,393,535) |
Net increase (decrease) of cash and cash equivalents before effect of changes in exchange rate | 4,108,113 | (1,756,360) | 7,363,686 |
Effect of changes in exchange rate of cash and cash equivalents | (294,874) | 704,966 | (784,685) |
Cash and cash equivalents at the beginning of the period | 22,160,803 | 23,212,197 | 16,633,196 |
Cash and cash equivalents at the end of the period | 25,974,042 | 22,160,803 | 23,212,197 |
Additional information from cash flows | |||
Interest received | 12,349,495 | 11,469,209 | 10,935,640 |
Interest paid | (3,193,536) | (3,034,140) | (2,885,989) |
Transactions that do not represent cash flow | |||
Recognition of lease operations | 852,800 | 0 | 0 |
Reclassification from investments at amortized cost to fair value with changes in equity | S/ 241,656 | S/ 0 | S/ 0 |
Reconciliation of liabilities a
Reconciliation of liabilities arising from financing activities - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Subordinated bonds | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning period | S/ 5,424,401 | S/ 5,247,389 | ||
New issues | 0 | 0 | ||
Amortization of principal | (977,009) | 0 | ||
Exchange difference | (69,875) | 201,001 | ||
Changes in fair value | 421 | (55,106) | ||
Discontinuing of hedge | 0 | 0 | [1] | |
Others | 9,805 | 31,117 | ||
Ending Period | 4,387,743 | 5,424,401 | ||
Subordinated bonds | Amortized Cost | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning period | 5,424,401 | 2,257,516 | ||
New issues | 0 | 0 | ||
Amortization of principal | (977,009) | 0 | ||
Exchange difference | (69,875) | 183,791 | ||
Changes in fair value | 421 | 164 | ||
Discontinuing of hedge | 0 | 2,951,813 | [1] | |
Others | 9,805 | 31,117 | ||
Ending Period | 4,387,743 | 5,424,401 | ||
Subordinated bonds | Fair value | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning period | 0 | 2,989,873 | ||
New issues | 0 | 0 | ||
Amortization of principal | 0 | 0 | ||
Exchange difference | 0 | 17,210 | ||
Changes in fair value | 0 | (55,270) | ||
Discontinuing of hedge | 0 | (2,951,813) | [1] | |
Others | 0 | 0 | ||
Ending Period | 0 | 0 | ||
Fair value hedge | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Beginning period | S/ 0 | (34,290) | ||
New issues | 0 | |||
Amortization of principal | (9,245) | |||
Exchange difference | (293) | |||
Changes in fair value | 31,185 | |||
Discontinuing of hedge | [1] | 0 | ||
Others | 12,643 | |||
Ending Period | S/ 0 | |||
[1] | During the first quarter of 2018, the Group discontinued the fair value hedge of certain liability bonds that were classified to fair value; as a result, these bonds were reclassified as financial liabilities at amortized cost. See explanation in Note 17(a). |
OPERATIONS
OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
OPERATIONS | |
OPERATIONS | 1 OPERATIONS Credicorp Ltd. (hereinafter “Credicorp” or “the Group”) is a limited liability company incorporated in Bermuda in 1995 to act as a holding company and to coordinate the policies and administration of its subsidiaries. It is also engaged in investing activities. Credicorp Ltd., through its banking and non-banking subsidiaries and its associate Entidad Prestadora de Salud, provides a wide range of financial, insurance and health services and products mainly throughout Peru and in certain other countries (See Note 3(b)). Its major subsidiary is Banco de Crédito del Perú (hereinafter “BCP” or the “Bank”), a Peruvian universal bank. Credicorp’s address is Clarendon House 2 Church Street Hamilton, Bermuda; likewise, administration offices of its representative in Peru are located in Calle Centenario Nº156, La Molina, Lima, Peru. Credicorp is listed on the Lima and New York stock exchanges. The consolidated financial statements as of December 31, 2019 and for the year then ended were approved by the Board of Directors on February 27, 2020. The Company evaluated events or transactions that may have occurred between February 27, 2020 and May 26, 2020 for potential recognition or disclosures. No significant events or transactions were identified, except for the events indicated in Note 18(e) on the agreement to declare a cash dividend and Note 36 on the outbreak of the new coronavirus (hereinafter “COVID-19”), which was approved by Management and in the Audit Committee held on May 26, 2020. Further, there are not significant events or transactions between May 26, 2020 and May 29, 2020 that were identified. |
MAIN ACQUISITIONS, INCORPORATIO
MAIN ACQUISITIONS, INCORPORATIONS AND MERGERS | 12 Months Ended |
Dec. 31, 2019 | |
MAIN ACQUISITIONS, INCORPORATIONS AND MERGERS | |
MAIN ACQUISITIONS, INCORPORATIONS AND MERGERS | 2 MAIN ACQUISITIONS, INCORPORATIONS AND MERGERS a) Acquisitions during the year 2019 Banco Compartir S.A.- On June 28, 2019, Credicorp, through its Subsidiary Credicorp Holding Colombia S.A.S., signed an agreement with the majority shareholders of Banco Compartir S.A. (hereinafter "Bancompartir") to acquire 74.49 percent of its share capital. Subsequently, as part of the initial agreement, in July 2019, Credicorp Holding Colombia S.A.S. signed agreements with minority shareholders to additionally acquire 2.97 percent of the share capital of Bancompartir. Bancompartir is a financial institution incorporated in Colombia to operate as banking stablishment, with the objective of carrying out all the businesses, operations, acts and contracts authorized by law and by the Superintendency of Banks Colombia. The acquisition of Bancompartir was approved by the Superintendency of Banks Colombia through document N°2019120112-000-000, dated in November 12, 2019. Credicorp Holding Colombia S.A.S. paid a total of COP265,251.7 million (equivalent to S/255.7 million) for the acquisition of 77.46 percent of the share capital of Bancompartir, effective December 1, 2019. Ultraserfinco S.A. and Subsidiaries - On November 1, 2019, Credicorp through its Subsidiaries Credicorp Holding Colombia S.A.S. and Credicorp Capital Fiduciaria S.A., acquired 84.20 percent and 15.80 percent, respectively, of the capital stock of Ultraserfinco S.A. (a company incorporated in Colombia in 1991 and oriented to provide services related to the purchase and sale of securities), for approximately COP118,251 million (equivalent to S/116.8 million) and COP22,312 million (equivalent to S/22.1 million), respectively. The acquisition of Ultraserfinco includes its subsidiaries Ultra Holdings Group Inc.; Ultralat Group Inc.; Ultralat Capital Market Inc. and Ultralat Investment Advisor; which have as economic goal to administer investment funds and carry out stock operations in the country in which they operate. The transaction was approved by the Superintendency of Banks Colombia through document N° 2019052313-000-000 dated October 22, 2019, the effective date of the acquisition was in November 1, 2019. Multicaja Prepago S.A. and Tenpo SpA - On March 27, 2019, Credicorp through its subsidiary Krealo SpA (an entity incorporated in Chile on January 2019), suscribed an agreement with Multicaja S.A. in order to acquire the 100.0 percent of the equity of Multicaja Prepago S.A. for approximately US$6.1 million equivalent to S/19.6 million, and Tenpo SpA for approximately US$12.5 million, equivalent to S/41.1 million. Multicaja Prepago S.A., is a chilean company oriented exclusively to the issuance of non-bank payment cards with provision of funds and other necessary activities, which are authorized by the Comisión para el Mercado Financiero- CMF (before “Superintendencia de Bancos e Instituciones Financieras”, the Chilean Banking Supervisor- SBIF from spanish acronym). The acquisition of Multicaja Prepago was approved by the SBIF through the document N°218999 on May 28, 2019. Tenpo SpA, is a Chilean company oriented to develop information systems and data processing; as well as the development of activities related to the commercialization or distribution of digital and computer products and services. The acquisition of this entity does not required the approval of the Chilean Banking Supervisor. The acquisition of these entities was effective in July 1, 2019. Compañía Incubadora de Soluciones Móviles S.A.C. - On January 2019, Credicorp through its subsidiary Grupo Crédito S.A. (hereinafter “Grupo Crédito”) acquired the 100.00 percent of the capital stock of Compañía Incubadora de Soluciones Móviles S.A. (hereinafter "Culqi"), an entity incorporated in Peru, oriented to the development and operation of a platform online payment methods for approximately US$4.0 million (equivalent to S/13.3 million). At the date of acquisition, the book value and fair value of the identified assets and liabilities of the entities purchased were the following: hff Book value Fair value adjustments Fair value recognized on acquisition Ultraserfinco Ultraserfinco Ultraserfinco Total fair value and and and recognized on Bancompartir Subsidiaries Multicaja Tenpo Culqi Bancompartir Subsidiaries Multicaja Tenpo Culqi Bancompartir Subsidiaries Multicaja Tenpo Culqi acquisition S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Assets Cash 30,985 55,160 3,633 1,938 1,016 — — — — — 30,985 55,160 3,633 1,938 1,016 92,732 Investments 153,188 24,739 — — — — — — — — 153,188 24,739 — — — 177,927 Loans, net 706,621 — — — — (54,765) — — — — 651,856 — — — — 651,856 Right-of-use assets, net 6,578 5,206 — — — — — — — — 6,578 5,206 — — — 11,784 Property, furniture and equipment, net, Note 10(a) 5,969 3,385 34 112 32 374 688 — — — 6,343 4,073 34 112 32 10,594 Intangible, Note 11 Software and licenses 60,450 — — — 2 — — 2,647 4,640 8,322 60,450 — 2,647 4,640 8,324 76,061 Brand "Culqi" — — — — — — — — — 1,164 — — — — 1,164 1,164 Brand "Recarga" — — — — — — — — 2,790 — — — — 2,790 — 2,790 Client relationships — — — — — — 13,376 — 2,536 2,550 — 13,376 — 2,536 2,550 18,462 PayPal Contract — — — — — — — — 7,504 — — — — 7,504 — 7,504 Fund manager contract — — — — — — 4,298 — — — — 4,298 — — — 4,298 Anti-competition contract — — — — — 5,454 7,291 — — — 5,454 7,291 — — — 12,745 Deferred tax assets — — — — — 18,242 — — — 541 18,242 — — — 541 18,783 Other assets 58,557 17,784 17 1,204 1,100 — — — — (400) 58,557 17,784 17 1,204 700 78,262 Liabilities Deposits and obligations 794,893 — — — — — — — — — 794,893 — — — — 794,893 Due to banks and correspondents 50,659 — — — — — — — — — 50,659 — — — — 50,659 Lease liabilities 6,874 5,680 — — — — — — — — 6,874 5,680 — — — 12,554 Deferred tax liabilities 139 — — — — 1,895 7,924 715 4,717 3,550 2,034 7,924 715 4,717 3,550 18,940 Other liabilities 16,101 24,041 192 142 955 — — — — — 16,101 24,041 192 142 955 41,431 Total net assets identified at fair value 153,682 76,553 3,492 3,112 1,195 (32,590) 17,729 1,932 12,753 8,627 121,092 94,282 5,424 15,865 9,822 246,485 Non-controlling interest (74,392) — — — — (74,392) Goodwill arising on acquisition 209,003 44,628 14,182 25,260 3,518 296,591 Total purchase consideration 255,703 138,910 19,606 41,125 13,340 468,684 All purchases were recorded using the purchase method, as required by the IFRS 3 “Business combinations”, applicable on the date of the transaction. Assets and liabilities were recorded at their estimated market values at the acquisition dates, including intangible assets identified not recorded in the financial statements of each entity. The acquisition costs incurred by Bancompartir and Ultraserfinco and Subsidiaries amounted to approximately COP 2,040.2 million equivalent to S/2.0 million, acquisition costs incurred by Multicaja and Tenpo amounted to CLP 50.6 million equivalent to approximately S/0.2 million and the acquisition costs of Culqi amounted to S/0.1 million. Also, these costs were recorded in the “Administrative expenses” section of the consolidated statement of income. The non-controlling interest of Bancompartir was measured at fair value, which are estimated considering the consideration paid. The fair values of the intangible assets identified at the acquisition date were determined using the income approach, based on the present value of earnings attributable to the asset or in saving acquisition costs. Under this approach, the fair value of intangible assets is determined through the future cash flow methodology discounted using the rate of return that considers the relative risk of getting cash flows and the value of money over time. The following methods, based on the income approach, were used by the Management of Credicorp, to estimate the fair values of the intangible assets identified at the acquisition date. - For the valuation of the intangible acquired by the anti-competition contract, the Management used the “With-or-without” method, which estimates the net present value of the projected cash flow during the exclusivity of the contract, considering the potential decrease in revenue or the increase in expenses as a result of the competition that sellers could perform when starting a similar business. The difference between both scenarios would correspond to the fair value of this intangible. - For the software valuation was applied the method "Replacement cost to new", which estimates the costs that should be incurred to acquire or build an asset with similar characteristics, capacity and functionalities. - The “Relief from Royalties” method was applied for brand valuation, which estimates the cash flows that the company saves for the payment of royalties that it would make if it did not count with a brand of its own. - For the valuation of the intangibles assets of the Client relationship, fund manager contracts and PayPal contract was used the method of “Multi-Period Excess Earnings Method (MEEM)”, which estimates the residual cash flow of the intangibles assets after discounting returns for all assets that contribute to the flow. In Management's opinion, those methods are generally accepted for the valuation of intangible assets identified in business combination processes. Considering the acquisition dates, the adjusments made are under review. Therefore, certain amounts reported could incorporate non-significant variations. In Management’s opinion, no substantial changes would occur. From the effective date of acquisition (December 1, 2019) until December 31, 2019, Bancompartir contribution’s in interest and similar income amounted to approximately S/16.5 million. If the combination had taken place at the beginning of the year, the similar interests and income of the Group would have amounted to approximately S/198.7 million (an increase of S/182.2 million). The income of the other acquired companies is inmaterial for the consolidated financial statements of the Group. Also, for the periods from the date of acquisition and the period from January 1 to December 31, 2019 are immaterial for consolidated financial statements of the Group. b) Acquisition of non-controlling interest of Mibanco, Banco de la Microempresa S.A. (Mibanco) - On April 18, 2018, Credicorp Ltd. through its subsidiaries Grupo Crédito S.A. and Banco de Crédito del Perú S.A. acquired 3.23 percent and 0.06 percent, respectively, of the share capital of Mibanco, which was held by minority shareholders for approximately S/129.0 million and S/2.4 million, respectively. Additionally, on May 22 and 23, 2018, BCP acquired 1.22 percent and 0.05 percent, respectively, of the share capital of Mibanco, which was held by minority shareholders for approximately S/47.3 million and S/1.9 million, respectively. These acquisitions of non-controlling interest were recorded as an equity transaction. In view of said acquisitions, Credicorp Ltd. increased its interest in the share capital of Mibanco from 93.18 percent to 97.74 percent. c) Merger by absorption between Credicorp Capital Holding Chile S.A. and Inversiones IMT S.A. - On February 21, 2018, the Private Investment Fund Series B, administered by Credicorp Capital S.A., sold, ceded and transferred to Credicorp Capital Holding Chile S.A. the 11 shares of Inversiones IMT S.A. which it owned. As a result of the sale, the entity Credicorp Capital Holding Chile S.A. became the holder of 100.00 percent of the share capital of Inversiones IMT S.A. for an uninterrupted period that exceeded 10 days, which is a cause for corporate dissolution, according to article 103 numeral 2 of the Law regarding Joint Stock Companies, in Chile. Subsequently, on March 3, 2018, the merger by absorption between Inversiones IMT S.A. (absorbed entity) and Credicorp Capital Holding Chile S.A. (absorbing entity) was made effective; the latter acquiring all the assets, liabilities, rights and obligations of Inversiones IMT S.A., without needing to proceed with the liquidation of the dissolved company. Said transaction has not generated a significant impact on the Group's consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | 3 SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies applied in the preparation of Credicorp’s consolidated financial statements are set out below: a) Basis of presentation, use of estimates and changes in accounting policies - The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements as of December 31, 2019 and 2018, have been prepared following the historical cost criteria, except for investments at fair value through profit or loss, investments at fair value through other comprehensive income, financial assets designated at fair value through profit or loss, derivative financial instruments, and financial liabilities at fair value through profit or loss; which have been measured at fair value. The consolidated financial statements are presented in Soles (S/), which is the functional currency of Credicorp Ltd and subsidiaries, see paragraph (c) below, and values are rounded to thousands of soles, except when otherwise indicated. The preparation of the consolidated financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of significant events in notes to the consolidated financial statements. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. The final results could differ from said estimates; however, the Management expects that the variations, if any, will not have a material impact on the consolidated financial statements. The most significant estimates included in the accompanying consolidated financial statements are related to the calculation of the allowance of the expected credit loss on loan portfolio, the valuation of investments, the technical reserves for insurance claims and premiums, the impairment of goodwill , the expected credit loss for investments at fair value through other comprehensive income and investments at amortized cost, the valuation of share-based payment plans and the valuation of derivative financial instruments. Furthermore, other estimates exist, such as the estimated useful life of intangible assets, property, furniture and equipment and the deferred income tax assets and liabilities. The accounting criteria used for said estimates are described below. The Group has adopted the following standards and modifications for first time for its annual period that starts on January 1, 2019, as described below: (i) IFRS 16 “Leases” - On January 2016, the IASB issued the IFRS 16, ‘Leases’ to replace the current standards related to the treatment of leases (IAS 17, ‘Leases’ and IFRIC 4, ‘Determining whether an arrangement contains a lease” and other related interpretations, which are valid until December 31, 2018). According with IFRS 16, a contract is, or contains, a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for a consideration. IFRS 16 mainly affect the accounting treatment for lessees, and will result in the recognition of almost all lease contracts in the statement of financial position, since the standard eliminates the distinction between finance and operating leases. Pursuant to the new standard, was required the recognition of an asset (right-of-use of the leased asset) and of a financial liability because of the lease payments. The only exemptions are for short term and low value leases, both could be recorded in a straight line as an expense in the consolidated statement of income. The consolidated statement of income also is affected, since the total expense is normally higher in the initial years of the lease contract and lower in the final years. Furthermore, the operating costs are replaced with interest and depreciation, therefore key metrics such as earnings before interest, taxes, depreciation and amortization (EBITDA) will change. The principal and interest payments of the lease liabilities are classified in the consolidated statement of cash flows within the financing activities. The accounting treatment for lessors continues with a similar model to IAS 17; therefore, the lessors will continue to perform a classification test to distinguish between financial and operating leases. The new requirements of the IFRS 16 were applied by adjusting our consolidated statement of financial position as of January 1, 2019, date of initial application, without restating the financial information of the comparative period, in accordance to what is allowed by the transition provisions of the aforementioned standard. On the date of the initial application, the Group has considered the following aspects: - The use of a single discount rate in a lease portfolio with reasonably similar characteristics. - Choose not to apply the recognition and measurement requirements established by the IFRS 16 to: (i) leases with a remaining lease term of less than 12 months as of January 1, 2019, and (ii) leases in which the underlying asset is of low value. In these cases, payments will be recognized as an expense in a straight line over the term of the lease. - The exclusion of the initial direct costs for the measurement of the asset by right of use. - For the contracts concluded before the transition date, the Group relied on its assessment carried out applying IAS 17 and IFRIC 4; that is, not to reevaluate again if a contract is, or contains, an operating lease. In that regard, as of January 1, 2019, the Group has recorded right-of-use assets for approximately S/855.5 million, lease liabilities for approximately S/852.8 million and deferred charges for prepayments for approximately S/2.7 million. There was no net impact on the retained earnings. (ii) Prepayment features with negative compensation- amendments to IFRS 9 “Financial instruments” - The narrow-scope amendments made to IFRS 9 Financial Instruments in October 2017 enable entities to measure certain pre-payable financial assets with negative compensation at amortized cost. These assets, which include some loan and debt securities, would otherwise have to be measured at fair value through profit or loss. To qualify for amortized cost measurement, the negative compensation must be ‘reasonable compensation for early termination of the contract’ and the asset must be held within a ‘held to collect’ business model. (iii) Long-term Interests in Associates and Joint Ventures – Amendments to IAS 28 “Investments in Associates and Join Ventures” - The amendments clarify the accounting record of long-term interests in an associate or joint venture, which in substance form part of the net investment in the associate or joint venture, but to which equity accounting is not applied. Entities must record for such interests under IFRS 9 Financial Instruments before applying the loss allocation and impairment requirements in IAS 28. (iv) Plan Amendment, Curtailment or Settlement - Amendments to IAS 19 “Employee Benefits” - The amendments to IAS 19 clarify the accounting for defined benefit plan amendments, curtailments and settlements. They confirm that entities must: - Calculate the current service cost and net interest for the remainder of the reporting period after a plan amendment, curtailment or settlement by using the updated assumptions from the date of the change. - Any reduction in a surplus should be recognized immediately in profit or loss either as part of past service cost, or as a gain or loss on settlement. In other words, a reduction in a surplus must be recognized in profit or loss even if that surplus was not previously recognized because of the impact of the asset ceiling. - Separately recognize any changes in the asset ceiling through other comprehensive income. (v) IFRIC 23 “Uncertainty over income tax treatments” - The interpretation explains how to recognize and measure deferred and current income tax assets and liabilities when there is uncertainty over a tax treatment. In particular, it discusses: - How to determine the appropriate obligation or right, and that each uncertain tax treatment should be considered separately or together as a group, depending on which approach better predicts the resolution of the uncertainty. - That the entity should assume a tax authority will examine the uncertain tax treatments and have full knowledge of all related information, that is, that detection risk should be ignored. - That the entity should reflect the effect of the uncertainty in its income tax accounting when it is not probable that the tax authorities will accept the treatment. - That the impact of the uncertainty should be measured using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty, and - That the judgments and estimates made must be reassessed whenever circumstances have changed or there is new information that affects the judgments. While there are no new disclosure requirements, entities are reminded of the general requirement to provide information about judgments and estimates made in preparing the financial statements. The entry into force of this interpretation has not had any significant impact on the consolidated financial statements of the Group. (vi) Annual improvements to the IFRS (2015 - 2017 Cycle) - The following improvements were completed in December 2017: - IFRS 3 “Business Combinations” - clarified that obtaining control of a business that is a joint operation is a business combination achieved in stages. - IFRS 11 “Joint Arragements” - clarified that the party obtaining joint control of a business that is a joint operation should not measure again its previously held interest in the joint operation. - IAS 12 “Income taxes” - clarified that the income tax consequences of dividends on financial instruments classified as equity should be recognized according to where the past transactions or events that generated distributable profits were recognized. - IAS 23 “Borrowing costs” - clarified that if a specific borrowing remains outstanding after the related qualifying asset is ready for its intended use or sale, it becomes part of general borrowings. The modifications indicated above, except IFRS 16, had no impact on the amounts recognized in previous or current periods and are not expected to significantly affect future periods. The Group have applied the following standards and modifications for first time for its annual report that have started on January 1, 2018: (vii) IFRS 9 “Financial Instruments” - In July 2014, the IASB issued the complete version of IFRS 9, which combines the phases of classification and measurement, impairment and hedging accounting to replace IAS 39 “Financial instruments: Measurement and Recognition”. IFRS 9 establishes three categories of classification and measurement for financial assets: amortized cost, fair value through other comprehensive income and fair value through profit or loss. This classification is used by the entity’s business model to manage the financial assets and the characteristics of the contractual cash flows of the financial assets. With respect to financial liabilities, the majority of classification and measurement requirements included in IFRS 9 are similar to those in IAS 39. IFRS 9 introduces a new impairment model based on expected credit losses involving three stages approach whereby financial assets go through these stages when their credit quality changes. This model differs significantly from the model under IAS 39 related to credit losses incurred, which results in the early recognition of credit losses. In addition, the current model of hedge accounting according to IFRS 9 simplifies hedge accounting, aligns the accounting of the hedging relationships more closely with the risk management activities of an entity and permits hedge accounting to be applied more widely to a greater variety of hedging instruments and risks suitable for hedge accounting. The new classification, measurement and impairment requirements were applied adjusting our consolidated statement of financial position at January 1, 2018, date of initial application, without restating the financial information for the comparative period, as permitted by the aforementioned accounting standard. The initial recognition and subsequent measurement are explained in Note 3(f) and the determination of impairment is explained in Note 3(i). - Classification and measurement of the financial instruments The following table presents the measurement categories and the carrying value of the financial instruments under IAS 39 and IFRS 9 as of January 1, 2018: IAS 39 IFRS 9 Carrying Carrying Financial assets Category amount Category amount S/(000) S/(000) Cash and due from banks Loans and receivables 23,221,987 Amortized cost 23,221,987 Cash collateral, reverse repurchase agreements and securities borrowings Loans and receivables 7,480,420 Amortized cost 7,480,420 Investments At fair value through profit or loss 4,024,737 At fair value through profit or loss 5,613,356 Available-for-sale 24,423,891 At fair value through other comprehensive income (Debt instruments) 22,181,733 At fair value through other comprehensive income (Designated equity instruments) 653,539 Held-to-maturity 4,413,373 Amortized cost 4,411,637 Loans, net Loans and receivables 95,977,277 Amortized cost 95,770,509 Financial assets designated at fair value through profit or loss At fair value through profit or loss (Designated upon initial recognition) 537,685 At fair value through profit or loss (Designated upon initial recognition) 537,685 Premiums and other policies receivable Loans and receivables 656,829 Amortized cost 649,135 Accounts receivable from reinsurers and coinsurers Loans and receivables 715,695 Amortized cost 715,553 Due from customers on acceptances Loans and receivables 532,034 Amortized cost 532,034 Derivatives receivable At fair value for trading or for hedging purposes 701,826 At fair value for trading or for hedging purposes 701,826 Other assets Loans and receivables 1,759,125 Amortized cost 1,759,125 Total financial assets 164,444,879 164,228,539 Financial liabilities Liabilities Amortized cost 130,842,331 Amortized cost 130,956,515 Liabilities At fair value 8,791,390 At fair value 8,791,390 Total financial liabilities 139,633,721 139,747,905 - Reconciliation of balances of the statement of financial position from IAS 39 to IFRS 9 at January 1, 2018 The following table presents the detail of the reconciliation of balances of financial assets under IAS 39 to IFRS 9, distinguishing between the impacts due to category change and impairment remeasurement: Change of Impairment Financial assets IAS 39 category remeasurement IFRS 9 S/(000) S/(000) S/(000) S/(000) Cash and due from banks 23,221,987 — — 23,221,987 Cash collateral, reverse repurchase agreements and securities borrowings 7,480,420 — — 7,480,420 Investments: At fair value through profit or loss : Opening balance under IAS 39 4,024,737 Addition: From investments available for sale (*) 1,588,619 Closing balance under IFRS 9 5,613,356 At fair value through other comprehensive income (debt): Opening balance under IAS 39 — Addition: From investments available for sale 22,181,733 Closing balance under IFRS 9 22,181,733 At fair value through other comprehensive income (Designated equity instruments) — 653,539 — 653,539 Available for sale: Opening balance under IAS 39 24,423,891 Subtraction: Reclassification to investments at fair value through profit or loss (*) (1,588,619) Subtraction: Reclassification to investments at fair value through other comprehensive income (debt) (22,181,733) Subtraction: Reclassification to investments at fair value through other comprehensive income (Designated - equity) (653,539) Closing balance under IFRS 9 — Amortized cost: Opening balance under IAS 39 — Addition: From investments held-to-maturity (IAS 39) 4,413,373 Remeasurement: Expected loss (IFRS 9) (1,736) Closing balance under IFRS 9 4,411,637 Held-to-maturity: Opening balance under IAS 39 4,413,373 Subtraction: Reclassification to investments at amortized cost (4,413,373) Closing balance under IFRS 9 — Loans, net 95,977,277 — (206,768) 95,770,509 Financial assets designated at fair value through profit or loss 537,685 — — 537,685 Premiums and other policies receivable 656,829 — (7,694) 649,135 Accounts receivable from reinsurers and coinsurers 715,695 — (142) 715,553 Due from customers on acceptances 532,034 — — 532,034 Derivative receivables 701,826 — — 701,826 Other assets 1,759,125 — — 1,759,125 Total 164,444,879 — (216,340) 164,228,539 (*) The classification and measurement of the financial liabilities have not had changes due to the application of IFRS 9, except for the provision of credit loss for indirect loans which required an additional provision of S/114.2 million. - Reconciliation of the balances of the provision for impairment under IAS 39 and IFRS 9 as of January 1, 2018: Impairment IAS 39 remeasurement IFRS 9 S/(000) S/(000) S/(000) Financial asset: Investment at amortized cost — 1,736 1,736 Loans 4,500,498 206,768 4,707,266 Premiums and other policies receivable 12,255 7,694 19,949 Accounts receivable from reinsurers and coinsurers 8,715 142 8,857 Total financial assets 4,521,468 216,340 4,737,808 Financial liabilities: Provision for credit losses on indirect loans 442,510 114,184 556,694 Total financial liabilities 442,510 114,184 556,694 Also, a provision for investments at fair value through other comprehensive income for approximately S/48.8 million was recorded in the account “Net unrealized gains (losses)” in consolidated statement of changes in equity. (viii) IFRS 15 “Revenue from contracts with customers” (ix) Amendments to IFRS 2: Classification and measurement of share-based payment (x) Annual improvements to the IFRS (2014 - 2016 Cycle) (xi) Amendments to IAS 40: “Transfers of Investment Property” The modifications indicated previously, except of IFRS 9, had no significant impact on the amounts recorded until December 31, 2017 and not affected significantly the period of 2018, except of IFRS 9. a.1) As of December 31, 2018, the technical reserves for premiums corresponding to income were determined as the present value of the future cash flows estimated by these contracts, using the rate of return on investments calculated at the time of purchase of said financial assets , that is, a historical rate was used as the discount rate. In 2019, the Group adopted the following changes regarding the valuation and recognition of mathematical income reserves: - Change of criteria in the discount rates used, and thus reflect the effect of market interest rates in the measurement of insurance liabilities, - Because the financial assets that have a direct effect on the annuities are measured at fair value through other comprehensive income, it was decided to recognize in the consolidated statement of comprehensive income the proportion corresponding to the annuities of the unrealized results that generate the assets and that have a direct effect on said annuities. These situations were treated as a change in accounting policies in accordance with the provisions of IFRS 4 - Insurance Contracts. These changes in accounting policy generated a greater income reserve amounting to S/666.6 million, which was recognized in the consolidated statement of comprehensive income for the year, under the heading Insurance reserves of the consolidated statement of changes in equity, considering that the effect was not material in previous years, in accordance with the provisions of IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. b) Basis of consolidation - Investment in subsidiaries - The consolidated financial statements comprise the financial statements of Credicorp and its Subsidiaries for all the years presented. Under IFRS 10 all entities over which the Group has control are subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: - Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee), - Exposure, or rights, to variable returns from its involvement with the investee, and - The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: - The contractual arrangement with the other vote holders of the investee. - Rights arising from other contractual arrangements. - The Group’s voting rights and potential voting rights. The Group assesses whether or not it controls an investee if the facts and circumstances indicate that there are changes in any of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The consolidated financial statements include assets, liabilities, income and expenses of Credicorp and its subsidiaries. Profit or loss for the period and each component of the other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interest, even if this results in the non-controlling interest with a negative balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Assets in custody or managed by the Group, such as investment funds and private pension funds (AFP funds) and others, are not part of the Group’s consolidated financial statements, Note 3(ab). Transactions with non-controlling interest - A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction and any resulting difference between the price paid and the price for which non-controlling interests are adjusted is recognized directly in the consolidated statement of changes in net equity. The Group does not record any additional goodwill after the purchase of the non-controlling interest, nor does it recognize a gain or loss from the sale of the non-controlling interest. Loss of control - If the Group loses control over a subsidiary, it derecognizes the carrying amount of the related assets (including goodwill) and liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any residual investment retained is recognized at fair value. Investments in associates - An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but without exercising control over said policies. The Group’s investments in its associates are recognized initially at cost and are subsequently accounted for using the equity method. They are included in “Other assets” in the consolidated statement of financial position; the returns resulting from the use of the equity method of accounting are included in “Net gain on securities” of the consolidated statement of income. At December 31, 2019 and 2018, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends): Percentage of Activity and country of interest (direct Entity incorporation and indirect) Assets Liabilities Equity Net income (loss) 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Grupo Crédito S.A. and Subsidiaries (i) Holding, Peru 100.00 100.00 165,072,249 156,578,928 142,514,228 136,996,483 22,558,021 19,582,445 3,638,334 2,544,847 Pacífico Compañía de Seguros y Reaseguros S.A. and Subsidiaries (ii) Insurance, Peru 98.79 98.79 13,783,515 12,222,763 10,963,533 9,590,768 2,819,982 2,631,995 381,492 353,292 Atlantic Security Holding Corporation and Subsidiaries (iii) Capital Markets, Cayman Islands 100.00 100.00 6,076,928 6,607,494 4,986,657 5,395,262 1,090,271 1,212,232 601,629 351,425 Credicorp Capital Ltd. and Subsidiaries (iv) Capital Markets and asset management, Bermuda 100.00 100.00 4,807,905 3,393,325 3,832,287 2,695,499 975,618 697,826 41,634 35,191 CCR Inc.(v) Special purpose Entity, Bahamas 100.00 100.00 386,146 543,113 385,253 543,896 893 (783) 1,676 2,179 (i) The main activity of Grupo Crédito is to invest in shares listed in the Peruvian-Stock Exchange and in unlisted shares of Peruvian companies. Below, we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes: Activity Percentage of and interest country of (direct and indirect) Assets Liabilities Equity Net income (loss) Entity incorporation 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Banco de Crédito del Perú and Subsidiaries (a) Banking, Peru 97.71 97.71 152,426,848 144,768,951 133,456,760 127,683,654 18,970,088 17,085,297 3,641,935 3,391,015 Inversiones Credicorp Bolivia S.A. and Subsidiaries (b) Banking, Bolivia 99.96 99.96 10,552,154 10,020,148 9,773,372 9,239,568 778,782 780,580 94,666 99,402 Prima AFP (c) Private pension fund administrator, Peru 100.00 100.00 Krealo SpA and Subsidiaries (d) Holding, Chile 100.00 — 72,847 — 41,765 — 31,082 — (6,476) — a) BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS"). Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Peru oriented towards the micro and small business sector. At December 31, 2019, the assets, liabilities, equity and net income of Mibanco amount to approximately S/13,741.7 million, S/11,655.7 million, S/2,086.0 million and S/401.0 million, respectively (S/13,220.3 million, S/11,321.8 million, S/1,898.5 million, and S/462.1 million, respectively at December 31, 2018). b) Its principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. At December 31, 2019, the assets, liabilities, equity and net profit of BCB were approximately S/10,480.9 million, S/9,743.9 million, S/737.0 million and S/79.0 million, respectively (S/9,956.9 million, S/ 9,265.8 million, S/691.1 million and S/78.3 million, respectively at December 31, 2018). c) d) (ii) Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales and Crediseguro Seguros Generales, and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively. (iii) Its most important Subsidiary is Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers. (iv) Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia, Ultraserfinco S.A. and Banco Compartir S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes: Percentage of interest (direct Entity and indirect) Assets Liabilities Equity Net income (loss) 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Credicorp Holding Colombia S.A.S. and Subsidiaries (a) 100.00 100.00 3,400,683 2,037,411 2,692,520 1,761,112 708,163 276,299 22,964 19,945 Credicorp Capital Holding Chile and Subsidiaries (b) 100.00 100.00 1,161,991 933,822 1,017,072 762,192 144,919 171,630 (5,222) (36,663) Credicorp Capital Holding Perú S.A. and Subsidiaries (c) 100.00 100.00 228,421 339,220 114,913 141,943 113,508 197,277 24,452 42,684 a) b) c) (v) CCR Inc. was incorporated in 2000, its main activity is to manage loans granted to BCP by foreign financial entities, See Note 17(a)(iii). These loans are collateralized by transactions performed by BCP. c) Functional, presentation and foreign currency transactions – (i) Functional and presentation currency - Credicorp and its Subsidiaries which operate in Peru consider the sol as their functional and presentation currency since it reflects the nature of the economic events and relevant circumstances for most of the Group´s entities, given the fact their major transactions and/operations, such as: loans granted, financing obtained, sale of insurance premiums, interests and similar income, interest and similar expenses, as well as a significant percentage of their purchases; they are agreed and settled in soles. (ii) Transactions and balances in foreign currency - Foreign currency transactions are those entered into in currencies other than the functional currency. These transactions are initially recorded by Group entities at the exchange rates of their functional currencies at the transaction dates. Monetary assets and liabilities denominated in foreign currency are adjusted at the exchange rate of the functional currency prevailing at the date of the consolidated statement of financial position. The differences arising from the exchange rate prevailing at the date of each consolidated statement of financial position presented and the exchange rate initially used in recording transactions are recognized in the consolidated statement of income in the period in which they occur, in “Net gain from exchange differences”. Non-monetary assets and liabilities acquired in foreign currency are recorded at the exchange rate prevailing at the initial transaction date and are not subsequently adjusted. (iii) Group entities with functional currency other than the presentation currency - Given that the Group’s entities in Colombia, Chile, Cayman Islands, Panama and Bolivia have a functional currency different from the sol, the balances were translated into Soles for consolidation purposes in accordance with IAS 21, “The Effects of Changes in Foreign Exchange Rates” as follows: - - All resulting exchange differences were recognized within “Exchange differences on translation of foreign operations” in the consolidated statement of comprehensive income. d) Recognition of income and expenses from banking activities – Effective interest rate method: Interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortized cost and at fair value through other comprehensive income. Interest expenses corresponding to liabilities measured at amortized cost are also recorded using the EIR. The EIR is the rate that exactly discounts future cash flows that are estimated to be paid or received during the life of the instrument or a shorter period, if appropriate, to the gross carrying amount of the financial asset or financial liability. The EIR (and, therefore, the amortized cost of the financial asset or liabil |
CASH AND DUE FROM BANKS
CASH AND DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2019 | |
CASH AND DUE FROM BANKS | |
CASH AND DUE FROM BANKS | 4 CASH AND DUE FROM BANKS a) The composition of the item is presented below: 2019 2018 S/(000) S/(000) Cash and clearing (b) 4,917,674 6,169,795 Deposits with Central Reserve Bank of Peru (BCRP) (b) 18,367,651 13,206,885 Deposits with Central Bank of Bolivia 646,865 791,083 Deposits with foreign banks (c) 1,408,117 1,219,006 Deposits with local banks (c) 481,412 499,431 Interbank funds 137,722 253,970 Accrued interest 14,601 20,633 Total cash and cash equivalents 25,974,042 22,160,803 Restricted funds 12,720 7,713 Total cash 25,986,762 22,168,516 Cash and cash equivalents presented in the consolidated statement of cash flows exclude restricted funds, see note 3(ac). b) Cash and clearing and deposits with Central Reserve Bank of Peru - These accounts mainly include the legal cash requirements that Subsidiaries of Credicorp, incorporated in Peru, must keep to be able to honor their obligations with the public. The composition of these funds is as follows: 2019 2018 S/(000) S/(000) Legal cash requirements (i) Deposits with Central Reserve Bank of Peru 13,727,222 11,769,043 Cash in vaults of Bank 4,132,347 5,591,168 Total legal cash requirements 17,859,569 17,360,211 Additional funds Overnight deposits with Central Reserve Bank of Peru (ii) 4,640,429 1,437,842 Cash in vaults of Bank and others 785,327 578,627 Total additional funds 5,425,756 2,016,469 Total 23,285,325 19,376,680 (i) At December 31, 2019 cash and deposits subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 5.01 percent and 35.06 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP (5.01 percent and 35.12 percent, respectively, at December 31, 2018). In Management's opinion, the Group has complied with the calculation legal cash requirements established by current regulations. (ii) At December 31, 2019, the Group maintains three “overnight” deposits with the BCRP, of which are one denominated in soles for S/360.0 million and two in U.S Dollars for of US$1,291.6 million, equivalent to S/4,280.4 million. At said date, the deposit in soles and deposits in U.S Dollars accrue interest at annual rates of 1.00 percent and 1.57 percent, respectively, and have maturities at 2 days. At December 31, 2018, the Group maintains two “overnight” deposits with the BCRP, which are denominated in U.S Dollars for US$426.3 million, equivalent to S/1,437.8 million . At said date, deposits in U.S. Dollars accrue interest at annual rates of 2.43 percent and have maturities at 2 days. c) Deposits with local and foreign banks - Deposits with local and foreign banks mainly consist of balances in soles and U.S. Dollars; these are cash in hand and earn interest at market rates. At December 31, 2019 and 2018 Credicorp and its Subsidiaries do not maintain significant deposits with any bank in particular. |
CASH COLLATERAL, REVERSE REPURC
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING | 12 Months Ended |
Dec. 31, 2019 | |
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING | |
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING | 5 CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING a) We present below the composition of cash collateral, reverse repurchase agreements and securities borrowing: 2019 2018 S/(000) S/(000) Cash collateral on repurchase agreements and security lendings (i) 3,293,837 3,409,890 Reverse repurchase agreement and security borrowings (ii) 899,435 659,380 Receivables for short sales 95,252 13,672 Total 4,288,524 4,082,942 (i) At December 31, 2019, the balance mainly comprises cash collateral for approximately US$844.5 million, equivalent to S/2,798.7 million, delivered to BCRP to secure a borrowing in soles of approximately S/2,800.4 million from the same entity (cash collateral for approximately US$919.2 million, equivalent to S/3,100.5 million, and borrowing of approximately S/2,948.5 million, at December 31, 2018). 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. (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: At December 31, 2019 At December 31, 2018 Average Fair value of Average Fair value of interest Up to 3 From 3 to More than Carrying underlying interest Up to From 3 to More than Carrying underlying Currency rate days 30 days 30 days amount assets rate 3 days 30 days 30 days amount 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 pesos 5.61 97,747 376,043 76,396 550,186 550,579 6.60 — 401,580 47,872 449,452 443,386 Instruments issued by the Chilean Government Chilean pesos 0.34 7,002 15,505 — 22,507 22,507 0.27 24,624 — — 24,624 24,628 Other instruments 4.44 156,969 130,932 38,841 326,742 328,291 3.76 12,013 157,871 15,420 185,304 186,774 261,718 522,480 115,237 899,435 901,377 36,637 559,451 63,292 659,380 654,788 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: At December 31, 2019 At December 31, 2018 Average Fair value of Average Fair value of interest Up to 3 From 3 to More than Carrying underlying interest Up to From 3 to More than Carrying underlying Currency rate days 30 days 30 days amount assets rate 3 days 30 days 30 days amount assets % S/(000) S/(000) S/(000) S/(000) S/(000) % S/(000) S/(000) S/(000) S/(000) S/(000) Debt instruments (c) 64,900 25,699 6,240,866 6,331,465 6,709,182 159,570 365,201 7,420,019 7,944,790 8,572,837 Instruments issued by the Colombian Government Colombian pesos 5.49 135,997 941,431 — 1,077,428 1,077,917 5.97 — 1,231,639 3,124 1,234,763 1,235,472 Instruments issued by the Chilean Government Chilean pesos 0.20 130,551 44,411 — 174,962 175,054 0.26 24,912 — — 24,912 27,529 Other instruments 2.07 70,997 16,809 6,355 94,161 105,086 1.88 144,668 66,224 — 210,892 214,051 402,445 1,028,350 6,247,221 7,678,016 8,067,239 329,150 1,663,064 7,423,143 9,415,357 10,049,889 c) At December 31, 2019, and 2018, the Group has repurchase agreements secured with: (i) cash, see note 5(a), and (ii) investments, see note 6(b). This item consists of the following: At December 31, 2019 At December 31, 2018 Carrying Carrying Counterparties Currency Maturity amount Collateral Maturity amount Collateral S/(000) S/(000) BCRP, Note 5(a)(i) Soles February 2020 / October 2020 2,800,400 Cash with BCRP January 2019 / November 2019 2,948,500 Cash with BCRP BCRP Soles June 2020 / November 2020 1,504,088 Investments January 2019 / November 2020 2,220,265 Investments Natixis S.A. Soles August 2020 / August 2028 570,000 Investments August 2020 / August 2028 570,000 Investments Banco Central de Bolivia Bolivianos May 2020 / February 2021 398,586 Cash May 2019 89,941 Cash Nomura International PLC (i) U.S. Dollar August 2020 265,120 Investments and cash August 2020 269,840 Investments and cash Nomura International PLC (ii) U.S. Dollar August 2020 231,980 Investments and cash August 2020 236,110 Investments and cash Citigroup Global Market Limited (iii) U.S. Dollar August 2026 149,130 Investments August 2026 151,785 Investments Citigroup Global Markets Limited Soles August 2020 100,000 Investments August 2020 100,000 Investments Natixis S.A. (iv) U.S. Dollar August 2026 82,850 Investments August 2026 84,325 Investments Banco de la República Colombian pesos January 2020 64,540 Investments January 2019 42,607 Investments Nomura International PLC (v) U.S. Dollar - — - March 2019 / December 2019 505,950 Investments Naitixis U.S. Dollar - — - January 2019 / March 2019 566,962 Investments Other below S/6.0 million - January 2020 / April 2033 64,970 Investments January 2019 / October 2033 70,298 Investments Accrued interest 99,801 88,207 6,331,465 7,944,790 At December 31, 2019, said operations accrue interest at fixed and variable rates between 2.6 percent and 7.20 percent and between Libor 3M + 0.80 percent and Libor 6M + 1.90 percent, respectively, (between 0.09 percent and 7.20 percent and between Libor 3M + 0.35 percent and Libor 6M + 1.90 percent, respectively, at December 31, 2018). Certain repurchase agreements were hedged using interest rate swaps (IRS) and cross-currency swaps (CCS), as detailed below: (i) At December 31, 2019, the Group maintains an IRS and a CCS which were together designated as a cash flow hedge of a repurchase agreement in U.S. Dollars at variable rate for a notional amount of US$80.0 million, equivalent to S/265.1 million (approximately US$80.0 million, equivalent to S/269.8 million, at December 31, 2018). By means of the IRS and the CCS, said repurchase agreement was economically converted to soles at fixed interest rate; see note 13(b). (ii) At December 31, 2019, the Group maintain a CCS, which was designated as a cash flow hedge of a repurchase agreement in U.S. Dollars at variable interest rate for a notional amount of US$70.0 million, equivalent to S/232.0 million (approximately US$70.0 million, equivalent to S/236.1 million, at December 31, 2018). By means of the CCS, said repurchase agreement was economically converted to soles at a fixed interest rate, See note 13(b). (iii) At December 31, 2019, the Group maintains two CCS which were together designated as a cash flow hedge for two repurchase agreements in U.S. Dollars at variable rate for a notional amount of US$45.0 million, equivalent to S/149.1 million (approximately US$45.0 million, equivalent to S/151.8 million, at December 31, 2018). By means of these CCS, said repurchase agreements were economically converted to soles. See note 13(b). (iv) At December 31, 2019, the Group maintains a CCS which was designated as a cash flow hedge of a repurchase agreement in U.S. Dollars at variable rate for a total notional amount of US$25.0 million, equivalent to S/82.9 million (approximately US$25.0 million, equivalent to S/84.3 million, at December 31, 2018). By means of the CCS, said repurchase agreement was economically converted to soles at a fixed interest rate; see note 13(b). (v) At December 31, 2018, the Group maintained five IRS which were designated as a cash flow hedge of a certain repurchase agreements in U.S. Dollars at variable rate for a notional amount of US$150.0 million, equivalent to S/506.0 million. By means of these IRS, said repurchase agreements were economically converted to a fixed interest rate; see note 13(b). Said IRS expired between March and December of 2019. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS | |
INVESTMENTS | 6 INVESTMENTS a) Investment at fair value through profit or loss consist of the following: 2019 2018 S/(000) S/(000) Government treasury bonds (i) 1,276,573 1,318,311 Mutual funds 593,552 397,918 Restricted mutual funds (ii) 460,086 407,350 Corporate bonds 326,673 160,006 Investment funds 327,659 179,015 Participation in RAL Funds (iii) 300,398 445,039 Central Bank of Chile bonds 182,540 30,382 Shares 83,085 101,068 Subordinated bonds 80,084 94,413 Royalty Pharma (iv) 68,584 56,787 Multilateral organization bonds 53,353 193,395 Others 93,204 123,892 Balance before accrued interest 3,845,791 3,507,576 Accrued interest 4,971 4,869 Total 3,850,762 3,512,445 (i) At December 31, 2019 and 2018 the balance of these instruments includes the following government treasury bonds: 2019 2018 S/(000) S/(000) Colombian Treasury bonds 1,102,865 1,259,516 Peruvian Treasury bonds 95,308 58,795 U.S. treasury and federal agency bonds 78,400 — Total 1,276,573 1,318,311 (ii) The restricted mutual funds comprise the participation quotas in the private pension funds managed by the Group, and are maintained in compliance with the legal regulations in Peru. Their availability is restricted and the yield received is the same as that received by the private pension funds managed. (iii) At December 31, 2019, these funds are approximately S/166.9 million in bolivianos and S/133.5 million in U.S. Dollars (S/174.3 million in bolivianos and S/270.7 million in U.S. Dollars at December 31, 2018) and comprise the investments made by the Group in the Central Bank of Bolivia as collateral for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia. (iv) It corresponds to participations in RPI International Holding, LP, who invests in a series of subordinate funds whose objective is to invest in Royalty Pharma Investments, an investment fund established under the laws of Ireland. This investment fund is dedicated to buying medical and biotechnology patents. Participations in RPI International Holdings, LP, are not liquid and require authorization for negotiation. During the year of 2019 and 2018, the Group has received dividends from these participations for S/3,610.7 and S/3,689.4, respectively; which are presented in the item of “Interest and similar income” of the consolidated statement of income. b) Investments at fair value through other comprehensive income consist of the following: 2019 2018 Unrealized gross amount Unrealized gross amount Amortized Estimated Amortized Estimated cost Profits Losses fair value cost Profits Losses fair value S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Debts instruments: Corporate bonds (i) 7,974,080 706,394 (8,322) 8,672,152 8,263,943 208,409 (182,479) 8,289,873 Certificates of deposit BCRP (ii) 8,649,885 15,388 (1) 8,665,272 9,833,776 189 (4,381) 9,829,584 Government treasury bonds (iii) 6,009,137 690,048 (1,109) 6,698,076 4,977,422 260,939 (47,613) 5,190,748 Securitization instruments (iv) 580,778 53,328 (8,344) 625,762 505,976 22,492 (9,980) 518,488 Negotiable certificates of deposit 369,016 856 (303) 369,569 280,828 2,981 (250) 283,559 Subordinated bonds 150,172 14,085 (100) 164,157 163,891 3,900 (2,443) 165,348 Others 167,529 7,896 — 175,425 54,384 240 (681) 53,943 23,900,597 1,487,995 (18,179) 25,370,413 24,080,220 499,150 (247,827) 24,331,543 Equity instruments designated at the initial recognition Shares issued by: Alicorp S.A.A. 12,198 201,567 — 213,765 12,198 218,994 — 231,192 Inversiones Centenario 112,647 195,305 — 307,952 112,647 236,063 — 348,710 Bolsa de Valores de Lima 19,423 2,115 — 21,538 19,698 9,363 — 29,061 Bolsa de Comercio de Santiago 4,964 5,688 — 10,652 8,808 5,360 — 14,168 Compañía Universal Textil S.A. 9,597 248 (3,432) 6,413 9,597 248 (3,397) 6,448 Pagos Digitales Peruanos S.A. 5,197 — — 5,197 4,717 — — 4,717 Corporación Andina de Fomento 4,441 181 — 4,622 4,428 57 — 4,485 Bolsa de Valores de Colombia 872 4,070 (53) 4,889 4,681 1,958 — 6,639 Others 2,638 1,533 — 4,171 2,858 1,192 — 4,050 171,977 410,707 (3,485) 579,199 179,632 473,235 (3,397) 649,470 Balance before accrued interest 24,072,574 1,898,702 (21,664) 25,949,612 24,259,852 972,385 (251,224) 24,981,013 Accrued interest 253,111 214,822 Total 26,202,723 25,195,835 The Management of Credicorp has determined that the unrealized losses on investment at fair value through other comprehensive income at December 31, 2019 and 2018 are of a temporary nature, considering factors such as intended strategy in relation with the identified security or portfolio, its underlying collateral and credit rating of the issuers. During 2019, as a result of assesment of the impairment of its investments at fair value through other comprehensive income, the Group recorded a recovery of credit loss of S/0.7 million (recovery of credit loss of S/1.9 million during the year 2018), which is shown in “Net gain on securities” in the consolidated statement of income. Also, Management has decided and has the ability to hold each investment for a period of time sufficient to allow for an anticipated recovery in fair value, until the earlier of its anticipated recovery or maturity. The movement of the “Reserve for investments at fair value through other comprehensive income” net of deferred income tax and non-controlling interest, is shown in note 18(c). During 2019 and 2018, the Group has not reclassified instruments from the portfolio of investments at fair value through other comprehensive income to investments at amortized cost. The maturities and annual market rates of investments at fair value through other comprehensive income during the years of 2019 and 2018, are as follows: Annual effective interest rate 2019 2018 Other Other S/ US$ currencies S/ US$ currencies Maturities Min Max Min Max Min Max Min Max Min Max Min Max 2019 2018 % % % % % % % % % % % % Corporate bonds Jan-2020 / Feb-2065 Jan-2019 / Feb-2065 1.09 8.16 0.47 8.25 0.62 6.55 1.49 11.90 1.16 11.39 0.94 8.39 Certificates of deposit BCRP Jan-2020 / Jul-2021 Jan-2019 / Jun-2020 2.02 2.35 — — — — 2.59 3.04 — — — — Government treasury bonds Jan-2020 / Feb-2055 Jan-2019 / Feb-2055 0.55 5.31 1.11 4.61 0.43 0.82 2.37 6.50 1.22 7.07 0.60 0.60 Securitization instruments May-2020 / Sep-2045 Jun-2019 / Sep-2045 2.46 13.26 3.08 9.14 1.68 6.00 3.40 14.81 4.56 6.85 1.68 6.00 Negotiable certificates of deposits Jan-2020 / Dec 2026 Jan-2019 / Dec-2026 3.27 4.01 2.48 2.68 1.00 4.98 4.54 4.54 — — 1.40 4.98 Subordinated bonds Apr-2022 / Aug-2045 Jan-2021 / Feb-2057 1.21 5.52 3.27 5.23 1.53 1.53 3.21 7.41 3.60 7.26 2.52 2.52 Others Jan-2020 / Jan-2028 Oct-2019 / Jun-2021 1.95 3.73 4.73 6.92 — — 4.24 6.14 — — — — At December 31, 2019, the Group maintains IRS, which have been designated as fair value hedges of certain bonds at a fixed rate in U.S. Dollars, issued by Government treasury bonds, corporate and multilateral organization entities, classified as investments at fair value through other comprehensive income,for a notional amount of S/618.8 million (S/923.9 million at December 31, 2018),see note 13(b); through these IRS these bonds were economically converted to a variable rate. Likewise, at December 31,2019, the Group entered into repurchase agreement transactions for corporate bonds, multilateral organization bonds and foreign government bonds classified as investments at fair value through other comprehensive income, for an estimated fair value of S/1,588.7 million (S/2,138.9 million at December 31, 2018), of which the related liability is presented in “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see note 5(c). (i) At December 31, 2019 the most significant individual unrealized loss amounted to approximately S/1.5 million (S/8.2 million at December 31, 2018). Likewise, at December 31,2019, the Group maintains CCS, which were designated as cash flow hedges of certain corporate bonds for a notional amount of S/107.4 million (S/136.1 million at December 31, 2018), see note 13(b); by means of said CCS, the bonds were economically converted to soles at a fixed rate. In December 2018, according to the foreign exchange exposure strategy, the Group discontinued the cash flow hedge of a certain corporate bond through the liquidation of the CCS whose notional amount at that date amounted to US$13.0 million, equivalent to S/43.8 million. (ii) At December 31, 2019, the Group maintains 87,530 certificates of deposits BCRP (99,587 at December 31, 2018); which are instruments issued at discount through public auction, traded on the Peruvian secondary market and payable in soles. (iii) At December 31, 2019 and 2018, the balance includes the following Government Treasury Bonds: 2019 2018 S/(000) S/(000) Peruvian treasury bonds 5,959,066 4,706,121 U.S. treasury and federal agency bonds 391,475 82,477 Chilean treasury bonds 173,364 119,517 Bolivian treasury bonds 72,516 90,370 Colombian treasury bonds 61,009 137,936 Others 40,646 54,327 Total 6,698,076 5,190,748 At December 31, 2018, the Group maintained CCS, which were designated as cash flow hedges of certain government treasury bonds for a notional amount of S/77.8 million, see note 13(b); by means of said CCS, the bonds were economically converted to soles at a fixed rate. The CCS matured in March 2019. (iv) At December 31, 2019 and 2018, the balance of securitization instruments includes the following: 2019 2018 S/(000) S/(000) Inmuebles Panamericana 169,959 153,953 Abengoa Transmisión del Norte 87,377 80,948 Industrias de Aceite S.A. 32,050 48,231 Homecenters Peruanos S.A. 35,269 32,520 Others 301,107 202,836 Total 625,762 518,488 The bonds have semiannual payments until 2045.The pool of underlying assets consists mainly of accounts receivable from income, revenues for services and from maintenance and marketing contributions (Inmuebles Panamericana), accounts receivable for electrical transmission services from the Carhuamayo - Cajamarca line (Abengoa Transmisión Norte), accounts receivable for the transformation and commercialization of agribusiness products (Industrias de Aceite S.A.) and accounts receivable for commercialization of construction products (Homecenters Peruanos S.A.). c) Amortized cost investments consist of the following: 2019 Carrying Fair amount value S/(000) S/(000) Peruvian sovereign bonds (i) 3,277,667 3,694,631 Foreign government bonds (i) 21,168 21,168 Certificates of payment on work progress (CRPAO) (ii) 100,298 103,015 Sub total 3,399,133 3,818,814 Accrued interest 78,180 78,180 Total investments at amortized cost 3,477,313 3,896,994 Provision for credit losses (267) (267) Total investments at amortized cost, net 3,477,046 3,896,727 2018 Carrying Fair amount value S/(000) S/(000) Peruvian sovereign bonds (i) 3,167,666 3,169,229 Foreign government bonds (i) 347,824 347,502 Peruvian treasury bonds (i) 215,769 215,787 Corporate bonds (i) 220,583 218,373 Certificates of payment on work progress (CRPAO) (ii) 117,173 117,209 Sub total 4,069,015 4,068,100 Accrued interest 87,357 87,357 Total investments at amortized cost 4,156,372 4,155,457 Provision for credit losses (1,534) (1,534) Total investments at amortized cost, net 4,154,838 4,153,923 (i) At December 31, 2019, said bonds have maturities between January 2020 and February 2042, accruing interest at an annual effective interest rate between 2.14 percent and 5.28 percent on bonds denominated in soles and between 0.45 percent and 2.53 percent annual on bonds issued in other currencies. (at December 31, 2018 have maturities between January 2019 and February 2042, accruing interest at an annual effective interest rate between 3.15 percent and 6.24 percent on bonds denominated in soles and between 1.22 percent and 5.56 percent on bonds in U.S. Dollars). Likewise, Credicorp Management has determined that at December 31, 2018, the difference between amortized cost and the fair value of these investments is temporary in nature and Credicorp has the intention and ability to hold each of these investments until its maturity. At December 31, 2019, the Group has repurchase agreement transactions for investments at amortized cost for an estimated fair value of S/1,569.3 million (S/2,953.3 million at December 31, 2018), the related liability for which is presented in the caption “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see note 5(c). (ii) At December 31, 2019 there are 153 certificates of Annual Recognition of Payment on Work Progress - CRPAO from Spanish acronym (185 CRPAOs at December 31, 2018 ), issued by the Peruvian Government to finance projects and concessions. Said issuance is a mechanism established in the concession agreement signed between the State and the concessionaire, which allows the latter to obtain financing to continue with the work undertaken. Said investment matures between January 2020 and April 2026, accruing interest at an annual effective rate between 3.74 percent and 4.67 percent at December 31, 2019 (between January 2019 and April 2026, accruing interest at an annual effective rate between 4.72 percent and 6.02 percent at December 31, 2018). On July 30, 2019, the Assets and Liabilities Committee (ALCO) approved the request to change the Atlantic Security Bank (ASB) business model to manage its investments according to its new balance sheet structure, which generated a reclassification of the entire investment portfolio classified as amortized cost to the investment portfolio at fair value with through other comprehensive income and then sell them and acquire new investments that adapt to the new investment portfolio strategy. The value of the investments at amortized cost as of July 30, 2019 amounted to US$73,030.4 (in thousands) with a fluctuation amounting to US$2,117.5 (in thousands), with a market value of US$ 75,147.9 (in thousands) and finally an expected credit loss of US$82.4 (in thousands). The fluctuation and expected credit loss were recorded in other comprehensive income. d) The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss: 2019 At fair value At fair value through other through profit comprehensive Amortized or loss income cost S/(000) S/(000) S/(000) Up to 3 months 237,624 2,420,464 9,969 From 3 months to 1 year 269,199 6,694,486 908,271 From 1 to 3 years 472,215 2,155,053 42,440 From 3 to 5 years 289,393 2,961,767 690,289 More than 5 years 1,029,883 11,138,643 1,748,164 Without maturity 1,547,477 579,199 — Total 3,845,791 25,949,612 3,399,133 2018 At fair value At fair value through other through profit comprehensive Amortized or loss income cost S/(000) S/(000) S/(000) Up to 3 months 318,648 4,280,152 372,525 From 3 months to 1 year 197,829 5,842,026 208,812 From 1 to 3 years 485,333 2,145,494 1,094,660 From 3 to 5 years 152,083 1,722,051 273,343 More than 5 years 871,020 10,341,820 2,119,675 Without maturity 1,482,663 649,470 — Total 3,507,576 24,981,013 4,069,015 |
LOANS, NET
LOANS, NET | 12 Months Ended |
Dec. 31, 2019 | |
LOANS, NET | |
LOANS, NET | 7 LOANS, NET a) This item consists of the following: 2019 2018 S/(000) S/(000) Direct loans - Loans 91,481,200 86,898,040 Leasing receivables 5,978,421 6,322,477 Credit cards 8,479,355 7,847,038 Discounted notes 2,200,142 2,313,478 Factoring receivables 2,015,513 1,923,456 Advances and overdrafts in current account 162,149 255,027 Refinanced loans 1,186,167 1,281,360 Restructured loans 125 127 Total direct loans 111,503,072 106,841,003 Internal overdue loans and under legal collection loans 3,304,886 3,119,621 114,807,958 109,960,624 Add (less) - Accrued interest 870,410 865,168 Unearned interest (68,689) (66,402) Total direct loans 115,609,679 110,759,390 Allowance for loan losses (c) (5,123,962) (4,952,392) Total direct loans, net 110,485,717 105,806,998 b) At December 31, 2019 and 2018, the composition of the gross credit balance is as follows: 2019 2018 S/(000) S/(000) Direct loans 114,807,958 109,960,624 Indirect loans, Note 21(a) 21,081,035 20,774,271 Banker’s acceptances outstanding 535,222 967,968 Total 136,424,215 131,702,863 The movement of gross balance of loan portfolio by stages is as follows for the periods of 2019 and 2018: Stage 1 Balance at Transfer Transfer New loans, Transfers Exchange Acquisition of Balance at December 31, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and business, December Loans by class 2018 Stage 2 Stage 3 Stage 2 Stage 3 write-offs, net of loans portfolio others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 74,210,068 (1,157,585) (569,032) 1,511,304 13,724 1,608,096 370,433 — (312,259) 163,499 75,838,248 Residential mortgage loans 16,049,110 (411,622) (135,231) 315,586 12,980 2,108,051 2,633 — (64,077) 25,598 17,903,028 Micro-business loans 12,236,140 (504,971) (440,088) 491,781 12,896 1,973,561 (355,466) — (462) 368,932 13,782,323 Consumer loans 10,712,871 (624,147) (307,297) 527,363 17,725 1,832,590 (17,600) — (9,896) 91,249 12,222,858 Total 113,208,189 (2,698,325) (1,451,648) 2,846,034 57,325 7,522,298 — — (386,694) 649,278 119,746,457 Stage 2 Balance at Transfer Transfer New loans, Transfers Exchange Acquisition of Balance at December 31, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and business, December Loans by class 2018 Stage 1 Stage 3 Stage 1 Stage 3 write-offs, net of loans portfolio others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 7,530,106 (1,511,304) (381,261) 1,157,585 8,894 (1,960,025) 54,299 — (20,022) 4,767 4,883,039 Residential mortgage loans 762,549 (315,586) (142,954) 411,622 4,840 59,553 155 — (1,813) 336 778,702 Micro-business loans 1,965,061 (491,781) (208,610) 504,971 6,320 95,835 (53,193) — (311) 21,305 1,839,597 Consumer loans 1,920,204 (527,363) (166,708) 624,147 22,807 330,963 (1,261) — 369 7,346 2,210,504 Total 12,177,920 (2,846,034) (899,533) 2,698,325 42,861 (1,473,674) — — (21,777) 33,754 Stage 3 Balance at Transfer Transfer New loans, Transfers Exchange Acquisition of Balance at December 31, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and business, December Loans by class 2018 Stage 1 Stage 2 Stage 1 Stage 2 write-offs, net of loans portfolio others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,398,900 (13,724) (8,894) 569,032 381,261 (446,188) (33,193) (72,219) (18,719) 15,161 3,771,417 Residential mortgage loans 959,033 (12,980) (4,840) 135,231 142,954 (179,012) — (41,080) (4,634) 319 994,991 Micro-business loans 1,257,956 (12,896) (6,320) 440,088 208,610 (591,241) 32,745 (33,262) (366) 55,544 1,350,858 Consumer loans 700,865 (17,725) (22,807) 307,297 166,708 (296,338) 448 (5,220) (481) 15,903 848,650 Total 6,316,754 (57,325) (42,861) 1,451,648 899,533 (1,512,779) — (151,781) (24,200) 86,927 6,965,916 Consolidated 3 Stages Balance at Transfers Exchange Acquisition of Balance at December 31, Write-offs, New loans and between classes Sale of loan differences business, December Loans by class 2018 net liquidation, net of loans portfolio and others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 85,139,074 (175,761) (622,356) 391,539 (72,219) (351,000) 183,427 84,492,704 Residential mortgage loans 17,770,692 (40,009) 2,028,601 2,788 (41,080) (70,524) 26,253 19,676,721 Micro-business loans 15,459,157 (816,890) 2,295,045 (375,914) (33,262) (1,139) 445,781 16,972,778 Consumer loans 13,333,940 (790,797) 2,658,012 (18,413) (5,220) (10,008) 114,498 15,282,012 Total 131,702,863 (1,823,457) 6,359,302 — (151,781) (432,671) 769,959 136,424,215 Stage 1 Balance at Transfer Transfer New loans, Transfers Exchange Balance at January 1rst, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and December 31, Loans by class 2018 Stage 2 Stage 3 Stage 2 Stage 3 write-offs, net of loans portfolio others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 70,538,767 (2,216,860) (187,558) 807,179 18,884 4,176,547 379,440 — 693,669 74,210,068 Residential mortgage loans 14,119,221 (416,937) (159,561) 151,660 11,333 2,216,316 14,782 — 112,296 16,049,110 Micro-business loans 11,561,250 (612,647) (325,773) 412,930 13,543 1,512,206 (360,158) — 34,789 12,236,140 Consumer loans 9,333,443 (654,148) (203,805) 453,760 21,458 1,766,378 (34,064) — 29,849 10,712,871 Total 105,552,681 (3,900,592) (876,697) 1,825,529 65,218 9,671,447 — — 870,603 113,208,189 Stage 2 Balance at Transfer Transfer New loans, Transfers Exchange Balance at January 1rst, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and December 31, Loans by class 2018 Stage 1 Stage 3 Stage 1 Stage 3 write-offs, net of loans portfolio others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,549,605 (807,179) (306,268) 2,216,860 16,587 2,764,890 45,734 — 49,877 7,530,106 Residential mortgage loans 569,685 (151,660) (123,255) 416,937 6,586 942 240 — 43,074 762,549 Micro-business loans 1,986,325 (412,930) (205,492) 612,647 8,582 20,395 (45,172) — 706 1,965,061 Consumer loans 1,764,494 (453,760) (199,903) 654,148 24,345 131,201 (802) — 481 1,920,204 Total 7,870,109 (1,825,529) (834,918) 3,900,592 56,100 2,917,428 — — 94,138 12,177,920 Stage 3 Balance at Transfer Transfer New loans, Transfers Exchange Balance at January 1rst, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and December 31, Loans by class 2018 Stage 1 Stage 2 Stage 1 Stage 2 write-offs, net of loans portfolio others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,253,560 (18,884) (16,587) 187,558 306,268 (258,918) (33,127) (57,956) 36,986 3,398,900 Residential mortgage loans 862,645 (11,333) (6,586) 159,561 123,255 (128,110) 353 (49,908) 9,156 959,033 Micro-business loans 1,295,025 (13,543) (8,582) 325,773 205,492 (509,009) 32,923 (75,916) 5,793 1,257,956 Consumer loans 832,487 (21,458) (24,345) 203,805 199,903 (477,389) (149) (13,843) 1,854 700,865 Total 6,243,717 (65,218) (56,100) 876,697 834,918 (1,373,426) — (197,623) 53,789 6,316,754 Consolidated 3 Stages Balance at Transfers Exchange Balance at January Write-offs, New loans and between classes Sale of loan differences December Loans by class 1rst, 2018 net liquidation, net of loans portfolio and others 31, 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 77,341,932 (115,040) 6,797,559 392,047 (57,956) 780,532 85,139,074 Residential mortgage loans 15,551,551 (11,671) 2,100,819 15,375 (49,908) 164,526 17,770,692 Micro-business loans 14,842,600 (666,506) 1,690,098 (372,407) (75,916) 41,288 15,459,157 Consumer loans 11,930,424 (747,948) 2,168,138 (35,015) (13,843) 32,184 13,333,940 Total 119,666,507 (1,541,165) 12,756,614 — (197,623) 1,018,530 131,702,863 c) At December 31, 2019 and 2018, the allowance for loan loss for direct and indirect loans was determined under the expected credit loss model as established in IFRS 9. The movement in the allowance for loan loss is shown below for direct and indirect loans: Stage 1 New loans Transfers Balance at Transfer Transfer liquidation, Changes in between Exchange Acquisition Balance at December 31, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences of business, December Loans by class 2018 Stage 2 Stage 3 Stage 2 Stage 3 offs, net EADs loans portfolio and others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 311,767 (11,258) (9,281) 41,033 9,492 36,768 10,982 4,886 — (8,834) 3,130 388,685 Residential mortgage loans 31,479 (2,069) (726) 7,857 6,178 6,850 (11,675) 134 — (490) 547 38,085 Micro-business loans 342,519 (22,272) (49,368) 57,319 9,631 (71,852) 149,468 (6,511) — (5,759) 22,467 425,642 Consumer loans 276,019 (18,691) (80,991) 90,915 16,831 (97,213) 57,927 1,491 — (176) 2,243 248,355 Total 961,784 (54,290) (140,366) 197,124 42,132 (125,447) 206,702 — — (15,259) 28,387 1,100,767 Stage 2 New loans Transfers Balance at Transfer Transfer liquidation, Changes in between Exchange Acquisition Balance at December 31, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences of business, December Loans by class 2018 Stage 1 Stage 3 Stage 1 Stage 3 offs, net EADs loans portfolio and others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 151,999 (41,033) (21,988) 11,258 6,102 (4,601) 62,277 994 — (511) 1,638 166,135 Residential mortgage loans 22,404 (7,857) (4,562) 2,069 2,434 2,780 8,409 42 — (100) 65 25,684 Micro-business loans 263,593 (57,319) (43,113) 22,272 5,576 (121,662) 172,546 (956) — 63 8,960 249,960 Consumer loans 500,535 (90,915) (43,031) 18,691 21,996 (153,370) 257,845 (80) — (19) 1,779 513,431 Total 938,531 (197,124) (112,694) 54,290 36,108 (276,853) 501,077 — — (567) 12,442 955,210 Stage 3 New loans Transfers Balance at Transfer Transfer liquidation, Changes in between Exchange Acquisition Balance at December 31, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences of business, December Loans by class 2018 Stage 1 Stage 2 Stage 1 Stage 2 offs, net EADs loans portfolio and others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,355,363 (9,492) (6,102) 9,281 21,988 (275,028) 301,493 (33,973) (55,783) (6,348) 13,828 1,315,227 Residential mortgage loans 470,286 (6,178) (2,434) 726 4,562 (101,740) 146,860 — (24,319) (15,245) 193 472,711 Micro-business loans 979,292 (9,631) (5,576) 49,368 43,113 (457,093) 327,884 32,878 (27,267) (22,688) 50,605 960,885 Consumer loans 609,275 (16,831) (21,996) 80,991 43,031 (255,086) 284,403 1,095 (3,943) (30,628) 12,648 702,959 Total 3,414,216 (42,132) (36,108) 140,366 112,694 (1,088,947) 1,060,640 — (111,312) (74,909) 77,274 3,451,782 Consolidated 3 Stages Credit loss of the period New loans Transfers Balance at and Changes in between Exchange Acquisition Balance at December Write-offs, liquidation, PDs, LGDs, classes of Sale of loan differences of business, December Loans by class 31, 2018 net net EADs loans portfolio and others Note 2(a) 31, 2019 (*) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,819,129 (181,520) (61,341) 374,752 (28,093) (55,783) (15,693) 18,596 1,870,047 Residential mortgage loans 524,169 (42,920) (49,190) 143,594 176 (24,319) (15,835) 805 536,480 Micro-business loans 1,585,404 (816,886) 166,279 649,898 25,411 (27,267) (28,384) 82,032 1,636,487 Consumer loans 1,385,829 (781,593) 275,924 600,175 2,506 (3,943) (30,823) 16,670 1,464,745 Total 5,314,531 (1,822,919) 331,672 1,768,419 — (111,312) (90,735) 118,103 5,507,759 Stage 1 Restated New loans Transfers balance at Transfer Transfer liquidation, Changes in between Exchange Balance at January 1, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences December 31, Loans by class 2018 Stage 2 Stage 3 Stage 2 Stage 3 offs, net EADs loans portfolio and others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 280,211 (13,311) (6,647) 16,464 10,864 22,404 (5,007) 5,238 — 1,551 311,767 Residential mortgage loans 18,614 (1,716) (817) 2,565 5,556 7,532 (1,114) 449 — 410 31,479 Micro-business loans 350,134 (27,116) (17,238) 46,522 13,148 (110,425) 86,904 (5,634) — 6,224 342,519 Consumer loans 356,938 (29,407) (9,568) 91,969 19,765 (111,150) (43,030) (53) — 555 276,019 Total 1,005,897 (71,550) (34,270) 157,520 49,333 (191,639) 37,753 — — 8,740 961,784 Stage 2 Restated New loans Transfers balance at Transfer Transfer liquidation, Changes in between Exchange Balance at January 1, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences December 31, Loans by class 2018 Stage 1 Stage 3 Stage 1 Stage 3 offs, net EADs loans portfolio and others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 99,004 (16,464) (20,602) 13,311 13,696 29,284 33,375 (254) — 649 151,999 Residential mortgage loans 13,747 (2,565) (2,945) 1,716 3,201 1,617 7,296 7 — 330 22,404 Micro-business loans 281,227 (46,522) (43,715) 27,116 7,817 (134,037) 168,748 378 — 2,581 263,593 Consumer loans 507,726 (91,969) (53,473) 29,407 22,834 (145,865) 231,922 (131) — 84 500,535 Total 901,704 (157,520) (120,735) 71,550 47,548 (249,001) 441,341 — — 3,644 938,531 Stage 3 Restated New loans Transfers balance at Transfer Transfer liquidation, Changes in between Exchange Balance at January 1, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences December 31, Loans by class 2018 Stage 1 Stage 2 Stage 1 Stage 2 offs, net EADs loans portfolio and others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,259,258 (10,864) (13,696) 6,647 20,602 (64,741) 294,960 (34,932) (48,442) (53,429) 1,355,363 Residential mortgage loans 411,087 (5,556) (3,201) 817 2,945 (56,676) 142,064 302 (32,089) 10,593 470,286 Micro-business loans 1,001,286 (13,148) (7,817) 17,238 43,715 (327,426) 296,807 34,709 (67,682) 1,610 979,292 Consumer loans 684,728 (19,765) (22,834) 9,568 53,473 (385,261) 294,521 (79) (10,338) 5,262 609,275 Total 3,356,359 (49,333) (47,548) 34,270 120,735 (834,104) 1,028,352 — (158,551) (35,964) 3,414,216 Consolidated 3 Stages Credit loss of the period Balance at Effect of Restated New loans Changes in Transfers Sale of Exchange Balance at December adopting balance at Write-offs, and PDs, LGDs, between classes of loan differences December Loans by class 31, 2017 IFRS 9 January 1, 2018 net liquidation,net EADs loans portfolio and others 31, 2018 (*) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,680,126 (41,653) 1,638,473 (115,366) 102,313 323,328 (29,948) (48,442) (51,229) 1,819,129 Residential mortgage loans 228,287 215,161 443,448 (11,764) (35,763) 148,246 758 (32,089) 11,333 524,169 Micro-business loans 1,476,578 156,069 1,632,647 (695,445) 123,557 552,459 29,453 (67,682) 10,415 1,585,404 Consumer loans 1,558,017 (8,625) 1,549,392 (759,621) 117,345 483,413 (263) (10,338) 5,901 1,385,829 Total 4,943,008 320,952 5,263,960 (1,582,196) 307,452 1,507,446 — (158,551) (23,580) 5,314,531 (*) The movement in the allowance for loan losses of the period 2019 includes the allowance for direct and indirect loans for approximately S/5,124.0 million and S/383.8 million, respectively (approximately S/4,952.4 million and S/362.1 million, respectively, at December 31, 2018). The expected loan loss for indirect loan is included in “Other liabilities” of the consolidated statement of financial position, Note 13(a). In Management’s opinion, the allowance for loan losses recorded as of December 31, 2019 and 2018 has been established in accordance with IFRS 9 and is sufficient to cover incurred losses on the loan portfolio. As of December 31, 2017, the allowance for loan losses for direct and indirect loans was determined under incurred credit losses model as established in the IAS 39. The movement in the allowance for loan losses is shown below for direct and indirect loans: Balance as of Exchange Balance as of December 31, Allowance for Loan portfolio differences December 31, Loans by class 2016 loan losses written-off and others 2017 (*) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,235,970 737,929 (217,160) (76,613) 1,680,126 Residential mortgage loans 193,385 50,663 (10,662) (5,099) 228,287 Micro-business loans 1,353,168 576,931 (437,594) (15,927) 1,476,578 Consumer loans 1,634,169 691,955 (760,785) (7,322) 1,558,017 Total 4,416,692 2,057,478 (1,426,201) (104,961) 4,943,008 (*) d) Interest rates on loans are set considering the rates prevailing in the markets where the Group’s subsidiaries operate. e) A portion of the loan portfolio is collateralized with guarantees received from customers, which mainly consist of mortgages, trust assignments, securities and industrial and mercantile pledges. f) The following table presents the gross direct loan portfolio at December 31, 2019 and 2018 by maturity based on the remaining period to the payment due date: 2019 2018 S/(000) S/(000) Outstanding loans - Up to 1 year 53,306,936 49,219,931 From 1 to 3 years 24,586,441 25,763,021 From 3 to 5 years 9,615,514 10,300,621 More than 5 years 23,994,181 21,557,430 111,503,072 106,841,003 Internal overdue loans - Overdue 90 days 692,161 635,893 Over 90 days 2,612,725 2,483,728 3,304,886 3,119,621 Total 114,807,958 109,960,624 See credit risk analysis in Note 34.1. |
FINANCIAL ASSETS DESIGNATED AT
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | |
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | 8 FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS The Group issues Investment Link life insurance contracts whereby the policyholder takes the investment risk on the assets held in the Investment Link funds as the policy benefits are directly linked to the value of the assets in the fund. The Group’s exposure to market risk is limited to the extent that income arising from asset management charges is based on the value of assets in the fund. The profit resulting from these assets is shown in “Net premiums earned” in the consolidated statement of income. The composition of the generated returns is presented below: 2019 2018 S/(000) S/(000) Net profit on sale of financial investments 21,879 25,342 Changes in the fair value of financial assets 58,351 (90,467) Dividends, interests and others 13,434 11,190 Total 93,664 (53,935) The offsetting of this effect is included in the technical reserve adjustment, which is part of the item “Net premiums earned” of the consolidated statement of income, see Note 25. |
PROPERTY, FURNITURE AND EQUIPME
PROPERTY, FURNITURE AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY, FURNITURE AND EQUIPMENT, NET | |
PROPERTY, FURNITURE AND EQUIPMENT, NET | 10 PROPERTY, FURNITURE AND EQUIPMENT, NET a) The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2019, 2018, and 2017 was as follows: Buildings and Vehicles other Furniture and Computer and Work in Land constructions Installations fixtures hardware equipment progress 2019 2018 2017 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balance as of January 1 411,110 1,162,377 611,568 521,521 632,214 155,417 79,373 3,573,580 3,504,226 3,409,369 Additions 2,259 3,758 13,493 29,213 23,094 486 62,473 134,776 181,459 143,851 Acquisition of business, Note 2(a) 505 2,550 — 14,407 12,121 310 — 29,893 — — Transfers — 2,154 39,114 5,549 5,687 141 (52,645) — — — Disposals and others (12,321) (14,587) (10,447) (90,942) (37,913) (39,729) (19,833) (225,772) (112,105) (48,994) Balance as of December 31 401,553 1,156,252 653,728 479,748 635,203 116,625 69,368 3,512,477 3,573,580 3,504,226 Accumulated depreciation - Balance as of January 1 — 632,261 457,104 353,458 536,322 113,733 — 2,092,878 1,994,734 1,857,666 Depreciation of the year — 31,065 28,627 33,210 42,378 10,786 — 146,066 170,138 178,895 Acquisition of business, Note 2(a) — 56 — 9,678 9,424 141 — 19,299 — — Disposals and others — (5,692) (7,437) (88,326) (36,101) (36,383) — (173,939) (71,994) (41,827) Balance as of December 31 — 657,690 478,294 308,020 552,023 88,277 — 2,084,304 2,092,878 1,994,734 Net carrying amount 401,553 498,562 175,434 171,728 83,180 28,348 69,368 1,428,173 1,480,702 1,509,492 Banks, financial institutions and insurance entities operating in Peru are not allowed to pledge their fixed assets. During the year 2019, the Bank has made disbursements mainly related to the remodeling of its headquarters in La Molina and integral remodeling to the Sucursal Cusco. During 2018, the Bank has carried out operations related to the purchase of computer equipment, furniture and services, as well as the remodeling of its headquarters in La Molina, as part of its annual infrastructure investin. Credicorp’s subsidiaries hold insurance contracts over its main assets in accordance with the policies established by Management. Management periodically reviews the residual value, useful life and method of depreciation of the Group’s property, furniture and equipment to ensure that they are consistent with their actual economic benefits and life expectations. In Management’s opinion, as of December 31, 2019, 2018 and 2017 there is no evidence of impairment of the Group’s property, furniture and equipment. |
INTANGIBLE ASSETS AND GOODWILL,
INTANGIBLE ASSETS AND GOODWILL, NET | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS AND GOODWILL, NET | |
INTANGIBLE ASSETS AND GOODWILL, NET | 11 INTANGIBLE ASSETS AND GOODWILL, NET a) Intangible assets - The movement of intangible assets with limited useful life for the years ended December 31, 2019, 2018 and 2017 was as follows: Client Fund Intangible relationships Brand manager Relationships Software and in Description (i) name (ii) contract (iii) with holders developments progress Other 2019 2018 2017 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balances at January 1 403,607 258,928 95,527 21,100 2,173,302 427,028 26,841 3,406,333 3,090,365 2,789,435 Additions — — — — 101,503 270,454 — 371,957 419,789 271,722 Acquisition of business, Note 2(a) 18,462 1,164 4,298 — 79,165 — 23,039 126,128 — — Transfers — — — — 357,432 (357,432) — — — — Disposals and others (43,173) (66,845) (5,682) — (6,841) 23,297 (185) (99,429) (103,821) 29,208 Balances at December 31 378,896 193,247 94,143 21,100 2,704,561 363,347 49,695 3,804,989 3,406,333 3,090,365 Accumulated amortization - Balance at January 1 257,580 120,425 7,072 16,703 1,513,340 — 26,841 1,941,961 1,747,475 1,464,894 Amortization of the year 27,229 7,041 4,396 3,516 266,338 — 446 308,966 258,984 241,080 Acquisition of business, Note 2(a) — — — — 3,104 — — 3,104 — — Disposals and others (40,858) (66,823) 973 — (8,599) — — (115,307) (64,498) 41,501 Balance at December 31 243,951 60,643 12,441 20,219 1,774,183 — 27,287 2,138,724 1,941,961 1,747,475 Net carrying amount 134,945 132,604 81,702 881 930,378 363,347 22,408 1,666,265 1,464,372 1,342,890 During the year 2019, the Group has made disbursements mainly related with the implementation and development of various IT projects such as DataLake, Holístico, SpotLigth, DWH, Operating Model, Client 360, Connex, Mainframe, Kalignite NDC, Small and medium businesses (PYME, from spanish acronym) Loans Online, Information Cube and others (Business Integration, DWH - Modelo Lineal I15, Credit Card, Customer Identity and Access Management, DWH - Operative Model, Yape and others during the year 2018). Also, during the year 2019, the activation of various intangibles in progress was carried out, mainly the DataLake system for a total cost of US$19.7 million, equivalent to S/64.9 million. This system manages the Bank's customer database and provides various financial reports. (i) Client relationships - This item consists of the following: 2019 2018 S/(000) S/(000) Prima AFP - AFP Unión Vida 82,322 94,670 Credicorp Capital Holding Chile - Inversiones IMT 19,333 22,776 Mibanco 15,036 27,065 Ultraserfinco 13,400 — Culqi 2,550 — Tenpo 2,304 — Mibanco - Edyficar Perú — 1,516 Net carrying amount 134,945 146,027 (ii) Brand name - This item consists of the following: 2019 2018 S/(000) S/(000) Mibanco 131,440 138,268 Culqi 1,164 — Credicorp Capital Holding Chile - Inversiones IMT — 235 Net carrying amount 132,604 138,503 (iii) Fund management contract - This item consists of the following: 2019 2018 S/(000) S/(000) Credicorp Capital Colombia 42,352 47,886 Credicorp Capital Holding Chile - Inversiones IMT 34,997 40,569 Ultrasefinco S.A. 4,353 — Net carrying amount 81,702 88,455 Management has assessed at each reporting date that there was no indication that customer relationships, brand name, fund management contract and software and developments may be impaired. b) Goodwill - Goodwill acquired through business combinations has been allocated to each subsidiary or groups of them, which are also identified as a CGU for the purposes of impairment testing, as follows: 2019 2018 S/(000) S/(000) Mibanco - Edyficar Perú 273,694 273,694 Banco Compartir S.A. 212,085 — Prima AFP - AFP Unión Vida 124,641 124,641 Credicorp Capital Colombia 72,134 74,391 Banco de Crédito del Perú 52,359 52,359 Ultraserfinco S.A. 45,339 — Pacífico Seguros 36,354 36,354 Atlantic Security Holding Corporation 29,795 29,795 Tenpo SpA 23,051 — Multicaja Prepago S.A. 12,943 — Compañía Incubadora de Soluciones Móviles S.A. 3,518 — Crediseguro Seguros Personales 96 96 Net carrying amount 886,009 591,330 The recoverable amount of all of the CGUs has been determined based on the calculations of the fair value less selling costs, which is the present value of the discounted cash flows determined principally with assumptions of revenue and expenses projection (based on efficiency ratios). Goodwill balance from Credicorp Holding Colombia (due to the acquisition of Credicorp Capital Colombia S.A, Banco Compartir S.A. and Ultraserfinco S.A.) and Krealo SpA (due to the acquisition of Tenpo SpA and Multicaja Prepago S.A.) are affected by the volatility effect of the local exchange rate currency of the country in which they operate against the exchange rate of functional currency of Credicorp Ltd and subsidiaries. The following table summarizes the key assumptions used for the calculation of fair value less selling costs in 2019 and 2018: At December 31, 2019 Terminal value growth Description rate Discount rate % % Mibanco - Edyficar Perú 3.00 12.35 Prima AFP - AFP Unión Vida 1.00 11.63 Credicorp Capital Colombia 3.80 12.62 Banco de Crédito del Perú 5.00 11.19 Pacífico Seguros (*) 5.00 10.72 and 12.00 Atlantic Security Holding Corporation 2.00 11.41 At December 31, 2018 Description Terminal value growth rate Discount rate % % Mibanco - Edyficar Perú 3.00 14.18 Prima AFP - AFP Unión Vida 1.00 10.73 Credicorp Capital Colombia 3.80 14.65 Banco de Crédito del Perú 5.00 11.15 Pacífico Seguros (*) 5.00 12.05 and 14.00 Atlantic Security Holding Corporation 2.00 10.07 (*) Five or ten years of cash flows, depending on the business maturity, were included in the discounted cash flow model. The growth rate estimates are based on historic performance and management’s expectations of market development. A long-term growth rate to perpetuity has been determined taking into account forecasts included in industry reports. Discount rates represent the current market assessment of the specific risks to each CGU. The discount rate is derived from the capital asset pricing model (CAPM). The cost of equity is derived from the expected return on investment by the Group’s investors, specific risk incorporated by applying individual comparable beta factors adjusted by the debt structure of each CGU and country and market specific risk premiums to each CGU. The beta factors are evaluated annually based on publicly available market data. During the year 2019, the Group did not recorded any impairment loss. During the year 2018, the Group recorded a gross impairment loss amounting to S/38.2 million, as a result of the assessment of the recoverable amount of the CGU “Inversiones IMT”, decreasing in relation to prior years due to the lower revenues generated compared to those originally budgeted by Management and for the changes expected in the payment of taxes attributable to the parent company resulting from the tax law reform presented in Chile. The key assumptions described above may change if the conditions of the economy and market change. At December 31, 2019 and 2018, the Group estimates that reasonably possible changes in these assumptions would not cause the recoverable amount of all CGUs to decline below their carrying amount. |
RIGHT-OF-USE ASSETS AND LEASE L
RIGHT-OF-USE ASSETS AND LEASE LIABILITES | 12 Months Ended |
Dec. 31, 2019 | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITES | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITES | 12 RIGHT-OF-USE ASSETS AND LEASE LIABILITES a) Right-of-use The Group has lease agreements according to the following composition: 2019 Property: Servers and Agencies and technology Spaces for Transport Other offices platforms ATM units leases Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - 819,046 168,371 25,146 3,006 7,394 1,022,963 Balance at December 31 819,046 168,371 25,146 3,006 7,394 1,022,963 Accumulated depreciation - Balance at January 1, 2019 — — — — — — Depreciation of the period 125,462 39,891 7,900 400 3,654 177,307 Acquisition of business and others 5,299 700 — 571 — 6,570 Balance at December 31 130,761 40,591 7,900 971 3,654 183,877 Net carrying amount 688,285 127,780 17,246 2,035 3,740 839,086 b) Lease Liabilities The Group maintains contracts, with certain renewal options and for which the Group has reasonable certainty that this option will be exercised. In those cases, the period of lease used to measure the liability and assets corresponds to an estimation of future renovations. |
OTHER ASSETS AND OTHER LIABILIT
OTHER ASSETS AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
OTHER ASSETS AND OTHER LIABILITIES | |
OTHER ASSETS AND OTHER LIABILITIES | 13 OTHER ASSETS AND OTHER LIABILITIES a) This item consists of the following: 2019 2018 S/(000) S/(000) Other assets - Financial instruments: Receivables 1,590,472 1,948,849 Derivatives receivable (b) 1,092,107 766,317 Operations in process (c) 110,389 357,611 2,792,968 3,072,777 Non-financial instruments: Deferred fees (g) 1,056,656 340,564 Investment in associates (d) 628,822 582,132 Investment properties, net (e) 450,929 440,234 Income tax prepayments, net 191,502 389,029 Adjudicated assets, net 143,349 133,112 Improvements in leased premises 112,385 114,685 VAT (IGV) tax credit 75,605 37,771 Others 6,254 12,732 2,665,502 2,050,259 Total 5,458,470 5,123,036 2019 2018 S/(000) S/(000) Other liabilities - Financial instruments: Accounts payable 1,981,873 1,540,057 Derivatives payable (b) 1,040,282 715,804 Salaries and other personnel expenses 760,140 717,820 Allowance for indirect loan losses, Note 7(c) 383,797 362,139 Operations in process (c) 80,734 358,498 4,246,826 3,694,318 Non-financial instruments: Taxes 644,802 677,229 Provision for sundry risks (f) 359,853 342,350 Others 229,807 227,636 1,234,462 1,247,215 Total 5,481,288 4,941,533 b) The risk in derivative contracts arises from the possibility of the counterparty failing to comply with the terms and conditions agreed and that the reference rates at which the transactions took place change. The table below shows at December 31, 2019 and 2018 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. 2019 2018 2019 and 2018 Notional Notional Related Note Assets Liabilities amount Maturity Assets Liabilities amount Maturity instruments S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Derivatives held for trading (i) - Foreign currency forwards 306,148 246,960 27,422,634 January 2020 / October 2022 124,124 101,548 17,557,683 January 2019 / September 2020 — Interest rate swaps 268,633 350,938 26,268,071 January 2020 / December 2031 141,731 148,119 21,890,962 January 2019 / December 2031 — Currency swaps 411,656 366,545 8,177,179 January 2020 / January 2033 354,432 401,856 9,999,343 January 2019 / January 2033 — Foreign exchange options 6,489 6,089 1,565,083 January 2020 / December 2020 1,281 728 306,321 January 2019 / November 2020 — Futures 10 139 16,901 March 2020 564 2,658 241,507 March 2019 — 992,936 970,671 63,449,868 622,132 654,909 49,995,816 Derivatives held as hedges Cash flow hedges (ii) - Interest rate swaps (IRS) 15(b)(v) 102 1,111 662,800 May 2020 / November 2020 4,364 123 1,180,550 January 2019 / August 2019 Debt to banks Interest rate swaps (IRS) 15(b)(iii) — 1,046 629,660 May 2020 / June 2020 3,445 67 843,250 February 2019 / November 2019 Debt to banks Interest rate swaps (IRS) 15(b)(ii) 55 714 984,258 February 2020 / November 2020 312 — 337,300 May 2019 Debt to banks Interest rate swaps (IRS) 15(b)(i) 315 839 994,200 May 2020 / August 2020 209 233 505,950 May 2019 / October 2019 Debt to banks Interest rate swaps (IRS) 15(b)(vi) 114 — 331,400 August 2020 — — — — Debt to banks Interest rate swaps (IRS) 15(b)(iv) — 447 331,400 June 2020 — — — — Debt to banks Interest rate swaps (IRS) 15(b)(vii) — — — — — 151 337,300 July 2019 Debt to banks Interest rate swaps (IRS) 5(c)(v) — — — — 3,417 — 505,950 March 2019 / December 2019 Repurchase agreements Interest rate swaps (IRS) 17(a)(iv) — 2,555 231,980 March 2021 — — — — Bonds issued Cross currency swaps (CCS) 5(c)(ii) 30,741 — 231,980 August 2020 35,229 — 236,110 August 2020 Repurchase agreements Cross currency swaps (CCS) 5(c)(iii) — 30,352 149,130 August 2026 — 11,939 151,785 August 2026 Repurchase agreements Cross currency swaps (CCS) 5(c)(iv) — 12,236 82,850 August 2026 — 1,741 84,325 August 2026 Repurchase agreements Cross currency swaps (CCS) 6(b)(i) 20,803 1,167 107,425 May 2021 / September 2024 21,424 1,867 136,119 February 2021 / September 2024 Investments (*) Cross currency swaps (CCS) 6(b)(iii) — — — — — 4,249 77,822 March 2019 Investments (*) Cross currency swaps (CCS) 15(b)(iv) 7,624 — 331,400 January 2020 16,132 — 337,300 January 2020 Debt to banks Cross currency swaps (CCS) 17(a)(vi) — — — — — 35,658 1,011,900 October 2019 Bonds issued Cross currency swaps (CCS) 17(a)(i) — 8,197 165,700 January 2025 — — — — Bonds issued Cross currency swaps (CCS) 17(a)(v) — 2,823 152,545 August 2021 — — — — Bonds issued Cross currency swaps (CCS) and Interest rate swaps (IRS) 5(c)(i) — 265,120 August 2020 47,959 — 269,840 August 2020 Repurchase agreements Fair value hedges - Interest rate swaps (IRS) 6(b) — 8,124 618,790 June 2021 / May 2023 11,694 4,867 923,912 July 2019 / July 2025 Investments (*) 99,171 69,611 6,270,638 144,185 60,895 6,939,413 1,092,107 1,040,282 69,720,506 766,317 715,804 56,935,229 (*) Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2019 and 2018. (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: At December 31, 2019 At December 31, 2018 Up to 3 From 3 months From 1 to 3 From 3 to 5 Over 5 Up to 3 From 3 months From 1 to 3 From 3 to 5 Over 5 months to 1 year years years years Total months to 1 year years years 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 199,070 104,265 2,813 — — 306,148 71,976 47,081 5,067 — — 124,124 Interest rate swaps 3,716 8,409 38,569 8,067 209,872 268,633 4,075 7,441 22,888 22,286 85,041 141,731 Currency swaps 7,124 101,368 102,703 67,826 132,635 411,656 6,316 24,183 142,696 130,594 50,643 354,432 Foreign exchange options 1,844 4,645 — — — 6,489 763 380 138 — — 1,281 Futures 10 — — — — 10 564 — — — — 564 Total assets 211,764 218,687 144,085 75,893 342,507 992,936 83,694 79,085 170,789 152,880 135,684 622,132 At December 31, 2019 At December 31, 2018 Up to 3 From 3 months From 1 to 3 From 3 to 5 Over 5 Up to 3 From 3 months From 1 to 3 From 3 to 5 Over 5 months to 1 year years years years Total months to 1 year years years 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 154,424 89,739 2,797 — — 246,960 61,801 37,501 2,246 — — 101,548 Interest rate swaps 7,705 13,837 46,840 18,477 264,079 350,938 11,265 16,586 19,458 19,459 81,351 148,119 Currency swaps 41,729 92,917 79,844 50,663 101,392 366,545 22,163 34,896 187,581 87,496 69,720 401,856 Foreign exchange options 836 5,253 — — — 6,089 282 310 136 — — 728 Futures 139 — — — — 139 2,658 — — — — 2,658 Total liabilities 204,833 201,746 129,481 69,140 365,471 970,671 98,169 89,293 209,421 106,955 151,071 654,909 (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: At December 31, 2019 At December 31, 2018 Up to 1 From 1 to 3 From 3 to 5 Over 5 Up to 1 From 1 to 3 From 3 to 5 Over 5 year years years years Total year years years 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) 5,081,355 301,865 84,786 254,968 5,722,974 4,873,965 1,197,478 27,734 281,061 6,380,238 Cash outflows (liabilities) (4,693,775) (330,220) (91,678) (355,702) (5,471,375) (4,913,876) (1,101,309) (37,660) (249,925) (6,302,770) Consolidated statement of income (8,949) (4,367) (487) (18,139) (31,942) (4,948) 1,145 (523) (3,430) (7,756) At December 31, 2019, the accumulated balance of net unrealized loss from cash flow hedges, which is included as other comprehensive income in “Cash flow hedge reserves” results from the current hedges, which have an unrealized profit of approximately S/0.1 million and from the revoked hedges, which have an unrealized profit of approximately S/3.8 million (unrealized loss of approximately S/7.8 million from current hedges and unrealized profit for S/4.6 million from revoked hedges, at December 31, 2018), which is being recognized in the consolidated statement of income over the remaining term of the underlying financial instrument. Also, the transfer of the unrealized loss on cash flow hedges to the consolidated statement of income is presented in Note 18 (c). c) Transactions in process include deposits received, granted and collected loans, funds transferred and other similar types of transactions, which are made in the final days of the month and not reclassified to their final accounts in the consolidated statement of financial position until the first days of the following month. The regularization of these transactions does not affect the Group’s net income. d) Credicorp’s principal associate is Entidad Prestadora de Salud (EPS), whose balance amounts to S/571.9 million and S/537.2 million at December 31, 2019 and 2018, respectively. e) Investment properties - The movement of investment properties is as follows: 2019 2018 Own assets Land Buildings Total Total S/(000) S/(000) S/(000) S/(000) Cost Balance at January 1 239,225 245,557 484,782 498,625 Additions (i) 23,931 9,390 33,321 49,519 Sales (ii) (9,362) (17,413) (26,775) (16,165) Disposals and others (753) 791 38 (47,197) Balance at December 31 253,041 238,325 491,366 484,782 Accumulated depreciation Balance at January 1 — 43,488 43,488 39,770 Depreciation for the year — 6,727 6,727 7,405 Sales (ii) — (11,435) (11,435) (3,154) Disposals and others — 247 247 (533) Balance at December 31 — 39,027 39,027 43,488 Impairment losses (iii) 689 721 1,410 1,060 Net carrying amount 252,352 198,577 450,929 440,234 Land and buildings are mainly used for office rental, which are free of all encumbrances. (i) In 2019, the most important additions corresponded to the acquisition of 13th floor of Panorama Building located in the district of Santiago de Surco for approximately S/10.1 million (S/1.3 million for land and S/8.8 million for building) and land located in the district of San Martín de Porres for approximately S/8.7 million. In 2018, the most important additions corresponded to the acquisition of two properties, one in the district of Lurín for approximately S/21.9 million and another in Chinchón Gallery for S/3.9 million. Also, the 15th floor of Panorama Building was acquired for S/10.0 million and two plots of land in the department of Trujillo for a total of S/9.5 million. (ii) The amount for the sales of 2019, is mainly made up of the sale of a property located in Camino Real 348, San Isidro, whose sale value was S/27.5 million (cost of disposal of the property amounted to S/6.3 million); and a property located in Manuel Maria Izaga Street, located in the province of Chiclayo, whose value was S/3.4 million (net cost of the property amounted to S/4.2 millions). The balance of sales for the year 2018, mainly comprises of the disposal of a property located at Av. Santa Cruz, whose sale value was S/12.6 million (cost of the disposal of the property amounted to S/5.0 million). Likewise, land located at Av. Reducto and Av. Salaverry were sold for approximately S/10.1 million and S/2.9 million, whose disposal costs were S/6.5 million and S/2.0 million, respectively. (iii) The Group’s Management has determined that the recoverable value of its investment properties is greater than their net carrying amount, with the exception of a property located in the city of Ica, for which an impairment of S/0.3 million was recorded during 2019 (S/1.1 million during the period of 2018). As of December 31, 2019, and 2018, the market value of the property amounts to approximately S/937.8 million and S/805.2 million, respectively; which was determined through a valuation made by an independent appraiser. f) The movement of the provision for sundry risks for the years ended December 31, 2019, 2018 and 2017 was as follows: 2019 2018 2017 S/(000) S/(000) S/(000) Balance at the beginning of the year 342,350 275,841 296,339 Provision, Note 29 27,272 42,236 29,023 Increase (decrease), net (9,769) 24,273 (49,521) Balances at the end of the year 359,853 342,350 275,841 Because of the nature of its business, the Group has various pending lawsuits, which provisions are recorded when, in Management's and its in-house legal advisors opinion, it is likely that these may result in an additional liability and such amount can be reliably estimated. Regarding lawsuits against the Group which have not been recorded as a provision, in Management’s and its in-house legal advisors opinion, they will not result in an additional liability other than those recorded previously and they will not have a material effect on the Group’s consolidated financial statements. g) The balance corresponds mainly to the payment in favor of Latam Airlines Group S.A. Sucursal Perú for US$202.0 million (equivalent in soles to S/669.4 million) on account of Latam Pass Miles that the Bank must acquire from January 2020. |
DUE TO BANKS AND CORRESPONDENTS
DUE TO BANKS AND CORRESPONDENTS | 12 Months Ended |
Dec. 31, 2019 | |
DUE TO BANKS AND CORRESPONDENTS | |
DUE TO BANKS AND CORRESPONDENTS | 15 DUE TO BANKS AND CORRESPONDENTS a) This item consists of the following: 2019 2018 S/(000) S/(000) International funds and others (b) 5,654,014 5,460,725 Promotional credit lines (c) 2,938,981 2,389,086 Inter-bank funds 205,000 547,300 8,797,995 8,397,111 Interest payable 43,737 51,029 Total 8,841,732 8,448,140 b) This item consists of the following: 2019 2018 S/(000) S/(000) Bank of America, N.A. (i) Sumitomo Mitsui Banking Corporation (ii) Wells Fargo Bank, N.A. (iii) 730,074 843,250 Corporación Andina de Fomento - CAF (iv) 662,800 674,600 Citibank N.A. (v) 662,800 1,180,550 Corporación Financiera de Desarrollo (COFIDE) 406,710 340,572 Bank of New York Mellon (vi) 331,400 — Caja Municipal de Ahorro y Crédito de Arequipa S.A. 140,000 — Scotiabank Perú S.A.A. 100,000 100,000 International Finance Corporation (IFC) 91,558 183,391 Standard Chartered Bank (vii) 86,827 404,760 Banco BBVA Perú 85,000 82,850 Banco Internacional del Perú S.A.A. (Interbank) 50,000 — Banco Consorcio 34,627 79,526 Deutsche Bank — 337,300 Wachovia Bank N.A. — 84,325 Banco de la Nación — 75,000 Others less than S/51.0 million 293,760 231,351 Total 5,654,014 5,460,725 At December 31, 2019, the loans have maturities between January 2020 and March 2032 (between January 2019 and March 2032, at December 31, 2018) and accrue interest at rates that fluctuate between 3.17 percent and 8.67 percent (between 1.00 percent and 8.67 percent, at December 31, 2018). (i) At December 31, 2019, the balance corresponds to four variable rate loans obtained between May and November 2019 for a total of US$300.0 million, equivalent to S/994.2 million (three loans obtained between May and October 2018 for a total of US$150.0 million, equivalent to S/506.0 million, at December 31, 2018 ) which amounts are hedged by four IRS (three IRS at December 31, 2018) for a notional amount equal to the principal and maturity, see Note 13(b). By means of IRS these loans were economically converted to a fix rate. The loans that were in effect at December 31, 2018 for US$150.0 millions matured during the year of 2019. (ii) At December 31, 2019, the balance corresponds to three variable rate loans obtained between May and November 2019 for a total of US$297.0 million, equivalent to S/984.3 million (a loan obtained in May 2018 for US$100.0 million, equivalent to S/337.3 million at December 31, 2018); the amounts of which are hedged by four IRS (an IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of the IRS, said loans were economically converted to a fixed rate. The loan that was in effect at December 31, 2018 of US$100.0 million matured during the year of 2019. (iii) At December 31, 2019, balance comprises four variable rate loans obtained between May and July of 2019 for a total of US$190.0 million, equivalent to S/629.7 million (three loans obtained between October 2017 and October 2018 for a total amount of US$250.0 million, equivalent to S/843.3 million, at December 31, 2018), whose amounts are hedged by four IRS (three IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these IRS, said loans were economically converted to a fixed rate. The loans that were in effect at December 31, 2018 for US$250.0 million matured during the year of 2019. (iv) At December 31, 2019, the balance comprises a variable rate loan in U.S. Dollars obtained in June 2019 for US$100.0 million, equivalent to S/331.4 million, the amount of which was hedged by a IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of this IRS this loan was economically converted to a fixed rate. Likewise, at December 31, 2019, its included a variable rate loan in U.S. Dollars obtained in December 2017 for a total of US$100.0 million, equivalent to S/331.4 million (US$100.0 million, equivalent to S/337.3 million, at December 31, 2018) the amount of which was hedged by two CCS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these CCS, said loan was economically converted to a fixed rate. (v) At December 31, 2019, the balance corresponds to a three variable rate loan obtained between May and November 2019 for US$200.0 million, equivalent to S/662.8 million (four loans obtained between July 2017 and October 2018 for a total amount of US$350.0 million, equivalent to S/1,180.6 million at December 31, 2018); the amounts of which were hedged by three IRS (four IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of this IRS, said loans were economically converted to a fixed rate. The loans that were in effect at December 31, 2018 of US$350.0 million matured during the year of 2019. (vi) At December 31, 2019, the balance corresponded to a variable rate loan in U.S. Dollars obtained in August 2019 for US$100.0 million, equivalent to S/331.4 million, the amount of which was hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of the IRS, said loan was economically converted to a fixed rate. (vii) At December 31, 2018, the balance included a variable rate loan obtained in October 2018 for US$100.0 million, equivalent to S/337.3 million, the amount of which was hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these IRS, said loan was economically converted to a fixed rate. The said loan matured in May 2019. c) Promotional credit lines represent loans granted by Corporación Financiera de Desarrollo and Fondo de Cooperación para el Desarrollo Social (COFIDE and FONCODES for their Spanish acronyms, respectively) to promote the development of Peru, they mature between January 2020 and July 2029 and bear annual interest rates varying 4.20 percent and 7.60 percent at December 31, 2019 (between January 2019 and July 2024 and with annual interest rates ranging between 4.20 percent and 7.75 percent at December 31, 2018). These credit lines are secured by a loan portfolio totaling S/2,939.0 million and S/2,389.1 million, at December 31, 2019 and December 31, 2018, respectively. d) The following table presents the maturities of due to banks and correspondents at December 31, 2019 and 2018 based on the period remaining to maturity: 2019 2018 S/(000) S/(000) Up to 3 months 2,062,121 1,917,829 From 3 months to 1 year 3,693,328 3,347,134 From 1 to 3 years 559,511 1,030,310 From 3 to 5 years 614,265 406,895 More than 5 years 1,868,770 1,694,943 Total 8,797,995 8,397,111 e) At December 31, 2019 and 2018, lines of credit granted by various local and foreign financial institutions, to be used for future operating activities total S/8,593.0 million and S/7,849.8 million, respectively. f) Certain debts to banks and correspondents include standard covenants addressing observance of financial ratios, the use of the funds and other administrative matters; which, in Management’s opinion, do not limit the Group’s operations and have been complied with at the date of the consolidated financial statements. |
TECHNICAL RESERVES FOR INSURANC
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS | 12 Months Ended |
Dec. 31, 2019 | |
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS | |
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS | 16 TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS a) This item consists of the following: 2019 Technical Technical reserves for reserves for claims premiums (*) Total S/(000) S/(000) S/(000) Life insurance 908,362 7,548,684 8,457,046 General insurance 590,588 651,129 1,241,717 Health insurance 77,278 174,192 251,470 Total 1,576,228 8,374,005 9,950,233 2018 Technical Technical reserves for reserves for claims premiums (*) Total S/(000) S/(000) S/(000) Life insurance 732,868 6,329,512 7,062,380 General insurance 562,430 593,938 1,156,368 Health insurance 71,372 162,551 233,923 Total 1,366,670 7,086,001 8,452,671 (*) Insurance claims reserves represent reported claims and an estimate for incurred but non reported claims (IBNR). Reported claims are adjusted on the basis of technical reports received from independent adjusters. Insurance claims to be paid by reinsurers and co-insurers represents ceded claims, which are presented in “Accounts receivable from reinsurers and coinsurers” of the consolidated statement of financial position, See Note 9(b). At December 31, 2019, the reserves for direct claims include reserves for IBNR for life, general and health insurance for an amount of S/393.4 million, S/24.3 million and S/63.5 million, respectively (S/314.5 million, S/16.7 million and S/50.2 million, respectively, at December 31, 2018). At December 31, 2019 and in previous years, the differences between the estimates for the incurred and non-reported claims and the settled and pending liquidation claims have not been significant. In the case of general risks and health, retrospective analysis indicates that the amounts accrued are adequate and Management believes that the estimated IBNR reserve is sufficient to cover any liability as of December 31, 2019 and 2018. Technical reserves include reserves for obligations for future benefits under insurance of life and personal accidents in force; and the unearned premium reserves in respect of the portion of premiums written that is allocable to the unexpired portion of the related policy periods of related coverage. b) Movement of insurance claims reserves (direct and assumed), occurred during the years 2019 and 2018: 2019 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Beginning balance 732,868 562,430 71,372 1,366,670 Gross claims, Note 26 1,001,671 547,201 326,980 1,875,852 Payments (822,644) (510,678) (321,085) (1,654,407) Exchange difference (3,533) (8,365) 11 (11,887) Ending balance 908,362 590,588 77,278 1,576,228 2018 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Beginning balance 626,871 484,608 69,373 1,180,852 Gross claims, Note 26 737,982 562,440 307,182 1,607,604 Payments (635,345) (505,069) (305,257) (1,445,671) Exchange difference 3,360 20,451 74 23,885 Ending balance 732,868 562,430 71,372 1,366,670 c) Technical reserves occurred during the years 2019 and 2018: 2019 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Beginning balance 6,329,512 593,938 162,551 7,086,001 Time course expenses and others 67,989 (3,891) — 64,098 Unearned premium and other technical reserves variation, net (61,834) 62,862 11,685 12,713 Insurance subscriptions 604,262 8,692 — 612,954 Adjustment by application of market rates 666,556 — — 666,556 Exchange difference and others (57,801) (10,472) (44) (68,317) Ending balance 7,548,684 651,129 174,192 8,374,005 2018 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Beginning balance 5,599,777 513,826 149,305 6,262,908 Time course expenses and others (117,965) — — (117,965) Unearned premium and other technical reserves variation, net 1,901 64,302 13,146 79,349 Insurance subscriptions 724,458 — — 724,458 Exchange difference and others 121,341 15,810 100 137,251 Ending balance 6,329,512 593,938 162,551 7,086,001 At December 31, 2019 and 2018 no additional reserves were needed as a result of the liability adequacy test. The main assumptions used to estimate of retirement, disability and survival annuities and individual life (including Investment link insurance contracts) reserves, as of those dates, are as follows: At December 31, 2019 At December 31, 2018 Mortality Mortality table Technical rates Mortality table Technical rates Annuities SPP-S-2017 and SPP-I- 2017 Between 3.81% - 7.99% / Between 2.50% - 5.25% SPP-S-2017 and SPP-I- 2017 Between 3.81% - 7.99% / Between 2.50% - 5.25% Pension insurance – Temporary Regime / SCTR (*) B-85 and MI-85 3.00% soles VAC B-85 and MI-85 3.00% soles VAC Pension insurance – Definitive Regime B-85 and MI-85 2.41% soles VAC / 4.26% nominal dollars B-85 and MI-85 2.96% soles VAC / 4.40% nominal dollars Pension insurance – Definitive Regime / SCTR B-85 adjusted and MI-85 Between 2.41%, 3.00%, soles VAC / 4.26% nominal dollars / 5.67% soles adjusted / 4.26% dollars adjusted B-85 adjusted and MI-85 Between 3.00%, 2.96% soles VAC / 4.40% nominal dollars / 5.82% soles adjusted / 4.40% dollars adjusted Pension insurance – Temporary Regime /SCTR (Longevity) SPP-S-2017- and SPP-I-2017 3.816% soles VAC/Between 0.94% -2.83% soles VAC/ 3.771% soles VAC SPP-S-2017- and SPP-I-2017 Between 3.7910%, 3.915% soles VAC Individual life CSO 80 adjusted Between 4.00% - 5.00% CSO 80 adjusted Between 4.00% - 5.00% (*) The sensitivity of the estimates used by the Group to measure its insurance risks is represented primarily by the life insurance risks; the main variables as of December 31, 2019 and 2018, are the interest rates and the mortality tables used. The Group has evaluated the changes in its most significant reserves related to life insurance contracts included in retirement, disability and survival annuities reserves of +/- 100 bps of the interest rates and of +/- 5 bps of the mortality factors, with the following results: At December 31, 2019 At December 31, 2018 Variation of the reserve Variation of the reserve Variables Reserve Amount Percentage Reserve Amount Percentage % % Portfolio in S/ - Base amount 3,896,211 — — 3,163,166 — — Changes in interest rates: + 100 bps 3,575,717 (320,494) (8.23) 2,869,164 (294,001) (9.29) Changes in interest rates: - 100 bps 4,285,955 389,743 10.00 3,520,992 357,827 11.31 Changes in Mortality tables to 105% 3,872,104 (24,107) (0.62) 3,141,047 (22,118) (0.70) Changes in Mortality tables to 95% 3,922,178 25,967 0.67 3,186,369 23,203 0.73 Portfolio in US$- Base amount 614,766 — — 518,160 — — Changes in interest rates: + 100 bps 568,767 (45,999) (7.48) 473,054 (45,106) (8.70) Changes in interest rates: - 100 bps 669,412 54,646 8.89 571,943 53,783 10.38 Changes in Mortality tables to 105% 609,349 (5,417) (0.88) 512,875 (5,285) (1.02) Changes in Mortality tables to 95% 620,430 5,664 0.92 523,707 5,547 1.07 |
BONDS AND NOTES ISSUED
BONDS AND NOTES ISSUED | 12 Months Ended |
Dec. 31, 2019 | |
BONDS AND NOTES ISSUED | |
BONDS AND NOTES ISSUED | 17 BONDS AND NOTES ISSUED a) This item consists of the following: At December 31, 2019 At December 31, 2018 Annual interest rate Interest payment Maturity Issued amount Carrying amount Maturity Issued amount Carrying amount % (000) S/(000) (000) S/(000) Senior notes - BCP (i) Between 2.70 to 5.38 Semi-annual September 2020 / January 2025 US$1,074,628 3,464,199 September 2020 US$800,000 2,671,647 Senior notes - BCP (ii) 4.25 Semi-annual April 2023 US$716,301 2,318,975 April 2023 US$716,301 2,348,651 Senior notes - BCP (iii) Between 4.65 to 4.85 Semi-annual October 2020 / September 2024 S/2,900,000 2,872,355 October 2020 S/2,000,000 1,977,410 Senior notes - BCP (iv) Libor 3M + 100 pb Quarterly March 2021 US$70,000 231,738 - - — Senior notes - BCP (v) 0.42 Semi-annual August 2021 ¥5,000,000 151,888 - - — Senior notes - BCP (vi) 2.25 Semi-annual - — — October 2019 US$300,000 996,355 MMT 100 - Secured notes- CCR Inc. (vii) 2012 Series C Floating rate certificates 4.75 Monthly July 2022 US$315,000 385,253 July 2022 US$315,000 543,896 Corporate bonds - Fourth program Tenth issuance (Series A, B and C) - BCP Between 5.31 to 7.25 Semi-annual December 2021 / November 2022 S/550,000 527,868 December 2021/ November 2022 S/550,000 529,515 First issuance (Series B) - Mibanco 7.16 Semi-annual - — — June 2019 S/100,000 100,000 Fifth program First issuance (Series A) - BCP 6.41 Semi-annual - — — April 2019 S/172,870 162,561 First issuance (Series B) - BCP 5.59 Semi-annual - — — September 2019 S/150,000 128,342 First issuance (Series C) - BCP 5.625 Semi-annual - — — November 2019 S/138,410 124,019 First issuance (Series D) - BCP 5.91 Semi-annual January 2020 S/182,410 182,061 January 2020 S/182,410 167,649 Third issuance (Series A) - BCP 4.59 Semi-annual July 2021 S/70,770 63,430 July 2021 S/70,770 65,300 Third issuance (Series B) - BCP 4.88 Semi-annual October 2021 S/42,200 29,183 October 2021 S/42,200 29,729 Third issuance (Series C) - BCP 4.25 Semi-annual July 2022 S/109,310 108,821 - - — Third issuance (Series D) - BCP 3.88 Semi-annual August 2022 S/42,660 42,337 - - — 953,700 1,307,115 At December 31, 2019 At December 31, 2018 Annual interest rate Interest payment Maturity Issued amount Carrying amount Maturity Issued amount Carrying amount % (000) S/(000) (000) S/(000) Subordinated bonds - BCP (viii) 6.13 Semi-annual April 2027 US$720,000 2,383,860 April 2027 US$720,000 2,436,615 Subordinated bonds - BCP (ix) 6.88 Semi-annual September 2026 US$476,120 1,549,702 September 2026 US$476,120 1,559,869 Junior subordinated bonds - BCP (x) 9.75 Semi-annual - — — November 2069 US$250,000 840,543 Subordinated bonds - First program First issuance (Series A) - BCP 6.22 Semi-annual May 2027 S/15,000 15,000 May 2027 S/15,000 15,000 First issuance (Series A) - Pacífico Seguros 6.97 Quarterly November 2026 US$60,000 198,840 November 2026 US$60,000 201,933 Second program First issuance (Series A) - Mibanco 8.50 Semi-annual May 2026 S/100,000 99,934 May 2026 S/100,000 100,000 First issuance (Series B) - Mibanco 7.22 Semi-annual June 2027 S/30,000 30,000 June 2027 S/30,000 30,000 Third program (xiv) Fourth issuance (Series A) - Mibanco 6.19 Semi-annual - — — December 2022 S/40,000 39,862 Fifth issuance (Series A and B) - Mibanco 7.75 Semi-annual - — — July 2024 S/88,009 88,009 Issuance I - Banco de Crédito de Bolivia 6.25 Semi-annual August 2028 Bs70,000 33,816 August 2028 Bs70,000 34,418 Issuance II - Banco de Crédito de Bolivia Semi-annual August 2022 Bs137,200 66,782 August 2022 Bs137,200 68,168 444,372 577,390 Negotiable certificate of deposit - Mibanco Between 3.80 to 5.80 Annual January 2020 / January 2024 S/2,998 997 January 2019 / January 2024 S/2,998 1,190 Subordinated negotiable certificates - BCP Libor 3M + 279 bp Semi-annual November 2021 US$2,960 9,809 November 2021 US$2,960 9,984 14,766,848 15,270,665 Interest payable 179,515 186,875 Total 14,946,363 15,457,540 During the first quarter of 2018, in accordance with the risk exposure strategy of the interest rate, the Group discontinued the fair value hedge of certain bonds, issued in U.S. Dollars at a fixed rate, through the liquidation of the IRS. The accumulated profit of the fair value of these bonds at the time of the liquidation of the derivatives amounted to US$22.0 million (equivalent to S/71.7 million), recorded in the liability, which has been transferred to the consolidated statement of income up to the date of maturity of said bonds. As of December 31, 2019, the liability amounts to US$8.7 million, equivalent to S/28.8 million, (US$16.5 million, equivalent to S/55.7 million, as of December 31, 2018). The amount recorded in the consolidated statement of income during the year 2019 amounts to US$7.8 million, equivalent to S/26.0 million (US$5.5 million, equivalent to S/16.1 million, during the year 2018). (i) In september 2019, the Bank announced a repurchase offer and propose an exchange to the holders of senior notes of the US$ 800.0 million issued in september of 2010, managing to repurchase US$ 220.3 million and exchanging US$ 205.0 million with new senior notes, at market rates , whose terms and conditions are very similar to the previous issue. At the end of said offer, the Bank keeps a notional value payable amounting to US$374.6 million, which can be redeemed by the Bank in whole or in part, in any date, having as a penalty an interest rate equal to the Treasury of the United States of America’s rate plus 40 basis points. In the same way, in september 2019, the Bank issued senior notes of approximately US$700 million (that amount includes the US$205.0 million of the exchange mentioned in the paragraph before). The Bank can redeem all or part of the notes at any date, between October 11, 2021 and December 10, 2024, at a redemption price equal to or greater than : (i) 100 percent of the aggregate principal amount of the notes to be redeemed; and (ii) the sum of the present value of each remaining scheduled payment discounted at interest rate equal to the Treasury of the United States of America’s rate plus 20 basis points. From December 11, 2024 onwards, the Bank can redeem the total or part of the notes to a redemption price equal to 100 percent of the aggregate principal amount of the notes to be redeemed. The payment of principal will take place on the due date or when the Bank redeems the notes. At December 31, 2019, the Bank maintains a CCS which was designated as cash flows hedges of a part of senior notes in U.S Dollars subject to exchange rate risk for a notional amount of US$50.0 million, equivalent to S/165.7 million, see note 13(b). By means of the CCS, the cover part of senior notes was economically converted to soles. (ii) The Bank can redeem the total or part of the notes in any time, having as a penalty an interest rate equal to the Treasury of the United States of America’s rate plus 50 basis point. The payment of principal will take place on the due date of the notes or when the Bank redeems these notes. (iii) In september 2019, the Bank announced a repurchase offer and propose an exchange to the holders of senior notes of the S/2,000 million issued in October of 2017, managing to repurchase S/291.2 million and exchanging S/1,308.8 million with new senior notes, at market rates, whose terms and conditions are very similar to the previous issue. At the end of said offer, the Bank keeps a notional value payable amounting to S/400.0 million, which can be redeemed by the Bank in whole or in part, as of October 15, 2020 without penalties. At the same date, the Bank issued senior notes for approximately S/2,500.0 million (this amount includes the S/1,308.8 million of the exchange mentioned in the paragraph before). The Bank can redeem the whole or part of the senior notes between October 17, 2021 and August 16, 2024, at a redemption price equal to or greater than: (i) 100 percent of the aggregate principal amount of the notes, and (ii) the sum of the present value of cash flows discounted at interest rate equivalent to sovereign bonds issued by the government of Perú or other comparable titles plus 25 basis points. As of August 17, 2024, the Bank may redeem all or part of the senior notes at a redemption price equal to 100 percent of the aggregate amount of the principal to be redeemed. The payment of principal will take place on the due date or when the Bank redeems the notes. (iv) In February of 2019, the Bank issued Senior Notes for approximately US$70.0 million at variable rate. At December 31, 2019, the cash flows of these Senior Notes maintaned covered by an IRS designated as cash flows hedge, for a notional amount of US$70.0 million, equivalent to S/232.0 million, see note 13(b). By means of the IRS, the note was economically converted to a fixed interest rate. (v) In july of 2019, the Bank issued Senior Notes for approximately JPY5,000.0 million at fixed interest rate. At December 31, 2019, the cash flows of the notes issued in yen subject to exchange rate risk have been hedged through a CCS designated as a cash flow hedge, for a notional amount of JPY5,000.0 million, equivalent to S/152.5 million, see note 13(b). By means of the CCS, the note was economically converted to soles. (vi) The Bank can redeem the whole or part of the notes at any time, having a penalty of an interest rate equal to the Treasury of the United States of America plus 20 basis points. The payment of the principal amount has made in October of 2019. At December 31, 2018, the cash flows of the note issued in U.S. Dollars subject to exchange rate risk were covered by three CCS designated as a cash flow hedges, for a notional amount of US$ 300.0 million equivalent to S/1,011.9 million, see note 13(b). By means of the CCS, the note was economically converted to soles. This CCS matured in October of 2019. (vii) This issue is guaranteed by the future collection of electronic payment orders sent to BCP (including foreign branches) through the Society Worldwide Interbank Financial Telecommunications, through which the correspondent bank uses the network to places orders of payment to beneficiary that is not a financial institution. (viii) The Bank as of the year of 2022 will pay a three-month Libor plus 70.3 basis points. Between April 24, 2017 and April 24, 2022, the Bank can redeem the whole or part of the bonds having a penalty of an interest rate equal to the Treasury of United States of América’s rate plus 50 basis points. Also, as of April 25, 2022 or at any date after interest payment, the Bank can redeem all or part of the bonds without penalty. Payment of the principal will take place on the due date of the bonds or when the Bank redeems them. (ix) The Bank as of September 16, 2021, will pay a three-month Libor plus 770.8 basis points. Between the dates of September 16, 2016 and September 15, 2021, the Bank can redeem the whole or part of the bonds, having a penalty of an interest rate equal to the Treasury of United States of America´s rate plus 50 basis point. Also, as of September 16, 2021 or at any time after at the payment of interests, the Bank can redeem the whole or part of the bonds without penalties. The payment of the principal amount will take place on due date or in the redemptions of them. (x) The Bank as of November of 2019, and at any date past of the payment of interests, can redeem the whole of the bonds without penalties; in that sense, using its conferred powers, the Bank redeemed all the bonds on November 6, 2019. This issuance, as authorized by the SBS, qualifies as “Tier 1” equity in the determination of the regulatory capital (“patrimonio efectivo”) and has no related guarantees. b) The table below shows the bonds and notes issued, classified by maturity, without accrued interests: 2019 2018 S/(000) S/(000) Up to 3 months 182,365 63,518 From 3 months to 1 year 1,739,358 1,625,563 From 1 to 3 years 1,438,732 5,375,585 From 3 to 5 years 4,863,708 2,905,763 More than 5 years 6,542,685 5,300,236 Total 14,766,848 15,270,665 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
EQUITY | 18 EQUITY a) Capital stock - At December 31, 2019, 2018 and 2017 a total of 94,382,317 shares have been issued at US$5 per share. b) Treasury stock - We present below the stocks of Credicorp Ltd., that the entities of the Group maintain at December 31, 2019, 2018 and 2017: Number of shares Shares of Shared-based At December 31, 2019 the Group payment (*) Total Atlantic Security Holding Corporation 14,620,846 — 14,620,846 BCP — 134,169 134,169 Pacífico Seguros — 29,539 29,539 Credicorp Perú — 21,695 21,695 Credicorp Capital Servicios Financieros — Other minors 4,387 Number of shares Shared- Shares of based At December 31, 2018 the Group payment (*) Total Atlantic Security Holding Corporation 14,620,846 — 14,620,846 BCP — 162,286 162,286 Pacífico Seguros — 33,794 33,794 Credicorp Perú — 13,113 13,113 Credicorp Capital Servicios Financieros — 8,546 8,546 Other minors 1,880 42,809 44,689 14,622,726 260,548 14,883,274 Number of shares Shared- Shares of based At December 31, 2017 the Group payment (*) Total Atlantic Security Holding Corporation 14,620,846 — 14,620,846 BCP — 194,177 194,177 Pacífico Seguros — 36,581 36,581 Credicorp Capital Ltd. — 20,752 20,752 Other minors 5,151 24,501 29,652 14,625,997 276,011 14,902,008 (*) Corresponds to treasury stock that were granted to employees and senior management, for which they have the right to vote. These stocks are not vested at said dates, see Note 20. During 2019, 2018 and 2017, the Group purchased 129,807, 133,750 and 132,110 shares of Credicorp Ltd., respectively, for a total of US$31 million (equivalent to S/103.2 million), US$29.3 million (equivalent to S/95.4 million) and US$21.9 million (equivalent to a S/71.0 million), respectively. c) Reserves - Certain Group’s subsidiaries are required to keep a reserve that equals a percentage of paid-in capital (20, 30 or 50 percent, depending on its activities and the country in which production takes place); this reserve must be constituted with annual transfers of not less than 10 percent of net profits. At December 31, 2019, 2018 and 2017, the balance of this reserves amounts approximately to S/6,236.5 million, S/5,179.0 million and S/4,480.3 million, respectively. At the Board meetings held on February 27, 2019, February 28, 2018 and February 22, 2017, the decision was made to transfer from “Retained earnings” to “Reserves” S/1,858.8 million, S/2,933.6 million and S/2,355.0 million, respectively. “Other reserves” include unrealized gains (losses) on fair value of investments through other comprehensive income (available-for-sale investments under IAS 39, at December 31, 2017) and on cash flow hedges derivative instruments, net of deferred income tax and non-controlling interest. Movement was as follows: Other reserves: Instruments that will not be reclassifed to profit or loss Instruments that will be reclassified to consolidated statement of income Reserve for Foreign Equity Debt available-for- Reserve for currency instruments at instruments at sale cash flow Insurance translation fair value fair value investments hedges reserves reserve Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balance at January 1, 2017 — — 1,146,788 24,650 — 38,293 1,209,731 Increase in net unrealized gains on investments — — 873,868 — — — 873,868 Transfer of net realized gains on investments to profit or loss — — (517,006) — — — (517,006) Transfer of the recovery of the impairment loss on investments to profit or loss, Note 24 — — 766 — — — 766 Change in net unrealized losses on cash flow hedges derivatives — — — (59,709) — — (59,709) Transfer of net realized losses on cash flow hedges derivatives to profit or loss — — — 2,278 — — 2,278 Foreign exchange translation — — — — — (54,334) (54,334) Balance at December 31, 2017 — — 1,504,416 (32,781) — (16,041) 1,455,594 Change in accounting policy, Note 3(a)(vii) 431,711 853,747 (1,504,416) — — — (218,958) Balance at December 31, 2017 - Restated 431,711 853,747 — (32,781) — (16,041) 1,236,636 Increase (decrease) in net unrealized gains on investments 20,840 (583,385) — — — — (562,545) Transfer of net realized gains on investments to profit or loss — (38,983) — — — — (38,983) Transfer of the impairment credit loss on investments to profit or loss, Note 24 — (1,909) — — — — (1,909) Change in net unrealized gain on cash flow hedges derivatives — — — 73,263 — — 73,263 Transfer of net realized gain on cash flow hedges derivatives to profit or loss — — — (43,643) — — (43,643) Foreign exchange translation — — — — — 45,634 45,634 Balance at December 31, 2018 452,551 229,470 — (3,161) — 29,593 708,453 Increase in net unrealized gains on investments 97,514 606,276 — — — — 703,790 Transfer of net realized loss on investments to profit or loss — 420,987 — — — — 420,987 Transfer of recovery of credit loss of investments to profit or loss, Note 24 — (745) — — — — (745) Change in net unrealized loss on cash flow hedges derivatives — — — (62,002) — — (62,002) Transfer of net realized losses on cash flow hedges derivatives to profit or loss — — — 35,059 — — 35,059 Other reserves — — — — (658,491) — (658,491) Foreign exchange translation — — — — — (58,862) (58,862) Balance at December 31, 2019 550,065 1,255,988 — (30,104) (658,491) (29,269) 1,088,189 d) Components of other comprehensive income - The movement of the item is as follows: 2019 2018 2017 S/(000) S/(000) S/(000) To be reclassified to the consolidated statement of income in later periods Net unrealized (gain) loss 606,276 (583,385) — Transfer of net realized loss (gain) to profit or loss 420,987 (38,983) — Transfer of recovery of credit loss to profit or loss (745) (1,909) — Sub total 1,026,518 (624,277) — Non-controlling interest 16,082 (6,397) — Income tax 22,259 (11,831) — 1,064,859 (642,505) — Available-for-sale investments: Net unrealized gain — — 873,868 Transfer of net realized gain to profit or loss — — (517,006) Transfer of impairment loss to profit or loss — — 766 Sub total — — 357,628 Non-controlling interest — — 4,120 Income tax — — 13,962 — — 375,710 Cash flow hedge: Net (losses) gains on cash flow hedges (62,002) 73,263 (59,709) Transfer of net realized losses (gains) on cash flow hedges derivatives to profit or loss 35,059 (43,643) 2,278 Sub total (26,943) 29,620 (57,431) Non-controlling interest (618) 679 (1,219) Income tax (10,290) 10,942 (18,719) (37,851) 41,241 (77,369) Other reserves: Insurances reserves (658,491) — — Non-controlling interest (8,065) — — (666,556) — — Foreign exchange traslation: Exchange gains or losses (58,862) 45,634 (54,334) Non-controlling interest 539 21 107 (58,323) 45,655 (54,227) 2019 2018 2017 S/(000) S/(000) S/(000) Not to be reclassified to the consolidated statement of income in later periods: Equity instruments at fair value through other comprehensive income - Net unrealized gains 97,514 20,840 — Non-controlling interest (3) (37) — Income tax (5,999) 168 — 91,512 20,971 — 2019 2018 2017 S/(000) S/(000) S/(000) Attributable to: Credicorp's equity holders 379,736 (528,183) 245,863 Non-controlling interest 7,935 (5,734) 3,008 387,671 (533,917) 248,871 e) Dividend distribution - The chart below shows the distribution of dividends agreed by the Board of Directors: 2019 2018 2017 Date of Meeting - Board of Directors Dividends distribution, net of treasury shares effect 1,595,229 1,130,427 979,989 Payment of dividends per share (in soles) 20.0000 14.1726 12.2865 Date of dividends payout Exchange rate published by the SBS 3.3150 3.2929 3.2873 Dividends payout (equivalent in thousands of US$) 481,215 343,292 298,114 In the Board of Directors held in September 25, 2019, they agreed an additional dividend payment, net of the effect of treasury stock, for approximately S/638.4 million from the retain earnings and reserves. Said dividends have been paid in November 22, 2019. Furthermore, at the meeting of the Board of Directors held on October 25, 2017, they agreed to make an additional dividend payment, net of the effect of treasury stock, for approximately US$386.5 million (equivalent to S/1,252.3 million) from the reserves. Said dividends were paid in November 2017. The Board of Directors Meeting dated February 27, 2020, agreed to declare a cash dividend of S/30.00 per common share, approximately S/2,831.5 million, corresponding to the 2019 results, which will be paid on May 8, 2020. The cash dividend will be paid in U.S. Dollars using the weighted exchange rate registered by the Superintendency of Banks, Insurance and Pension Funds (Superintendencia de Banca, Seguros y AFP) for the transactions at the close of business on May 6, 2020. In accordance with current Peruvian legislation, there is no restriction for overseas remittance of dividends or the repatriation of foreign investment. At December 31, 2019, 2018 and 2017 dividends paid by the Peruvian subsidiaries to Credicorp are subject to a 5.0 percent withholding tax. f) Regulatory capital - At December 31, 2019 and 2018, the regulatory capital requirement (“patrimonio efectivo” in Peru) applicable to Credicorp subsidiaries engaged in financial services and insurance activities in Peru, determined under the provisions of the Peruvian banking and insurance regulator, SBS, totals approximately S/25,732.0 million and S/25,063.9 million, respectively. At those dates, the Group’s regulatory requirement exceeds by approximately S/4,151.6 million and S/4,658.1 million, respectively, the minimum regulatory capital required by the SBS. |
TAX SITUATION
TAX SITUATION | 12 Months Ended |
Dec. 31, 2019 | |
TAX SITUATION | |
TAX SITUATION | 19 TAX SITUATION a) Credicorp is not subject to income tax or any taxes on capital gains, equity or property in Bermuda. Credicorp’s Peruvian subsidiaries are subject to the Peruvian tax regime. The income tax rate in Peru as of December 31, 2019 and 2018 was 29.5 percent of the taxable income after calculating the worker’s participation, which is determined using a rate of 5.0 percent. The income tax rate in Bolivia is 25.0 percent as of December 31, 2019 and 2018. Financial entities have an additional rate if the ROE exceeds 6.0 percent; in that case, they must consider an additional 25.0 percent, with which the rate would be 50.0 percent. In the case of Chile, there are two tax regimes: partially integrated regime and attributed regime. Credicorp Capital Holding Chile and all of their subsidiaries are under partially integrated regime , whose tax rate for domiciled legal entities under this regime is 27.0 percent for the year 2019 and 2018. On the other hand, individuals or legal entities not domiciled in Chile will be subject to a tax called "Additional income tax" whose rates are between 4.0 percent and 35.0 percent, depending on the nature of the income. Additionally, Chile has signed treaties to avoid double taxation with different countries so certain income could be released from withholding tax or for the use of reduced rates. In the case of Colombia, the income tax rate for 2018 was 33.0 percent plus a surcharge of 4.0 percent for all entities in this country (whose taxe base is taxable income less US$800.0 million of colombian pesos). In the year 2019, under the law called "Financing Law”N° 1943 dated December 28, 2018, the income tax rate of 33.0 percent was established for all entities without surcharge. As of the year 2020, under the law N° 2010 issued in December 27, 2019, the tax rates are as follows: Additional Taxable year Rate rate (surcharge) (*) 2020 32 4 2021 31 3 2022 30 3 As of 2023 30 — (*) Atlantic Security Holding Corporation and its Subsidiaries are not subject to taxes in the Cayman Islands or Panama. For the years ended December 31, 2019, 2018 and 2017, no taxable income was generated from the operations in the United States of America. The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows: 2019 2018 2017 % % % Peruvian statutory income tax rate 29.50 29.50 29.50 Increase (decrease) in the statutory tax rate due to: (i) Increase arising from income of subsidiaries not domiciled in Peru 1.55 0.09 0.47 (ii) Non-taxable income, net (3.91) (2.39) (4.98) Effective income tax rate 27.14 27.20 24.99 b) Income tax expense for the years ended December 31, 2019, 2018 and 2017 comprises: 2019 2018 2017 S/(000) S/(000) S/(000) Current - In Peru 1,469,497 1,315,896 1,262,302 In other countries 206,120 113,912 134,540 1,675,617 1,429,808 1,396,842 Deferred - In Peru (30,967) 87,952 (18,264) In other countries (21,573) 3,149 14,708 (52,540) 91,101 (3,556) Total 1,623,077 1,520,909 1,393,286 The deferred income tax has been calculated on all temporary differences, considering the income tax rates effective where Credicorp’s subsidiaries are located. c) The following table presents a summary of the Group’s deferred income tax: 2019 2018 S/(000) S/(000) Deferred income tax asset, net Deferred asset Allowance for loan losses for loan portfolio 699,970 674,689 Provision for profit sharing 57,351 8,852 Provision for sundry expenses and risks 36,256 27,404 Provision for pending vacations 24,378 16,817 Depreciation of improvements for leased premises 19,005 20,479 Unrealized loss in valuation on cash flow hedge derivatives 14,992 9,286 Carry forward tax losses 4,773 6,790 Unrealized losses due to valuation of investments at fair value through other comprehensive income 632 4,105 Others 51,541 35,122 Deferred liability Intangibles, net (223,101) (159,620) Buildings depreciation (66,818) (68,398) Adjustment for difference in exchange of SUNAT and SBS (30,846) (47,289) Deferred acquisitions costs - DAC (17,578) (14,913) Unrealized gain due to valuation of investments at fair value through other comprehensive income (12,387) (3,190) Unrealized gain in valuation on fair value hedge derivatives (9,451) (5,201) Fluctuation of the fair value of the covered bonds (7,971) (16,558) Unrealized gain in valuation on cash flow hedge derivatives (2,021) (6,608) Buildings revaluation (4,795) (5,356) Others (12,977) (12,694) Total 520,953 463,717 Deferred income tax liability, net Deferred asset Carry forward tax losses 14,309 20,369 Deferred income due to commission 8,138 7,503 Allowance for loan losses for insurance 6,945 8,298 Unrealized losses due to valuation of investments at fair value through other comprehensive income 6,229 11,893 Provision for sundry expenses and risks 5,313 3,761 Others 27,913 5,126 Deferred liability Intangibles, net (50,048) (36,907) Gain generated in the reorganization of Pacífico EPS (39,515) (39,515) Unrealized gain due to valuation of investments at fair value through other comprehensive income (34,054) (20,790) Deferred acquisitions costs - DAC (27,925) (28,581) Technical reserves for premiums (23,180) (12,084) Others (11,202) (5,107) Catastrophic insurance reserve (9,776) (9,950) Leasing operations related to loans (3,810) (4,788) Buildings revaluation (3,463) (1,694) Buildings depreciation (78) (3,076) Fluctuation due to valuation of investments at fair value through profit or loss — (3,061) Total (134,204) (108,603) As of December 31, 2019 and 2018, the Group has recorded a deferred liability of deferred income tax of S/26.6 million and S/5.3 million, respectively, corresponding to unrealized gains and losses generated by investments at fair value through other comprehensive income and cash flow hedges derivatives. At December 31, 2017, the Group has recorded a deferred liability of deferred income tax of S/32.1 million, corresponding to unrealized gains and losses generated by investments available for sale and cash flow hedges derivatives. d) The Peruvian Tax Authority has the right to review and, if necessary, amend the annual income tax returns filed by Peruvian subsidiaries up to four years after their filing date. Income tax returns of the major subsidiaries open for examination by the tax authorities are as follows: Banco de Crédito del Perú S.A. 2016 to 2019 Mibanco, Banco de la Microempresa S.A. 2015 to 2019 Prima AFP S.A 2016 to 2019 Pacífico Compañía de Seguros y Reaseguros 2015 to 2019 Pacífico Peruano Suiza 2015 to 2017 On September 10, 2019 and December 20, 2019, the Peruvian Tax Authority started the examination of income tax returns of Banco de Crédito del Peru for the year 2014 and 2015, respectively, of Banco de Crédito del Perú, a tax control process that is still in process. Likewise, on December 10, 2019 the Tax Administration notified a Resolution finalizing the process of inspection of the Income Tax declaration of 2013 fiscal year in which a lower tax payment was determined. It is important to mentioned that the Peruvian Tax Authority is auditing the Income Tax declaration of 2014 of Mibanco. The Bolivian, Chilean and Colombian Tax Authorities have the power to review and, if applicable, make a new determination for the income tax calculated by the subsidiaries located in said countries in the previous 8 years, 3 years and 3 years, respectively, upon presentation of their Income Tax declarations. Additionally, in the case of Colombia, a period of 6 years was established for the taxpayers obliged to apply Transfer Prices or taxpayers who report tax losses. The annual income tax declarations pending examination by the overseas tax authorities are the following: Banco de Crédito de Bolivia 2011, 2012, 2014 to 2019 Credicorp Capital Colombia 2016 to 2019 Credicorp Capital Holding Chile 2018 to 2019 Since tax regulations are subject to interpretation by the different Tax Authorities where Credicorp’s subsidiaries are located, it is not possible to determine at the present date whether any significant additional liabilities may arise from any eventual tax examinations of the Credicorp’s subsidiaries. Any resulting unpaid taxes, tax penalties or interest that may arise will be recognized as expenses in the year in which they are determined. However, Management of Credicorp and its Subsidiaries and their legal counsel consider that any additional tax assessments would not have a significant impact on the consolidated financial statements as of December 31, 2019 and 2018. |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2019 | |
SHARE-BASED COMPENSATION PLANS | |
SHARE-BASED COMPENSATION PLANS | 20 SHARE-BASED COMPENSATION PLANS As indicated in Note 3(x), in March of each year, the Group grants its own shares to certain key employees. The awarded shares are liberated in the three following years for up to 33.3 percent of the shares granted in each of the three previous years. The Group assumes the payment of the related income tax on behalf of its employees, which depend on the country of residence and the annual compensation of the employee. At December 31, 2019, 2018 and 2017, the Group has granted 116,594, 119,840 and 140,812 Credicorp shares, of which 246,931, 260,548 and 276,011 shares were not vested as of December 31, 2019, 2018 and 2017, respectively. During those years, the recorded expense amounted to approximately S/120.1 million, S/106.9 million and S/104.2 million, respectively , see Note 27. |
OFF-BALANCE SHEET ACCOUNTS
OFF-BALANCE SHEET ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
OFF-BALANCE SHEET ACCOUNTS | |
OFF-BALANCE SHEET ACCOUNTS | 21 OFF-BALANCE SHEET ACCOUNTS a) This item consists of the following: 2019 2018 S/(000) S/(000) Contingent credits - indirect loans (b) Guarantees and standby letters 18,894,456 18,874,073 Import and export letters of credit 2,186,579 1,900,198 Sub-total, Note 7(b) 21,081,035 20,774,271 Responsibilities under credit line agreements (c) 75,615,563 74,234,033 Total 96,696,598 95,008,304 Reference values of operations with derivatives are recorded in off-balance sheet accounts in the committed currency, as shown in Note 13(b). b) In the normal course of their business, the Group’s banking subsidiaries are party to transactions with off-balance sheet risk. These transactions expose them to credit risk in addition to the amounts recognized in the consolidated statement of financial position. Credit risk for contingent credits is defined as the possibility of sustaining a loss because one of the parties to a financial instrument fails to comply with the terms of the contract. The risk of credit losses is represented by the contractual amounts specified in the related contracts. The Group applies the same credit policies in making contingent commitments and other obligations as it does for on-balance sheet instruments (Note 7(a)), including the requirement to obtain collateral when it is deemed necessary. Collateral held varies, but may include deposits in financial institutions, securities or other assets. Many of the contingent transactions reach maturity without any performance being required; therefore, the total committed amounts do not necessarily represent future cash requirements. c) Lines of credit include consumer loans and other consumer loan facilities (credit card receivables) granted to customers and are cancelable upon related notice to the customer. |
INTEREST, SIMILAR INCOME AND SI
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES | |
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES | 22 INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Interest and similar income Interest on loans 10,664,519 10,041,097 9,546,454 Interest on investments at fair value through other comprehensive income 1,070,469 954,288 — Interest on available-for-sale investments — — 951,981 Interest on investments at amortized cost 194,803 211,102 — Interest on held-to-maturity investments — — 234,380 Interest on due from banks 320,713 159,381 88,359 Interest on investments at fair value through profit or loss 46,170 87,409 113,484 Dividends received 25,259 24,390 52,906 Other interest and similar income 59,731 44,967 43,119 Total 12,381,664 11,522,634 11,030,683 Interest and similar expense Interest on deposits and obligations (1,458,910) (1,202,025) (1,132,041) Interest on bonds and notes issued (900,172) (911,006) (835,255) Interest on due to banks and correspondents (590,908) (623,001) (763,436) Deposit Insurance Fund (151,626) (140,184) (128,625) Interest on lease liabilities (37,438) — — Other interest and similar expense (151,813) (157,313) (99,839) Total (3,290,867) (3,033,529) (2,959,196) |
COMMISSIONS AND FEES
COMMISSIONS AND FEES | 12 Months Ended |
Dec. 31, 2019 | |
COMMISSIONS AND FEES | |
COMMISSIONS AND FEES | 23 COMMISSIONS AND FEES This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Maintenance of accounts, transfers and credit and debit card services 1,148,515 1,214,365 1,251,935 Funds and equity management 681,072 644,038 505,215 Contingent loans and foreign trade fees 372,647 360,798 279,211 Commissions for banking services 278,993 270,784 290,855 Collection services 364,456 234,754 235,369 Brokerage, securities and custody services 78,737 108,333 142,288 Penalty commissions 84,757 71,049 49,350 Others 223,604 222,736 157,185 Total 3,232,781 3,126,857 2,911,408 |
NET GAIN ON SECURITIES
NET GAIN ON SECURITIES | 12 Months Ended |
Dec. 31, 2019 | |
NET GAIN ON SECURITIES | |
NET GAIN ON SECURITIES | 24 NET GAIN ON SECURITIES This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Net gain on the purchase and sale of securities 317,862 135,253 658,495 Net gain in associates (*) 79,844 72,254 49,268 Net gain on financial assets at fair value through profit or loss 147,582 33,333 54,019 Recovery of credit loss for investments at fair value through other comprehensive income, Note 6(b) 745 1,909 — Credit loss on investments available-for-sale — — (766) Others 781 80 (244) Total 546,814 242,829 760,772 (*) |
NET PREMIUMS EARNED
NET PREMIUMS EARNED | 12 Months Ended |
Dec. 31, 2019 | |
NET PREMIUMS EARNED | |
NET PREMIUMS EARNED | 25 NET PREMIUMS EARNED a) This item consists of the following: Results of financial assets designated at fair Total gross Premiums ceded value through Total Net Gross written Technical reserve written to reinsurers and profit and loss, premiums premiums adjustment premiums (*) co-insurers, net (**) Note 8 earned S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2019 Life insurance 1,984,279 (738,421) 1,245,858 (119,310) 93,664 1,220,212 Health insurance 571,006 (22,843) 548,163 (12,828) — 535,335 General insurance 1,076,595 14,229 1,090,824 (427,022) — 663,802 Total 3,631,880 (747,035) 2,884,845 (559,160) 93,664 2,419,349 2018 Life insurance 1,821,867 (677,708) 1,144,159 (116,043) (53,935) 974,181 Health insurance 554,517 (18,383) 536,134 (10,257) — 525,877 General insurance 1,014,705 (52,051) 962,654 (371,346) — 591,308 Total 3,391,089 (748,142) 2,642,947 (497,646) (53,935) 2,091,366 2017 Life insurance 1,498,943 (611,621) 887,322 (106,652) 67,633 848,303 Health insurance 502,148 (5,147) 497,001 (15,294) — 481,707 General insurance 936,316 (12,496) 923,820 (377,857) — 545,963 Total 2,937,407 (629,264) 2,308,143 (499,803) 67,633 1,875,973 (*) (**) 2019 2018 2017 S/(000) S/(000) S/(000) Premiums ceded for automatic contracts (mainly excess of loss), Note 9(b) (254,839) (243,427) (257,617) Premiums ceded for facultative contracts, Note 9(b) (289,386) (288,928) (263,378) Annual variation of reserve risk in progress of premiums ceded, Note 9(b) (14,935) 34,709 21,192 (559,160) (497,646) (499,803) b) Gross written premiums by insurance type are described below: 2019 2018 2017 S/(000) % S/(000) % S/(000) % Life insurance (i) 1,245,858 43.19 1,144,159 43.29 887,322 38.44 Health insurance (ii) 548,163 19.00 536,134 20.29 497,001 21.54 General insurance (iii) 1,090,824 37.81 962,654 36.42 923,820 40.02 Total 2,884,845 100.00 2,642,947 100.00 2,308,143 100.00 (i) The breakdown of life insurance gross written premiums is as follows: 2019 2018 2017 S/(000) % S/(000) % S/(000) % Credit life 536,091 43.03 507,496 44.36 436,443 49.19 Disability and survival (*) 470,066 37.73 272,144 23.79 237,559 26.77 Individual life (**) 60,705 4.87 203,662 17.80 69,647 7.85 Group life 128,656 10.33 113,273 9.90 117,580 13.25 Annuities 50,340 4.04 47,584 4.15 26,093 2.94 Total 1,245,858 100.00 1,144,159 100.00 887,322 100.00 (*) (**) (ii) Health insurance gross written premiums after adjustments include medical assistance which amounts to S/464.7 million at December 31, 2019 (S/420.5 and S/386.3 million at December 31, 2018 and 2017, respectively) and represents 84.78 percent of this line of business at December 31, 2019 (78.44 and 77.73 percent at December 31, 2018 and 2017,respectively). (iii) General insurance gross written premiums consist of the following: 2019 2018 2017 S/(000) % S/(000) % S/(000) % Automobile 357,796 32.80 340,236 35.34 308,910 33.44 Fire and allied lines 293,392 26.90 248,832 25.85 244,474 26.46 Theft and robbery 110,395 10.12 91,369 9.49 81,699 8.84 Technical lines (*) 70,364 6.45 64,141 6.66 62,973 6.82 Third party liability 50,024 4.59 49,421 5.13 44,536 4.82 Transport 44,368 4.07 49,441 5.14 46,534 5.04 SOAT (Mandatory automobile line) 41,068 3.76 32,015 3.33 24,573 2.66 Marine Hull 27,005 2.48 27,394 2.85 27,317 2.96 Aviation 42,191 3.87 16,173 1.68 25,185 2.73 Others 54,221 4.96 43,632 4.53 57,619 6.23 Total 1,090,824 100.00 962,654 100.00 923,820 100.00 (*) |
NET CLAIMS INCURRED FOR LIFE, G
NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS | 12 Months Ended |
Dec. 31, 2019 | |
NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS | |
NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS | 26 NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS This item consists of the following: 2019 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Gross claims, Note 16(b) 1,001,671 547,201 326,980 1,875,852 Ceded claims, Note 9(b) (100,432) (208,761) (12,182) (321,375) Net insurance claims 901,239 338,440 314,798 1,554,477 2018 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Gross claims, Note 16(b) 737,982 562,440 307,182 1,607,604 Ceded claims, Note 9(b) (101,115) (257,072) (9,782) (367,969) Net insurance claims 636,867 305,368 297,400 1,239,635 2017 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Gross claims 646,026 661,108 294,557 1,601,691 Ceded claims, Note 9(b) (79,845) (391,263) (12,279) (483,387) Net insurance claims 566,181 269,845 282,278 1,118,304 |
SALARIES AND EMPLOYEES BENEFITS
SALARIES AND EMPLOYEES BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
SALARIES AND EMPLOYEES BENEFITS | |
SALARIES AND EMPLOYEES BENEFITS | 27 SALARIES AND EMPLOYEES BENEFITS This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Salaries 1,816,939 1,738,913 1,662,327 Vacations, medical assistance and others 360,334 336,609 319,384 Bonuses 264,171 248,704 237,192 Workers’ profit sharing 252,850 228,786 220,967 Social security 200,935 184,489 205,714 Additional participation 243,787 233,146 188,870 Severance indemnities 151,945 142,363 132,396 Share-based payment plans 120,062 106,865 104,170 Total 3,411,023 3,219,875 3,071,020 |
ADMINISTRATIVE EXPENSES
ADMINISTRATIVE EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
ADMINISTRATIVE EXPENSES | |
ADMINISTRATIVE EXPENSES | 28 ADMINISTRATIVE EXPENSES This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Repair and maintenance 318,715 301,893 271,081 Publicity 380,147 336,203 304,119 Taxes and contributions 334,398 285,551 259,523 Rental (*) 63,047 226,388 230,257 Consulting and professional fees 261,144 223,239 206,224 Transport and communications 168,237 176,623 176,273 Sundry supplies 74,038 54,742 49,935 IBM services expenses 118,009 140,909 143,703 Services by third-party and others (**) 636,895 584,496 517,708 Total 2,354,630 2,330,044 2,158,823 (*) (**) |
OTHER INCOME AND EXPENSES
OTHER INCOME AND EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
OTHER INCOME AND EXPENSES | |
OTHER INCOME AND EXPENSES | 29 OTHER INCOME AND EXPENSES This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Other income Revenue from sale of loan portfolio 75,800 26,616 — Rental income 37,847 35,941 43,118 Net income from the sale of investments properties 23,629 12,541 15,837 Net income from the sale of property, furniture and equipment 16,869 54,952 36,970 Recoveries of other accounts receivable and other assets 13,796 79 14,824 Net gain from sale of seized and recovered assets — — 2,494 Others (*) 176,288 143,753 135,954 Total other income 344,229 273,882 249,197 2019 2018 2017 S/(000) S/(000) S/(000) Other expenses Losses due to operational risk 29,878 46,528 55,477 Expenses on improvements in building for rent 30,721 36,551 42,083 Provision for sundry risks, Note 13(f) 27,272 42,236 29,023 Association in participation 22,636 14,526 19,757 Provision for other accounts receivable 8,059 7,174 19,316 Net loss from sale adjudicated assets 9,617 3,411 — Administrative and tax penalties 2,659 4,301 8,387 Others 137,627 75,453 64,271 Total other expenses 268,469 230,180 238,314 (*) The balance mainly comprises liquidation for sale of Credicorp shares, penalty for breach of contract, commissions for recovery in civil and judicial lawsuits of Personal Credits and Credit Card products; also, collection of commission for relocation, vehicle taxes, municipal property taxes, fines and penalties to clients related to the Leasing product. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 30 EARNING PER SHARE The net earnings per ordinary share were determined based on the net income attributable to equity holders of the Group as follows: 2019 2018 2017 Net income attributable to equity holders of Credicorp (in thousands of Soles) 4,265,304 3,983,865 4,091,753 Number of stock Ordinary stock, Note 18(a) 94,382,317 94,382,317 94,382,317 Less – opening balance of treasury stock (14,883,274) (14,902,008) (14,915,537) (Acquisition) sale of treasury stock, net (9,738) (3,015) 3,088 Weighted average number of ordinary shares for basic earnings 79,489,305 79,477,294 79,469,868 Plus - dilution effect - stock awards 194,213 209,128 220,296 Weighted average number of ordinary shares adjusted for the effect of dilution 79,683,518 79,686,422 79,690,164 Basic earnings per share (in Soles) 53.66 50.13 51.49 Diluted earnings per share (in Soles) 53.53 49.99 51.35 |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2019 | |
OPERATING SEGMENTS | |
OPERATING SEGMENTS | 31 OPERATING SEGMENTS In the Credicorp Board of Directors organized the Group’s subsidiaries according to the types of financial services provided and the sectors on which they are focused; with the objective of optimizing the management thereof. Next, we present the Group´s business lines: a) Universal Banking – Includes the operations related to the granting of various credits and financial instruments to individuals and legal entities, from the segments of wholesale and retail banking, such as the obtaining of funds from the public through deposits and current accounts, obtaining of funding by means of initial public offerings and direct indebtedness with other financial institutions. This business line incorporates the results and balances of the Banco de Crédito del Perú (BCP) and Banco de Crédito de Bolivia (BCB). b) Insurance and Pensions – - - c) Microfinance – Includes the management of loans, credits, deposits and current accounts of the small and microenterprises: carried out through Mibanco, Banco de la Microempresa S.A., Banco Compartir S.A. and Edyficar S.A.S. (Encumbra). d) Investment Banking and Wealth Management – Brokerage service and investment management services offered to a broad and diverse clientele, which includes corporations, institutional investors, governments and foundations; also, the structuring and placement of issues in the primary market, as well as the execution and negotiation of transactions in the secondary market. Additionally, it structures securitization processes for corporate customers and manages mutual funds. All of these services are provided through Credicorp Capital Ltd. and subsidiaries; Atlantic Security Bank (ASB) and the Wealth Management team of BCP. Management of these business lines is designed to: - - - The operating results of the Group’s new business lines are monitored separately by the Board of Directors and Senior Management on a monthly basis, in order to make decisions regarding the allocation of resources and the evaluation of the performance of each one of the segments. The Chief Operating Decision Maker (CODM) of Credicorp is the Chief Executive Officer (CEO). The performance of the segments is evaluated based on the operating profits or losses, and is measured consistently with the operating profits and losses presented in the consolidated statement of income. Financial information by segment is prepared subject to the minimum controls necessary and on a uniform basis, with coherent grouping according to the type of activity and customer. The transfer prices used for determining income and expenses generated among the operating segments are similar to the prices that would be applicable to transactions carried out at arm’s length. None of the income derives from transactions carried out with a single customer or counterparty which is equal to or greater than 10 per cent or more of the total income of the Group at December 31, 2019, 2018 and 2017. (i) The following table presents information recorded in the results and for certain items of the assets corresponding to the Group’s reportable segments (in millions of soles) as of December 31, 2019, 2018 and 2017: Net interest, Provision for Additions of Income (*) similar Other credit losses Depreciation fixed asset, From other income and income, on loan and Income intangibles Total Total 2019 External segments (**) expenses net (***) portfolio amortization tax Net profit and goodwill assets liabilities Universal Banking Banco de Crédito del Perú 11,750 345 6,244 3,632 (1,558) (421) (1,160) 3,239 349 139,832 123,057 Banco de Crédito de Bolivia 736 4 329 117 (61) (19) (43) 79 16 10,481 9,744 Insurance and Pension funds Pacífico Seguros y subsidiarias 3,249 23 493 348 — (58) (6) 381 45 13,785 10,964 Prima AFP 457 3 (1) 457 — (20) (85) 197 8 909 211 Microfinance Mibanco 2,408 126 1,901 62 (472) (87) (168) 401 60 13,576 11,489 Banco Compartir S.A. 18 — 13 2 (2) (1) 1 (2) 1 1,046 888 Edyficar S.A.S. 50 — 43 2 (6) (1) (3) 5 1 141 80 Investment Banking and Wealth Management 968 6 69 885 — (22) (16) 230 236 9,423 7,950 Other segments 63 100 443 561 (1) (3) (143) (179) 87 2,998 992 Eliminations — — (443) (669) — — — — — (4,314) (4,245) Total consolidated 19,699 607 9,091 5,397 (2,100) (632) (1,623) 4,352 803 187,877 161,130 Net interest, Provision for Additions of Income (*) similar Other credit losses Depreciation fixed asset, From other income and income, on loan and Income intangibles Total Total 2018 External segments (**) expenses net (***) portfolio amortization tax Net profit and goodwill assets liabilities Universal Banking Banco de Crédito del Perú 10,757 381 5,616 3,275 (1,265) (277) (1,137) 2,927 397 132,880 117,803 Banco de Crédito de Bolivia 686 4 309 124 (55) (12) (45) 78 45 9,957 9,266 Insurance and Pension funds Pacífico Seguros y subsidiarias 2,730 21 446 669 — (51) (4) 353 85 12,224 9,591 Prima AFP 371 2 — 371 — (18) (58) 140 9 875 241 Microfinance Mibanco 2,468 88 1,956 156 (491) (49) (193) 462 50 13,220 11,322 Edyficar S.A.S. 44 — 40 1 (4) — (4) 5 — 119 62 Investment Banking and Wealth Management 886 (14) 98 634 — (21) (29) 146 8 9,665 8,190 Other segments 83 97 33 106 — (1) (51) (40) 7 2,862 950 Eliminations — — (9) (454) — — — — — (4,539) (4,428) Total consolidated 18,025 579 8,489 4,882 (1,815) (429) (1,521) 4,071 601 177,263 152,997 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and insurance underwriting result. Net interest, Provision for Additions of Income (*) similar Other credit losses Depreciation fixed asset, From other income and income, on loan and Income intangibles Total Total 2017 External segments (**) expenses net (***) portfolio amortization tax Net profit and goodwill assets liabilities Universal Banking Banco de Crédito del Perú 10,095 371 5,300 2,927 (1,515) (261) (996) 2,638 286 128,259 114,543 Banco de Crédito de Bolivia 616 2 315 119 (79) (11) (40) 75 10 9,118 8,482 Insurance and Pension funds Pacífico Seguros y subsidiarias 2,662 120 423 972 — (49) (28) 326 56 11,409 8,560 Prima AFP 388 3 1 387 — (23) (66) 140 10 883 264 Microfinance Mibanco 2,337 77 1,829 98 (457) (49) (146) 399 44 12,363 10,666 Edyficar S.A.S. 30 — 27 1 (5) (1) — (1) 1 92 37 Investment Banking and Wealth Management 906 (5) 135 658 — (25) (33) 252 7 10,389 8,730 Other segments 565 77 42 535 (1) (1) (84) 353 2 2,781 1,668 Eliminations — — (1) (516) — — — — — (4,822) (4,731) Total consolidated 17,599 645 8,071 5,181 (2,057) (420) (1,393) 4,182 416 170,472 148,219 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and insurance underwriting result. (ii) The following table presents (in millions of soles) the distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, at December 31, 2019, 2018 and 2017: 2019 2018 2017 Total non Total non Total non Total Operating current Total Total Operating current Total Total Operating current Total income (*) income (**) assets (***) liabilities income (*) income (**) assets (***) liabilities income (*) income (**) assets (***) liabilities Peru 18,015 9,106 3,943 142,178 16,502 8,476 3,145 135,422 13,105 7,997 2,976 130,953 Bermuda 13 10 117 266 13 14 88 169 2,708 37 121 933 Panama — — — — 2 — — — — — — — Cayman Islands 354 88 20 5,008 285 134 3 5,465 512 183 5 5,250 Bolivia 809 368 93 9,815 750 344 78 9,317 813 338 102 8,490 Colombia 356 21 435 2,769 314 (2) 138 1,823 286 10 145 1,573 United States of America 10 (1) 3 6 6 — — 2 8 — — 2 Chile 142 (2) 209 1,088 153 (6) 84 799 167 (5) 139 1,018 Total consolidado 19,699 9,590 4,820 161,130 18,025 8,960 3,536 152,997 17,599 8,560 3,488 148,219 (*) Including total interest and similar income, other income and net premiums earned from insurance activities. (**) Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result. (***) Non- current assets consist of property, furniture and equipment (fixed assets), intangible assets and goodwill and right-for-use assets, net. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
TRANSACTIONS WITH RELATED PARTIES | |
TRANSACTIONS WITH RELATED PARTIES | 32 TRANSACTIONS WITH RELATED PARTIES a) The Group’s consolidated financial statements at December 31, 2019 and 2018 include transactions with related companies, the Board of Directors, the Group’s key executives (defined as the Management of Credicorp) and the companies which are controlled by these individuals through their majority shareholding or their role as Chairman or CEO. b) The following table presents the main transactions with related parties as of December 31, 2019 and 2018: 2019 2018 S/(000) S/(000) Statement of financial position - Direct loans 1,657,206 2,594,712 Investments 935,286 775,397 Deposits (751,990) (425,938) Derivatives at fair value 4,984 890 Statement of income Interest income related to loans 28,477 28,384 Interest expenses related to deposits (10,377) (9,573) Other income 9,698 8,088 Off-balance sheet Indirect loans 373,865 325,427 c) All transactions with related parties are made in accordance with normal market conditions available to other customers. At December 31, 2019, direct loans to related companies are secured by collateral, had maturities between January 2020 and December 2029, at an annual average interest rate of 6.21 percent (at December 31, 2018 maturities where between January 2019 and December 2028, and the annual average interest rate was 6.46 percent). Also, at December 31, 2019 and 2018, the Group maintains an allowance for loan losses for related parties amounting to S/12.6 million and S/13.7 million, respectively. d) At December 31, 2019 and 2018, directors, officers and employees of the Group have been involved, directly and indirectly, in credit transactions with certain subsidiaries of the Group, as permitted by Peruvian Banking and Insurance Law Nº26702, which regulates and limits certain transactions with employees, directors and officers of a bank or an insurance company. At December 31, 2019 and 2018, direct loans to employees, directors, key management and family members amounted to S/1,003.2 million and S/1,031.7 million, respectively; they are repaid monthly and earn interest at market rates. e) The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2019 and 2018 was as follows: 2019 2018 2017 S/(000) S/(000) S/(000) Director’s compensation 6,766 5,665 5,318 Senior Management Compensation: Remuneration 32,218 34,118 27,133 Stock awards vested 27,157 27,313 26,572 Total 66,141 67,096 59,023 f) At December 31, 2019 and 2018 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented below: 2019 2018 S/(000) S/(000) At fair value through profit or loss: Mutual funds, investment funds and hedge funds Bolivianos 126,722 104,596 Soles 59,934 18,394 U.S. Dollars 38,149 76,887 Colombian pesos 17,475 5,201 Chilean pesos 6,765 6,938 Total 249,045 212,016 Restricted mutual funds, Note 6(a)(ii) 460,086 407,350 |
FINANCIAL INSTRUMENTS CLASSIFIC
FINANCIAL INSTRUMENTS CLASSIFICATION | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL INSTRUMENTS CLASSIFICATION | |
FINANCIAL INSTRUMENTS CLASSIFICATION | 33 FINANCIAL INSTRUMENTS CLASSIFICATION The table below shows the carrying amounts of the financial assets and liabilities captions in the consolidated statement of financial position, by categories as defined under IFRS 9 as of December 31,2019 and IAS 39 as of December 31, 2018: At December 31, 2019 At December 31, 2018 Financial assets and Financial assets at fair value Financial Financial assets and Financial assets at fair value Financial liabilities at fair through other assets and liabilities at fair through other assets and value through profit or loss comprehensive income liabilities value through profit or loss comprehensive income liabilities Investments Investments measured at Investments Investments measured at Investments designated designated amortized Investments designated designated amortized and hedges at inception Investments at inception cost Total and hedges at inception Investments at inception cost 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) Assets Cash and due from banks — — — — 25,986,762 25,986,762 — — — — 22,168,516 22,168,516 Guarantee funds, reverse repurchase agreements and securities borrowings — — — — 4,288,524 4,288,524 — — — — 4,082,942 4,082,942 At fair value through profit or loss 3,850,762 — — — — 3,850,762 3,512,445 — — — — 3,512,445 Investments at fair value through other comprehensive income, Note 6(b) — — 25,623,934 578,789 — 26,202,723 — — 24,546,365 649,470 — 25,195,835 Amortized cost investments — — — — 3,477,046 3,477,046 — — — — 4,154,838 4,154,838 Loans, net — — — — 110,485,717 110,485,717 — — — — 105,806,998 105,806,998 Financial assets designated at fair value through profit or loss — 620,544 — — — 620,544 — 521,186 — — — 521,186 Premiums and other policies receivable — — — — 838,731 838,731 — — — — 887,273 887,273 Accounts receivable from reinsurers and coinsurers — — — — 791,704 791,704 — — — — 842,043 842,043 Due from customers on acceptances — — — — 535,222 535,222 — — — — 967,968 967,968 Other assets, Note 13(a) 1,092,107 — — — 1,700,861 2,792,968 766,317 — — — 2,306,460 3,072,777 4,942,869 620,544 25,623,934 578,789 148,104,567 179,870,703 4,278,762 521,186 24,546,365 649,470 141,217,038 171,212,821 Liabilities Deposits and obligations — — — — 112,005,385 112,005,385 — — — — 104,551,310 104,551,310 Payables from repurchase agreements and securities lending — — — — 7,678,016 7,678,016 — — — — 9,415,357 9,415,357 Due to banks and correspondents — — — — 8,841,732 8,841,732 — — — — 8,448,140 8,448,140 Bankers’ acceptances outstanding — — — — 535,222 535,222 — — — — 967,968 967,968 Accounts payable to reinsurers and coinsurers — — — — 216,734 216,734 — — — — 291,693 291,693 Lease liabilities — — — — 847,504 847,504 — — — — — — Financial liabilities at fair value through profit or loss 493,700 — — — — 493,700 362,310 — — — — 362,310 Bonds and notes issued — — — — 14,946,363 14,946,363 — — — — 15,457,540 15,457,540 Other liabilities, Note 13(a) 1,040,282 — — — 3,206,544 4,246,826 715,804 — — — 2,978,514 3,694,318 1,533,982 — — — 148,277,500 149,811,482 1,078,114 — — — 142,110,522 143,188,636 |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL RISK MANAGEMENT | |
FINANCIAL RISK MANAGEMENT | 34 FINANCIAL RISK MANAGEMENT The Group’s activities involve principally the use of financial instruments, including derivatives. It also accepts deposits from customers at both fixed and floating rates, for various periods, and invests these funds in high-quality assets. Additionally, it places these deposits at fixed and variable rates with legal entities and individuals, considering the finance costs and expected profitability. The Group also trades in financial instruments where it takes positions in traded and over-the-counter instruments, derivatives included, to take advantage of short term market movements on securities, bonds, currencies and interest rates. Given the Group’s activities, it has a framework for risk appetite, a corner stone of the management. The risk management processes involve continuous identification, measurement, treatment and monitoring. The Group is exposed, principally, to operating risk, credit risk, liquidity risk, market risk, strategic risk and insurance technical risk. Finally, it reports on a consolidated basis the risks to which the Group is exposed. a) Risk management structure - The Board of Directors of the Group and of each subsidiary are ultimately responsible for identifying and controlling risks; however, there are separate independent instances in the major subsidiaries responsible for managing and monitoring risks, as further explained below: (i) Group’s Board of Directors - Credicorp Board of Directors - This Board of Directors is responsible for the overall risk management approach and for the approval of the levels of risk appetite that the Group is prepared to assume. Furthermore, it approves the guidelines and policies for Integral Risk Management. On the other hand, the Board establishes an organizational culture which emphasizes the importance of risk management, oversees the internal control system and ensures the adequate performance of the compliance function. Group Company Boards - The Board of each of the Group companies is responsible for aligning the risk management established by the Board of Credicorp with the context of each one of them. For that, it establishes a framework for risk appetite, policies and guidelines. (ii) Credicorp Risk Committee - Represents the Board of Credicorp in risk management decision-making. This Committee defines the strategies used for the adequate management of the different types of risks and the supervision of risk appetite. In addition to it, they establishing principles, policies and general limits. The Risk Committee is presided by a Board member of Credicorp, it also consists of a second member of the Board of Credicorp, a Board member of BCP, the General Manager of BCP, the Central Manager of Planning and Finance of BCP, the Central Risk Manager of BCP and the Manager of the Risk Management Division of BCP. In addition to effectively managing all the risks, the Credicorp Risk Committee is supported by the following committees which report periodically on all relevant changes or issues relating to the risks being managed: Credit Risk Committees (retail and non retail) - The Credit Risk Committees are responsible for reviewing the tolerance level of the credit risk appetite, the limits of exposure and the actions for the implementation of corrective measures, in case there are deviations. In addition, they propose credit risk management norms and policies within the framework of governance and the organization for the integral management of credit risk. Furthermore, they propose the approval of any changes to the functions described above and important findings to the Risk Committee. Treasury and ALM (Asset Liability Management) Risk Committee - The Treasury Risk Committee and ALM Credicorp are responsible for analyzing and proposing the corporate objectives, guidelines and policies for Treasury Risk Management and ALM of all the companies of the Group. As well as, monitoring the indicators and limits of Credicorp market risk appetite and each of the companies of the Group. Further, they are responsible of be aware of the actions for the implementation of the corrective measures if there are deviations from appetite levels and risk tolerance assumed by the companies of Group. Furthermore, they are responsible for proposing the approval of any changes in the functions described above and for reporting any finding to the Risk Committee. Credicorp Model Risk Committee – The Credicorp Model Risk Committee is responsible for analyzing and proposing the actions corrections in case there are deviations with respect to the degrees of exposure assumed in the Appetite for Model Risk. Likewise, it proposes the creation and/or modification of the government for model risk management, monitoring compliance with the same. The Model Risk Committee monitors the Group's data and analytical strategy and the health status of the model portfolio. They are also responsible to inform the Committee of Credicorp Risks on exposures, related to model risk, which involve variations in the risk profile. Operational Risk Methodology Committee – The Credicorp Methodological Committee of Operational Risk has as main responsibilities to review the main indicators of Operational Risk of the companies of the Credicorp Group, as well as the progress of the methodologies deployed for Operational Risk and Business Continuity. Likewise, share best practices regarding the main challenges faced by Credicorp Group companies. (iii) Central Risk Management - The Central Risk Management is responsible for implementing policies, procedures, methodologies and actions to identify, measure, monitor, mitigate, report and control the different types of risks to which the Group is exposed. Also, it participates in the design and definition of the strategic plans of the business units to ensure that they are framed within the risk appetite metrics approved by Credicorp Board of Directors. Likewise, it also broadcasts the importance of adequate risk management, specifying in each of the units, their role in the timely identification and definition of actions corresponding. The Central Risk Management is divided into the following units: Credit Division - The Credit Division proposes credit policies and evaluation criteria and credit risk management that the Group assumes with segment customers wholesaler. Evaluate and authorize loan proposals until their autonomy and propose their approval to the higher instances for those that exceed it. These guidelines are established on the basis of the policies set by the Credicorp Board, respecting the laws and regulations in force. Risk Management Division - The Risk Management Division is responsible for ensuring that risk management directives and policies comply with the established by the Board of Directors. In addition, it is responsible for supervising the process of risk management and for coordinating with the companies of Credicorp involved in the whole process , promoting homogeneous risk management and aligned with the best practices. It also has the task of informing Board of Directors regarding: global exposure and by type of risk, as well as the specific exposure of each Group company. Retail Banking Risk Division - This division is responsible for ensuring the quality of retail portfolio and the development of credit policies that are consistent with the overall guidelines and risk policies set by the Board of Credicorp. Cybersecurity Management – The Cybersecurity Management area establishes polices and regulatory framework for information security and cybersecurity risk management. It is also responsible for designing and implementing the strategies used to create and monitor controls that enable the permanent evaluation of regulatory framework effectiveness. In addition, the area supervises the performance of the functions of the responsible units, monitoring the processes used for the identification, assessment, recording and treatment of information security and cybersecurity risks. Corporate Security and Cybernetic Crime Managament – The Corporate Security and Cybernetic Crime Managament is responsible for implementing policies, procedures and actions that safeguard the security of employees, customers and assets of the organization, and protect the Group against incidents of fraud, security and reputational risk. In addition, it fosters a culture of prevention, which minimizes risks in fraud and security. Non-financial Risks Division The Non-financial Risks Division is responsible for defining a non-financial risks strategy aligned with the objectives and risk appetite set by the Board of Credicorp. This strategy seeks to strengthen the management process, generate synergies, optimize resources and achieve better results among the units responsible for managing non-financial risks in the Group. Additionally, in order to achieve the objectives defined in the non-financial risks strategy, the Division is responsible for promoting risk culture, developing talent, defining indicators and generating and following-up strategic projects and initiatives. The Non-financial Risks Division was created on February 2020 and is composed by the following areas: Cybersecurity Management Area, Corporate Security and Operational Risk Management Area. It is important to remark that Cybersecurity Management Area and Corporate Security were in force at December 31, 2019. (iv) Internal Audit Division and Compliance Division - The Audit Division is in charge of monitoring on an ongoing basis the effectiveness and efficiency of the risk management function in the Group, verifying compliance with regulations, policies, objectives and guidelines set by the Board of Directors. On the other hand, it evaluates sufficiency and integration level of Group’s information and database systems. Finally, it ensures that independence is maintained between the functions of the risk management and business units, for each of the Group’s companies. The Compliance and Corporate Ethics Division reports to the Board of Directors and is responsible for ensure that Credicorp Group companies specifically comply with regulations that specified them and the guidelines established in the Code of Ethics. b) Risk measurement and reporting systems - The risk is measured according to models and methodologies developed for the management of each type of risk. Credicorp has risk reports that allow to monitor at the level added and detailed the different types of risks of each company which is exposed. The system provides the facility to meet the appetite review needs by risk requested by the committees and areas described above; as well as comply with regulatory requirements. c) Risk mitigation - Depending on the type of risk, the Group uses mitigating instruments to reduce its exposure, such as guarantees, derivatives, controls and insurance, among others. Furthermore, it has policies linked to risk appetite and established procedures for each type of risk. The Group actively uses guarantees to reduce its credit risks. d) Risk appetite - Based on corporate risk management, Group’s Board of Directors approves the risk appetite framework to define the maximum level of risk that the organization is willing to take as seeks its strategic and financial objectives, maintaining a corporate vision in individual decisions of each entity. This Risk Appetite framework is based on "core" and specific metrics: Core metrics are intended to preserve the organization’s strategic pillars, defined as solvency, liquidity, profit and growth, income stability and balance sheet structure. Specific metrics objectives are intended to monitor on a qualitative and quantitative basis the various risks, to which the Group is exposed, as well as defining a tolerance threshold of each of those risks, so the risk profile set by the Board is preserved and any risk focus is anticipated on a more granular basis. Risk appetite is instrumented through the following elements: - Risk appetite statement: Establishes explicit general principles and the qualitative declarations which complement the risk strategy. - Metrics scorecards: These are used to define the levels of risk exposure in the different strategic pillars. - Limits: Allows control over the risk-taking process within the tolerance threshold established by the Board. They also provide accountability for the risk-taking process and define guidelines regarding the target risk profile. - Government scheme: Seeks to guarantee compliance of the framework through different roles and responsibilities assigned to the units involved. The appetite is integrated into the processes of strategic and capital guidelines, as well as in the definition of the annual budget, facilitating the strategic decision making of the organization. e) Risk concentration - Concentrations arise when a reduced and representative number of all of the counterparties of the Group are engaged in similar business activities, or activities in the same geographic region, or have similar economic and political conditions among others. In order to avoid excessive concentrations of risk, the policies and procedures include specific guidelines to guarantee a diversified portfolio. 34.1 Credit risk - a) The Group takes on exposure to credit risk, which is the probability of suffering losses caused by debtors or counterparties failing to comply with payment obligations in on or off the balance sheet exposures. Credit risk is the most important risk for the Group’s business; therefore, Management carefully manages its exposure to credit risk. Credit exposures arise principally from lending activities that lead to direct loans; they also result from investment activities. There is also credit risk in off-balance sheet financial instruments, such as contingent credits (indirect loans), which expose Credicorp to risks similar to direct loans. Likewise, credit risk arises from derivative financial instruments that present showing positive fair values. Finally, all exposure to credit risk (direct or indirect) is mitigated by the control processes and policies. As part of the management of this type of risk, Credicorp assigns impairment provisions for its loan portfolio at the date of the statement of financial position. The Group defines the levels of credit risk assumed based on risk exposure limits, which are frequently monitored. Said limits are established in relation to one borrower or group of borrowers, geographical and industry segments. Furthermore, the risk limits by product, industry sector and by geographical segment are approved by the Risk Committee of Credicorp. Exposure to credit risk is managed through regular analysis of the ability of debtors and potential debtors to meet interest and principal repayment obligations and by changing the credit limits when it is appropriate. Other specific control measures are outlined below: (i) Collateral - The Group employs a range of policies and practices to mitigate credit risk. The most traditional of these is collateralization which is common practice. The Group implements guidelines on the acceptability of specific classes of collateral or credit risk mitigation. The main types of collateral obtained are as follows: - For loans and advances, collateral includes, among others, mortgages on residential properties; liens on business assets such as plants, inventory and accounts receivable; and liens on financial instruments such as debt securities and equity securities. - Long-term loans and financing to corporate entities are generally guaranteed. Loans to micro business generally have no collateral. In order to minimize credit loss, the Group will seek additional collateral from the counterparty as soon as impairment indicators arise. - For repurchase agreements and securities lending, collateral consists of fixed income instruments and cash. Collateral held as security for financial assets other than loans is determined by the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, with the exception of assets backed securities and similar instruments, which are secured by portfolios of financial instruments. Management monitors the market value of collateral, requests additional collateral in accordance with the underlying agreement, and monitors the market value of collateral obtained during its review of the adequacy of the allowance for impairment losses. As part of the Group’s policies, the recovered goods are sold in seniority order. The proceeds of the sale are used to reduce or amortize the outstanding credit. In general, the Group does not use recovered assets for its operational purposes. (ii) Derivatives - The amount subject to credit risk is limited to the current and potential fair value of instruments that are favorable to the Group (fair value is positive). In the case of derivatives this is only a small fraction of the contract, or notional values used to express the volume of instruments outstanding. This credit risk exposure is managed as a portion of the total credit limits with customers, together with potential exposures from market movements. Collateral or other security is not usually obtained for this type of risk exposure. (iii) Credit-related commitments - The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and letters of credit have the same credit risk as direct loans. Documentary and commercial letters of credit - which are written undertakings by the Group on behalf of a customer authorizing a third party to draw drafts on the Group up to a stipulated amount under specific terms and conditions - are collateralized by the underlying shipments of goods to which they relate and therefore have less risk than a direct loan. The Group has no mandatory commitments to extend credit. b) The maximum exposure to credit risk at December 31, 2019 and 2018, before the effect of mitigation through any collateral, is the carrying amount of each class of financial assets indicated in Notes 34.7(a), 34.7(b) and the contingent credits detailed in Note 21(a). Management is confident of its ability to continue controlling and maintaining minimal credit risk exposure within the Group, considering both its loan and securities portfolio. c) Credit risk management for loans - The management of credit risk is mainly based on rating and scoring of the internal models of each company of the Group. In Credicorp, a quantitative and qualitative analysis is made of each client, with regard to his financial position, his credit behavior in the System and the market in which it operates; which is carried out continuously, so as to assemble the risk profile of each operation and client with a credit position in the Group. In the Group, a loan is internally classified as past due, depending on three aspects: the number of days in arrears based on the contractually agreed due date, the subsidiary and the type of credit. In that sense: Banco de Crédito del Perú, Mibanco and Solución Empresa Administradora Hipotecaria S.A. consider a loan past due: - For corporate enterprises, large and medium companies after 15 days in arrears. - For small and micro-business after 30 days past due. - For overdrafts, after 30 days past due. - For consumer, mortgage and lease operation products, quotas are considered past due internally when they are between 30 and 90 days in arrears; after 90 days, the pending loan balance is considered past due. Atlantic Security Bank considers a credit past due when its payment schedule of capital and/or interest exceed 30 days in arrears. Banco de Crédito de Bolivia, Edyficar S.A.S. and Bancompartir consider a credit as an internal past due with effect from day 30 in arrears. Estimate of the expected loss - The measurement of the credit loss is based on the product of the following parameters: (i) probability of default (PD) (ii) loss given default (LGD), and (iii) Exposure at default (EAD); discounted at the reporting period, using the effective interest rate. The definition of the parameters is presented below: Probability of Default (PD): this is a measurement of credit rating given internally to a customer, designed to estimate their probability of default within a specific horizon. The process of obtaining the PD is carried out through scoring and rating tools. The Group considers that a financial instrument is in default if it meets the following conditions depending on the type of asset: - Consumer Products, Credit Card and SME: If the costumer, at some point, presents arrears equal to or greater than 60 days and/or has operations that are refinanced, restructured, in pre-judicial, judicial proceedings or written off. - Mortgage Product: If the customer, at some point, presents arrears equal to or greater 120 days and/or has operations that are refinanced, restructured, in pre-judicial, judicial proceedings or written off. - Commercial Banking: Those customers that are in the Special Accounts portfolio or have risk classification as deficient, doubtful or lost, or have refinanced, judicial or written off operations. Also, a customer can be considered as Default in case of signs of significant qualitative impairment so as to consider it in said stage. - Investments: If the instrument has a Default rating according to external rating agencies such as Fitch, Standard & Poors or Moody’s or with an indicator of arrears equal to or greater than 90 days. Also, a customer can be considered as Default in case of signs of significant qualitative impairment. Loss Given Default (LGD): Is a measurement which estimates the severity of the loss which would be incurred at the time of the default. It has two approaches in the estimate of the severity of the loss, depending on the stage of the customer: - LGD Workout: The LGD workout is the real loss of the customers who have arrived at the stage of default. The recoveries and costs of each one of the operations are used in order to calculate it (Includes open and closed recovery processes). - LGD ELBE (Expected Loss Best Estimate): The LGD ELBE is the loss of the contracts in a default situation, based on the time in arrears of the operation (The longer the operation is in default, the greater will be the loss level). Exposure at Default (EAD): Is a measurement which estimates the exposure at the time of the customer goes into default, taking into account changes in future exposure, for example, in the case of prepayments and/or greater utilization of unused lines. Accordingly, the estimated of the parameters take into consideration information regarding the actual conditions, as well as the projections of future macroeconomic events and conditions in three scenarios (base, optimistic and pessimistic) which are analyzed in order to obtain the expected loss. The fundamental difference between the credit loss of an account considered as Stage 1 and Stage 2 is the PD horizon. Specifically, the estimates of Stage 1 use a maximum PD of 12 months, while those in Stage 2 will use a PD measured for the entire life of the instrument. The estimates of Stage 3 will be carried out on the basis of a best estimate LGD. In those cases, in which the portfolio is immaterial and does not have credit score models, the option was to extrapolate the loss ratio of portfolios with comparable characteristics. Prospective information: The measurement of expected credit losses for each stage and the evaluation of significant increases in credit risk consider information on previous events and current conditions, as well as reasonable projections based on future events and economic conditions. For the estimation of the risk parameters (PD, LGD, EAD), used in the calculation of the provision in stages 1 and 2, the significance of the macroeconomic variables (or their variations) that have the greatest influence on each portfolio was tested. Each macroeconomic scenario used in calculating the expected loss considers projections of relevant macroeconomic variables, such as the gross domestic product (GDP), employment, terms of trade, inflation, among others, for a period of 3 years and a long-term projection. The estimate of the expected loss for stages 1, 2 and 3 is a weighted estimate that considers three future macroeconomic scenarios. The base, optimistic and pessimistic scenarios, as well as the probability of occurrence of each scenario, are macroeconomic projections provided by the Economic Studies Management. It should be noted that the scenario design is adjusted quarterly. All the scenarios considered apply to portfolios subject to expected credit losses with the same probabilities. Changes from one stage to another The classification of an instrument as stage 1 or stage 2 depends on the concept of "significant increase in credit risk" at the reporting date compared to the origin. This classification is updated monthly. As the IFRS 9 states, this classification depends on the following criteria: - An account is classified in stage 2 if it has more than 30 days of delay. - Additionally, significant risk thresholds were established based on absolute and relative thresholds that depend on the level of risk in which the instrument originated. The thresholds differ for each of the portfolios considered. - Additional qualitative reviews are carried out based on the segmentation of risks used in the management of Retail Banking and an individual review in Wholesale Banking. Additionally, all those accounts classified as default at the reporting date according to the management definition used by the Group are considered as stage 3. Evaluations of a significant increase in risk from initial recognition and credit deterioration are carried out independently on each reporting date. Assets can be moved in both directions from one phase to another; in this sense, a financial asset that migrated to stage 2 will return to stage 1, if its credit risk did not increase significantly from its initial recognition until a subsequent reporting period. Likewise, an asset that is in stage 3 will return to stage 2 if the credit is no longer considered to be impaired. Expected life For the instruments in stage 2 or 3, the reserves for losses will cover the expected credit losses during the expected time of the remaining useful life of the instrument. For most instruments, the expected life is limited to the remaining contractual life, adjusted by expected anticipated payments. In the case of revolving products, a statistical analysis was carried out in order to determine what would be the expected life period. The following is a summary of the direct credits classified into three important groups and their respective allowance for each of the types of loans: (i) Loans neither past due nor impaired, which comprise those direct loans which currently do not have characteristics of delinquency and which are not in default. (ii) Past due but unimpaired loans, which comprise all of the loans of customers who are not in default, but have failed to make a payment at its contractual maturity, according to the provisions of the rules of IFRS 7. (iii) Impaired loans, those considered to be in stage 3 or default , as detailed in Note 34.1(c). At December 31,2019 At December 31,2018 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 56,270,934 2,948,066 — 59,219,000 55,085,853 4,950,181 — 60,036,034 Past due but not impaired 815,751 250,311 — 1,066,062 998,105 254,514 — 1,252,619 Impaired — — 2,812,011 2,812,011 — — 2,321,335 2,321,335 Gross 57,086,685 3,198,377 2,812,011 63,097,073 56,083,958 5,204,695 2,321,335 63,609,988 Less: Allowance for loan losses 416,692 161,190 982,950 1,560,832 287,961 146,455 1,023,771 1,458,187 Total, net 56,669,993 3,037,187 1,829,061 61,536,241 55,795,997 5,058,240 1,297,564 62,151,801 At December 31,2019 At December 31,2018 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 17,477,899 507,910 — 17,985,809 15,431,424 495,131 — 15,926,555 Past due but not impaired 424,741 270,792 — 695,533 617,686 267,418 — 885,104 Impaired — — 994,479 994,479 — — 959,033 959,033 Gross 17,902,640 778,702 994,479 19,675,821 16,049,110 762,549 959,033 17,770,692 Less: Allowance for loan losses 43,217 25,710 472,718 541,645 31,479 22,404 470,286 524,169 Total, net 17,859,423 752,992 521,761 19,134,176 16,017,631 740,145 488,747 17,246,523 At December 31,2019 At December 31,2018 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 13,363,213 1,535,064 — 14,898,277 11,845,358 1,626,944 — 13,472,302 Past due but not impaired 301,879 299,700 — 601,579 192,588 334,039 — 526,627 Impaired — — 1,253,969 1,253,969 — — 1,254,526 1,254,526 Gross 13,665,092 1,834,764 1,253,969 16,753,825 12,037,946 1,960,983 1,254,526 15,253,455 Less: Allowance for loan losses 515,662 249,457 931,587 1,696,706 340,576 262,777 978,834 1,582,187 Total, net 13,149,430 1,585,307 322,382 15,057,119 11,697,370 1,698,206 275,692 13,671,268 At December 31,2019 At December 31,2018 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 12,108,752 1,932,209 — 14,040,961 10,516,815 1,652,491 — 12,169,306 Past due but not impaired 203,147 278,295 — 481,442 218,995 235,627 — 454,622 Impaired — — 758,836 758,836 — — 702,561 702,561 Gross 12,311,899 2,210,504 758,836 15,281,239 10,735,810 1,888,118 702,561 13,326,489 Less: Allowance for loan losses 263,788 431,433 629,558 1,324,779 284,207 494,956 608,686 1,387,849 Total, net 12,048,111 1,779,071 129,278 13,956,460 10,451,603 1,393,162 93,875 11,938,640 At December 31,2019 At December 31,2018 Consolidated of credits 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 credits, Note 7(a) 100,966,316 8,022,347 5,819,295 114,807,958 94,906,824 9,816,345 5,237,455 109,960,624 Total allowance for loan losses, Note 7(a) 1,239,359 867,790 3,016,813 5,123,962 944,223 926,592 3,081,577 4,952,392 Total net direct credits 99,726,957 7,154,557 2,802,482 109,683,996 93,962,601 8,889,753 2,155,878 105,008,232 In accordance with IFRS 7, the entire loan balance is considered past due when debtors have failed to make a payment when contractually due. Explanations on variations in the allowance for loan losses are presented below: -Commercial loans: Increased 2.80% in 2019; mainly due to the increase in credit risk of corporate clients. The effect is compensated by the decrease of credit allowance of the construction sector, approximately S/124.7 million, due to a reduction in exposure. -Micro-business loans: Increase of 3.22% due to the acquisition of Banco Compartir S.A. -Consumer loans: Increased in 5.69%; mainly due to BCP's strategy of penetrating new market segments, that have higher credit risk. -Residential mortgage loans: Increased in 2.35% due to a minor increase in impaired customers. At December 31, 2019, the renegotiated credits amount to approximately S/1,186.3 million, of which S/118.6 million are classified as not past due nor impaired, S/160.3 million as past due but not impaired and S/907.4 million as impaired but not past due (S/1,281.5 million, S/339.6 million, S/270.3 million and S/671.5 million, respectively, at December 31, 2018). At December 31, 2019 At December 31, 2018 Residential Small and Residential Commercial mortgage microenterprise Consumer Commercial mortgage Microbusiness Consumer loans loans loans loans Total loans loans loans loans Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Impaired loans 2,812,011 994,479 1,253,969 758,836 5,819,295 2,321,335 959,033 1,254,526 702,561 5,237,455 Fair value of collateral 2,491,069 864,473 330,347 193,319 3,879,208 1,758,098 820,291 422,330 189,811 3,190,530 Allowance for loan losses 982,950 472,718 931,587 629,558 3,016,813 1,023,771 470,286 978,834 608,686 3,081,577 On the other hand, the breakdown of loans classified by maturity is shown below, according to the following criteria: (i) Current loans which comprise those direct loans which do not currently have characteristics of delinquency, nor are they in default or stage 3, according to the rules of IFRS |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 35 COMMITMENTS AND CONTINGENCIES Legal claim contingencies – i) In September 2011, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and the substantively consolidated estate of Bernard L. Madoff (the Madoff Trustee) filed a complaint (the Madoff Complaint) against Credicorp’s subsidiary ASB in the U.S. Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). The Madoff Complaint seeks recovery of approximately US$120 million, which is alleged to be equal to the amount of redemptions between the end of 2004 and the beginning of 2005 of ASB-managed Atlantic U.S. Blue Chip Fund assets invested in Fairfield Sentry Limited (Fairfield Sentry). The Madoff Complaint seeks the recovery of these redemptions from ASB as “subsequent transfers” or “avoided transfers” from BLMIS to Fairfield Sentry that Fairfield Sentry in turn subsequently transferred to ASB. The Madoff Trustee has filed similar “clawback” actions against numerous other alleged “subsequent transferees” that invested in Fairfield Sentry and its sister entities, which, in turn, invested in and redeemed funds from BLMIS. There has been significant briefing on issues related to these Madoff Trustee actions, and these cases have been pending for many years. In November 2016, the Bankruptcy Court issued a Memorandum Decision Regarding Claims to Recover Foreign Subsequent Transfers (the Memorandum Decision) holding that the recovery of certain subsequent foreign transfers is barred under the doctrine of comity and/or extraterritoriality, and it dismissed the claims brought by the Madoff Trustee against a number of parties, including ASB. In March 2017, the Madoff Trustee filed an appeal (the Appeal) of the Memorandum Decision to the United States Court of Appeals for the Second Circuit, which reversed the Dismissal Order and remanded the matter to the Bankruptcy Court (the Second Circuit Opinion). In April 2019, the defendant-appellees, including ASB, filed, and the Second Circuit granted, a motion to stay the issuance of the mandate pending the filing of a petition for a writ of certiorari in the United States Supreme Court. The petition for a writ of certiorari was filed in the United States Supreme Court in August 2019. Briefing is ongoing, and the petition remains pending. The Group believes that ASB has substantial defenses against the Madoff Trustee’s claims alleged in the Madoff Complaint. ii) In April 2012, Fairfield Sentry (In Liquidation) and its representative, Kenneth Krys (the Fairfield Liquidator), filed a complaint against ASB (the Fairfield Complaint) in the Bankruptcy Court (the Fairfield v. ASB Adversary Proceeding). The Fairfield Complaint seeks to recover US$115.2 million from ASB, representing the amount of ASB’s redemptions of certain investments in Fairfield Sentry. These are essentially the same funds that the Madoff Trustee seeks to recover in the Madoff Trustee litigation described above. After the Fairfield Complaint was filed, the Bankruptcy Court procedurally consolidated the Fairfield v. ASB Adversary Proceeding with other adversary actions brought by the Fairfield Liquidator against former investors in Fairfield Sentry. Similar to the Madoff Trustee litigation described above, the Fairfield v. ASB Adversary Proceeding and related adversary actions have been pending for many years. In October 2016, the Fairfield Liquidator filed a Motion for Leave to Amend (the Motion for Leave) various complaints, including the Fairfield Complaint. Certain defendants, including ASB, filed a motion to dismiss (the Motion to Dismiss) and a consolidated memorandum of law (i) in opposition to the Motion for Leave and (ii) in support of the Motion to Dismiss. In December 2018, the Bankruptcy Court entered a memorandum decision granting in part and denying in part the Motion to Dismiss and the Motion for Leave (the Memorandum Decision). In March 2019, the Fairfield Liquidator submitted a form of a stipulated order dismissing the adversary proceeding against ASB (the Dismissal Order), as directed by the Bankruptcy Court, but filed notices of appeal, including of the dismissal of the claims asserted against ASB and other defendants, in May 2019. The appeal remains pending. The Group believes that ASB has substantial defenses against the Fairfield Liquidator’s claims alleged in the Amended Complaint and the Fairfield Liquidator's appeal. |
EVENTS OCURRED AFTER THE REPORT
EVENTS OCURRED AFTER THE REPORT PERIOD | 12 Months Ended |
Dec. 31, 2019 | |
EVENTS OCURRED AFTER THE REPORT PERIOD | |
EVENTS OCURRED AFTER THE REPORT PERIOD | 36 EVENTS OCURRED AFTER THE REPORT PERIOD From January 1, 2020 until the date of this report, no significant event of a financial-accounting nature has occurred which affects the interpretation of the consolidated financial statements, except for the following paragraphs. In March 2020, the outbreak of the new coronavirus ( “COVID-19”) was declared an international pandemic by the World Health Organization, which was first reported in Wuhan, China, on December 31, 2019. This implies a risk to the economies of the countries in which Credicorp's subsidiaries operate. Due to the nature of the outbreak, several governments around the world have taken firm measures to mitigate the contagion of COVID-19, including closed international borders and severe mobility restrictions (quarantines). As a result, global GDP is estimated to contract sharply in 2020. According to the above mentioned, the economies in which Credicorp operates (mainly Peru, Colombia and Bolivia) will be severely disrupted by two factors: (i) the effect on the international environment (economic growth of our main trade partners like China and the US, as well as lower commodity prices), and (ii) the local effect of measures to stop the COVID-19 outbreak established by the governments. Specifically, in Peru, the Government established the emergency state on March 16th, which implied a general lockdown on the country, which has been extended until June 30th. Minor exceptions were made to sectors identified as key (food supply, health, and banking). In order to cope with the economic shock due to COVID-19, the Government announced tax alleviations, public spending alleviations, access to private savings that are the pension fund accounts and the compensation for period of service (CTS, the Spanish acronym), as well specific liquidity provision programs: the “Reactiva Peru” and the Enterprise Support Fund. In Colombia, the Government established the emergency state on March 23rd, which has been extended until May 31st; however, to this date, sectors such as manufacturing and construction were reactivated (10% of GDP) to compensate the economic shock. In Bolivia, the Government established the emergency state on March 21st. The lockdown was extended more than once, and a dynamic quarantine by regions was supposed to start on May 11th. However, the municipal authorities of La Paz and El Alto resolved to maintain the strict quarantine until May 31st. Based on international news regarding the outbreak and rapid spread of the Coronavirus (COVID-19) overseas, Credicorp companies began to activate their crisis management or pandemic prevention committees from January 2020. In this effort, a review and update of contingency policies were begun on a preventive basis, specifically those relating to manage pandemics, considering the characteristics observed of Coronavirus in other countries. Following the above, once the virus was confirmed to be present in each of the countries, and mandatory quarantines were triggered, the Credicorp companies began to take actions to reduce the rate of virus spread and infections among our collaborators, suppliers and/or customers, including. The below-described situation may have material impacts on the Company results of operations, financial position and liquidity; those impacts are assessed, on a day-to day basis by Management so that measures can be timely taken to mitigate the adverse effects of this situation over 2020. For this reason, the company is also carrying out a continuous update of its strategic plans. 1) Collaborators " Preparing and providing our collaborators with the preventive protocols, as reinforced by the leaders, regarding detection of cases and quarantine of coworkers " Preparing and updating guidelines for travel, suppliers and visits of people " Support guidelines for collaborators that keep working in bank agencies and other sites: - Providing additional means of transport and/or additional and temporary allowances for transportation given the public and private transportation restrictions; - Providing lunch packages and /or additional and temporary allowances for food given the closure of dinners and restaurants in the cities - Provide information and medical assistance in areas of the country with a high level of infection and a weak health system " Increasing the service capacities of social workers and occupational doctors " Performing close follow-up on confirmed coworker cases of Coronavirus " Delivering personal protection kits, together with communication materials " Upgrading the depth and increasing frequency of office cleaning activities " Communicating internal protocols to suppliers who are physically present in our facilities for their adherence " Restrictions in capacity of individuals present at facilities to maximize social distancing between and among collaborators and customers " Carry out COVID-19 detection tests, under preventive or reactive strategies, as needed. This helps to detect positive cases in advance and reduce the probability of contagion in other workers; as well as minimizing the quarantine times of the workers. It is important to maintain preventive protocols for collaborators in order to achieve continuity in our customer service agencies 2) " Prioritizing strategies to be followed: - Remote working - Splitting up teams to different sites; and - Team rotation by time shifts " With respect to remote working, significantly extending licenses and infrastructures to enable collaborators to work home in percentages above 90% (except for collaborators in bank agencies) throughout most group companies " For agencies and branches, assessing on an ongoing basis whether to open up new agencies and branches to meet increased customer demand in strict line with social distancing restrictions; or keep home workers isolated so they can replace infected staff when needed " Setting a strategy of minimum reduction of operating capacity of Call Center " With respect to bank agencies, defining operating strategies to secure ATM supply " With respect to certain locations, supporting national government plans to pay allowances to population in the poverty segment " Coordinating and supporting suppliers to ensure continued performance of their activities, with a special focus on critical suppliers " Coordinating with sanitation, law and order and/ industry regulators " Keeping close monitoring on cybersecurity activities 3) " Defining customer support and refinancing plans involving emerging obligations, , which may be refinancing plans with a guarantee from the national government, as well as the bank's own plans " Strengthening social responsibility campaigns 4) " The group has been taking measures to ensure liquidity coverage ratio for both local and foreign currency and at all time horizons (15, 30 and 60 days). Liquidity risk at Credicorp is managed in a conservative way and through stringent assumptions aligned with Basel III, which is reflected in a significant amount of High Quality Liquid Assets (HQLA) 5) " Conducting communication campaigns with guidelines and recommendations addressed to collaborators, leaders and suppliers " Reinforcing communications to customers, with an emphasis on the availability of digital channels and products " Keeping ongoing communications with collaborators on the actions taken to manage this crisis " Keeping ongoing communication with crisis committees within the company on actions taken and impacts It is not possible to estimate the impact of the short and long-term effects of the outbreak of this pandemic. In this case, we do not consider it feasible to provide a quantitative estimate of the potential impact of this pandemic in the Group at the date of this report. The consolidated financial statements have been prepared based on the existing conditions as of December 31, 2019, and considering those events that occurred after that date, which provide evidence of the conditions that existed at the date of this report. No adjustments have been recorded to the consolidated financial statements as of December 31, 2019 due to the COVID-19 impacts. Any adjustment will be recorded prospectively in the annual consolidated financial statements for the year 2020. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation and use of estimates | a) Basis of presentation, use of estimates and changes in accounting policies - The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements as of December 31, 2019 and 2018, have been prepared following the historical cost criteria, except for investments at fair value through profit or loss, investments at fair value through other comprehensive income, financial assets designated at fair value through profit or loss, derivative financial instruments, and financial liabilities at fair value through profit or loss; which have been measured at fair value. The consolidated financial statements are presented in Soles (S/), which is the functional currency of Credicorp Ltd and subsidiaries, see paragraph (c) below, and values are rounded to thousands of soles, except when otherwise indicated. The preparation of the consolidated financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of significant events in notes to the consolidated financial statements. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances. The final results could differ from said estimates; however, the Management expects that the variations, if any, will not have a material impact on the consolidated financial statements. The most significant estimates included in the accompanying consolidated financial statements are related to the calculation of the allowance of the expected credit loss on loan portfolio, the valuation of investments, the technical reserves for insurance claims and premiums, the impairment of goodwill , the expected credit loss for investments at fair value through other comprehensive income and investments at amortized cost, the valuation of share-based payment plans and the valuation of derivative financial instruments. Furthermore, other estimates exist, such as the estimated useful life of intangible assets, property, furniture and equipment and the deferred income tax assets and liabilities. The accounting criteria used for said estimates are described below. The Group has adopted the following standards and modifications for first time for its annual period that starts on January 1, 2019, as described below: (i) IFRS 16 “Leases” - On January 2016, the IASB issued the IFRS 16, ‘Leases’ to replace the current standards related to the treatment of leases (IAS 17, ‘Leases’ and IFRIC 4, ‘Determining whether an arrangement contains a lease” and other related interpretations, which are valid until December 31, 2018). According with IFRS 16, a contract is, or contains, a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for a consideration. IFRS 16 mainly affect the accounting treatment for lessees, and will result in the recognition of almost all lease contracts in the statement of financial position, since the standard eliminates the distinction between finance and operating leases. Pursuant to the new standard, was required the recognition of an asset (right-of-use of the leased asset) and of a financial liability because of the lease payments. The only exemptions are for short term and low value leases, both could be recorded in a straight line as an expense in the consolidated statement of income. The consolidated statement of income also is affected, since the total expense is normally higher in the initial years of the lease contract and lower in the final years. Furthermore, the operating costs are replaced with interest and depreciation, therefore key metrics such as earnings before interest, taxes, depreciation and amortization (EBITDA) will change. The principal and interest payments of the lease liabilities are classified in the consolidated statement of cash flows within the financing activities. The accounting treatment for lessors continues with a similar model to IAS 17; therefore, the lessors will continue to perform a classification test to distinguish between financial and operating leases. The new requirements of the IFRS 16 were applied by adjusting our consolidated statement of financial position as of January 1, 2019, date of initial application, without restating the financial information of the comparative period, in accordance to what is allowed by the transition provisions of the aforementioned standard. On the date of the initial application, the Group has considered the following aspects: - The use of a single discount rate in a lease portfolio with reasonably similar characteristics. - Choose not to apply the recognition and measurement requirements established by the IFRS 16 to: (i) leases with a remaining lease term of less than 12 months as of January 1, 2019, and (ii) leases in which the underlying asset is of low value. In these cases, payments will be recognized as an expense in a straight line over the term of the lease. - The exclusion of the initial direct costs for the measurement of the asset by right of use. - For the contracts concluded before the transition date, the Group relied on its assessment carried out applying IAS 17 and IFRIC 4; that is, not to reevaluate again if a contract is, or contains, an operating lease. In that regard, as of January 1, 2019, the Group has recorded right-of-use assets for approximately S/855.5 million, lease liabilities for approximately S/852.8 million and deferred charges for prepayments for approximately S/2.7 million. There was no net impact on the retained earnings. (ii) Prepayment features with negative compensation- amendments to IFRS 9 “Financial instruments” - The narrow-scope amendments made to IFRS 9 Financial Instruments in October 2017 enable entities to measure certain pre-payable financial assets with negative compensation at amortized cost. These assets, which include some loan and debt securities, would otherwise have to be measured at fair value through profit or loss. To qualify for amortized cost measurement, the negative compensation must be ‘reasonable compensation for early termination of the contract’ and the asset must be held within a ‘held to collect’ business model. (iii) Long-term Interests in Associates and Joint Ventures – Amendments to IAS 28 “Investments in Associates and Join Ventures” - The amendments clarify the accounting record of long-term interests in an associate or joint venture, which in substance form part of the net investment in the associate or joint venture, but to which equity accounting is not applied. Entities must record for such interests under IFRS 9 Financial Instruments before applying the loss allocation and impairment requirements in IAS 28. (iv) Plan Amendment, Curtailment or Settlement - Amendments to IAS 19 “Employee Benefits” - The amendments to IAS 19 clarify the accounting for defined benefit plan amendments, curtailments and settlements. They confirm that entities must: - Calculate the current service cost and net interest for the remainder of the reporting period after a plan amendment, curtailment or settlement by using the updated assumptions from the date of the change. - Any reduction in a surplus should be recognized immediately in profit or loss either as part of past service cost, or as a gain or loss on settlement. In other words, a reduction in a surplus must be recognized in profit or loss even if that surplus was not previously recognized because of the impact of the asset ceiling. - Separately recognize any changes in the asset ceiling through other comprehensive income. (v) IFRIC 23 “Uncertainty over income tax treatments” - The interpretation explains how to recognize and measure deferred and current income tax assets and liabilities when there is uncertainty over a tax treatment. In particular, it discusses: - How to determine the appropriate obligation or right, and that each uncertain tax treatment should be considered separately or together as a group, depending on which approach better predicts the resolution of the uncertainty. - That the entity should assume a tax authority will examine the uncertain tax treatments and have full knowledge of all related information, that is, that detection risk should be ignored. - That the entity should reflect the effect of the uncertainty in its income tax accounting when it is not probable that the tax authorities will accept the treatment. - That the impact of the uncertainty should be measured using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty, and - That the judgments and estimates made must be reassessed whenever circumstances have changed or there is new information that affects the judgments. While there are no new disclosure requirements, entities are reminded of the general requirement to provide information about judgments and estimates made in preparing the financial statements. The entry into force of this interpretation has not had any significant impact on the consolidated financial statements of the Group. (vi) Annual improvements to the IFRS (2015 - 2017 Cycle) - The following improvements were completed in December 2017: - IFRS 3 “Business Combinations” - clarified that obtaining control of a business that is a joint operation is a business combination achieved in stages. - IFRS 11 “Joint Arragements” - clarified that the party obtaining joint control of a business that is a joint operation should not measure again its previously held interest in the joint operation. - IAS 12 “Income taxes” - clarified that the income tax consequences of dividends on financial instruments classified as equity should be recognized according to where the past transactions or events that generated distributable profits were recognized. - IAS 23 “Borrowing costs” - clarified that if a specific borrowing remains outstanding after the related qualifying asset is ready for its intended use or sale, it becomes part of general borrowings. The modifications indicated above, except IFRS 16, had no impact on the amounts recognized in previous or current periods and are not expected to significantly affect future periods. The Group have applied the following standards and modifications for first time for its annual report that have started on January 1, 2018: (vii) IFRS 9 “Financial Instruments” - In July 2014, the IASB issued the complete version of IFRS 9, which combines the phases of classification and measurement, impairment and hedging accounting to replace IAS 39 “Financial instruments: Measurement and Recognition”. IFRS 9 establishes three categories of classification and measurement for financial assets: amortized cost, fair value through other comprehensive income and fair value through profit or loss. This classification is used by the entity’s business model to manage the financial assets and the characteristics of the contractual cash flows of the financial assets. With respect to financial liabilities, the majority of classification and measurement requirements included in IFRS 9 are similar to those in IAS 39. IFRS 9 introduces a new impairment model based on expected credit losses involving three stages approach whereby financial assets go through these stages when their credit quality changes. This model differs significantly from the model under IAS 39 related to credit losses incurred, which results in the early recognition of credit losses. In addition, the current model of hedge accounting according to IFRS 9 simplifies hedge accounting, aligns the accounting of the hedging relationships more closely with the risk management activities of an entity and permits hedge accounting to be applied more widely to a greater variety of hedging instruments and risks suitable for hedge accounting. The new classification, measurement and impairment requirements were applied adjusting our consolidated statement of financial position at January 1, 2018, date of initial application, without restating the financial information for the comparative period, as permitted by the aforementioned accounting standard. The initial recognition and subsequent measurement are explained in Note 3(f) and the determination of impairment is explained in Note 3(i). - Classification and measurement of the financial instruments The following table presents the measurement categories and the carrying value of the financial instruments under IAS 39 and IFRS 9 as of January 1, 2018: IAS 39 IFRS 9 Carrying Carrying Financial assets Category amount Category amount S/(000) S/(000) Cash and due from banks Loans and receivables 23,221,987 Amortized cost 23,221,987 Cash collateral, reverse repurchase agreements and securities borrowings Loans and receivables 7,480,420 Amortized cost 7,480,420 Investments At fair value through profit or loss 4,024,737 At fair value through profit or loss 5,613,356 Available-for-sale 24,423,891 At fair value through other comprehensive income (Debt instruments) 22,181,733 At fair value through other comprehensive income (Designated equity instruments) 653,539 Held-to-maturity 4,413,373 Amortized cost 4,411,637 Loans, net Loans and receivables 95,977,277 Amortized cost 95,770,509 Financial assets designated at fair value through profit or loss At fair value through profit or loss (Designated upon initial recognition) 537,685 At fair value through profit or loss (Designated upon initial recognition) 537,685 Premiums and other policies receivable Loans and receivables 656,829 Amortized cost 649,135 Accounts receivable from reinsurers and coinsurers Loans and receivables 715,695 Amortized cost 715,553 Due from customers on acceptances Loans and receivables 532,034 Amortized cost 532,034 Derivatives receivable At fair value for trading or for hedging purposes 701,826 At fair value for trading or for hedging purposes 701,826 Other assets Loans and receivables 1,759,125 Amortized cost 1,759,125 Total financial assets 164,444,879 164,228,539 Financial liabilities Liabilities Amortized cost 130,842,331 Amortized cost 130,956,515 Liabilities At fair value 8,791,390 At fair value 8,791,390 Total financial liabilities 139,633,721 139,747,905 - Reconciliation of balances of the statement of financial position from IAS 39 to IFRS 9 at January 1, 2018 The following table presents the detail of the reconciliation of balances of financial assets under IAS 39 to IFRS 9, distinguishing between the impacts due to category change and impairment remeasurement: Change of Impairment Financial assets IAS 39 category remeasurement IFRS 9 S/(000) S/(000) S/(000) S/(000) Cash and due from banks 23,221,987 — — 23,221,987 Cash collateral, reverse repurchase agreements and securities borrowings 7,480,420 — — 7,480,420 Investments: At fair value through profit or loss : Opening balance under IAS 39 4,024,737 Addition: From investments available for sale (*) 1,588,619 Closing balance under IFRS 9 5,613,356 At fair value through other comprehensive income (debt): Opening balance under IAS 39 — Addition: From investments available for sale 22,181,733 Closing balance under IFRS 9 22,181,733 At fair value through other comprehensive income (Designated equity instruments) — 653,539 — 653,539 Available for sale: Opening balance under IAS 39 24,423,891 Subtraction: Reclassification to investments at fair value through profit or loss (*) (1,588,619) Subtraction: Reclassification to investments at fair value through other comprehensive income (debt) (22,181,733) Subtraction: Reclassification to investments at fair value through other comprehensive income (Designated - equity) (653,539) Closing balance under IFRS 9 — Amortized cost: Opening balance under IAS 39 — Addition: From investments held-to-maturity (IAS 39) 4,413,373 Remeasurement: Expected loss (IFRS 9) (1,736) Closing balance under IFRS 9 4,411,637 Held-to-maturity: Opening balance under IAS 39 4,413,373 Subtraction: Reclassification to investments at amortized cost (4,413,373) Closing balance under IFRS 9 — Loans, net 95,977,277 — (206,768) 95,770,509 Financial assets designated at fair value through profit or loss 537,685 — — 537,685 Premiums and other policies receivable 656,829 — (7,694) 649,135 Accounts receivable from reinsurers and coinsurers 715,695 — (142) 715,553 Due from customers on acceptances 532,034 — — 532,034 Derivative receivables 701,826 — — 701,826 Other assets 1,759,125 — — 1,759,125 Total 164,444,879 — (216,340) 164,228,539 (*) The classification and measurement of the financial liabilities have not had changes due to the application of IFRS 9, except for the provision of credit loss for indirect loans which required an additional provision of S/114.2 million. - Reconciliation of the balances of the provision for impairment under IAS 39 and IFRS 9 as of January 1, 2018: Impairment IAS 39 remeasurement IFRS 9 S/(000) S/(000) S/(000) Financial asset: Investment at amortized cost — 1,736 1,736 Loans 4,500,498 206,768 4,707,266 Premiums and other policies receivable 12,255 7,694 19,949 Accounts receivable from reinsurers and coinsurers 8,715 142 8,857 Total financial assets 4,521,468 216,340 4,737,808 Financial liabilities: Provision for credit losses on indirect loans 442,510 114,184 556,694 Total financial liabilities 442,510 114,184 556,694 Also, a provision for investments at fair value through other comprehensive income for approximately S/48.8 million was recorded in the account “Net unrealized gains (losses)” in consolidated statement of changes in equity. (viii) IFRS 15 “Revenue from contracts with customers” (ix) Amendments to IFRS 2: Classification and measurement of share-based payment (x) Annual improvements to the IFRS (2014 - 2016 Cycle) (xi) Amendments to IAS 40: “Transfers of Investment Property” The modifications indicated previously, except of IFRS 9, had no significant impact on the amounts recorded until December 31, 2017 and not affected significantly the period of 2018, except of IFRS 9. a.1) As of December 31, 2018, the technical reserves for premiums corresponding to income were determined as the present value of the future cash flows estimated by these contracts, using the rate of return on investments calculated at the time of purchase of said financial assets , that is, a historical rate was used as the discount rate. In 2019, the Group adopted the following changes regarding the valuation and recognition of mathematical income reserves: - Change of criteria in the discount rates used, and thus reflect the effect of market interest rates in the measurement of insurance liabilities, - Because the financial assets that have a direct effect on the annuities are measured at fair value through other comprehensive income, it was decided to recognize in the consolidated statement of comprehensive income the proportion corresponding to the annuities of the unrealized results that generate the assets and that have a direct effect on said annuities. These situations were treated as a change in accounting policies in accordance with the provisions of IFRS 4 - Insurance Contracts. These changes in accounting policy generated a greater income reserve amounting to S/666.6 million, which was recognized in the consolidated statement of comprehensive income for the year, under the heading Insurance reserves of the consolidated statement of changes in equity, considering that the effect was not material in previous years, in accordance with the provisions of IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. |
Basis of consolidation | b) Basis of consolidation - Investment in subsidiaries - The consolidated financial statements comprise the financial statements of Credicorp and its Subsidiaries for all the years presented. Under IFRS 10 all entities over which the Group has control are subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: - Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee), - Exposure, or rights, to variable returns from its involvement with the investee, and - The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: - The contractual arrangement with the other vote holders of the investee. - Rights arising from other contractual arrangements. - The Group’s voting rights and potential voting rights. The Group assesses whether or not it controls an investee if the facts and circumstances indicate that there are changes in any of the elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The consolidated financial statements include assets, liabilities, income and expenses of Credicorp and its subsidiaries. Profit or loss for the period and each component of the other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interest, even if this results in the non-controlling interest with a negative balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Assets in custody or managed by the Group, such as investment funds and private pension funds (AFP funds) and others, are not part of the Group’s consolidated financial statements, Note 3(ab). Transactions with non-controlling interest - A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction and any resulting difference between the price paid and the price for which non-controlling interests are adjusted is recognized directly in the consolidated statement of changes in net equity. The Group does not record any additional goodwill after the purchase of the non-controlling interest, nor does it recognize a gain or loss from the sale of the non-controlling interest. Loss of control - If the Group loses control over a subsidiary, it derecognizes the carrying amount of the related assets (including goodwill) and liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any residual investment retained is recognized at fair value. Investments in associates - An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but without exercising control over said policies. The Group’s investments in its associates are recognized initially at cost and are subsequently accounted for using the equity method. They are included in “Other assets” in the consolidated statement of financial position; the returns resulting from the use of the equity method of accounting are included in “Net gain on securities” of the consolidated statement of income. At December 31, 2019 and 2018, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends): Percentage of Activity and country of interest (direct Entity incorporation and indirect) Assets Liabilities Equity Net income (loss) 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Grupo Crédito S.A. and Subsidiaries (i) Holding, Peru 100.00 100.00 165,072,249 156,578,928 142,514,228 136,996,483 22,558,021 19,582,445 3,638,334 2,544,847 Pacífico Compañía de Seguros y Reaseguros S.A. and Subsidiaries (ii) Insurance, Peru 98.79 98.79 13,783,515 12,222,763 10,963,533 9,590,768 2,819,982 2,631,995 381,492 353,292 Atlantic Security Holding Corporation and Subsidiaries (iii) Capital Markets, Cayman Islands 100.00 100.00 6,076,928 6,607,494 4,986,657 5,395,262 1,090,271 1,212,232 601,629 351,425 Credicorp Capital Ltd. and Subsidiaries (iv) Capital Markets and asset management, Bermuda 100.00 100.00 4,807,905 3,393,325 3,832,287 2,695,499 975,618 697,826 41,634 35,191 CCR Inc.(v) Special purpose Entity, Bahamas 100.00 100.00 386,146 543,113 385,253 543,896 893 (783) 1,676 2,179 (i) The main activity of Grupo Crédito is to invest in shares listed in the Peruvian-Stock Exchange and in unlisted shares of Peruvian companies. Below, we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes: Activity Percentage of and interest country of (direct and indirect) Assets Liabilities Equity Net income (loss) Entity incorporation 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Banco de Crédito del Perú and Subsidiaries (a) Banking, Peru 97.71 97.71 152,426,848 144,768,951 133,456,760 127,683,654 18,970,088 17,085,297 3,641,935 3,391,015 Inversiones Credicorp Bolivia S.A. and Subsidiaries (b) Banking, Bolivia 99.96 99.96 10,552,154 10,020,148 9,773,372 9,239,568 778,782 780,580 94,666 99,402 Prima AFP (c) Private pension fund administrator, Peru 100.00 100.00 Krealo SpA and Subsidiaries (d) Holding, Chile 100.00 — 72,847 — 41,765 — 31,082 — (6,476) — a) BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS"). Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Peru oriented towards the micro and small business sector. At December 31, 2019, the assets, liabilities, equity and net income of Mibanco amount to approximately S/13,741.7 million, S/11,655.7 million, S/2,086.0 million and S/401.0 million, respectively (S/13,220.3 million, S/11,321.8 million, S/1,898.5 million, and S/462.1 million, respectively at December 31, 2018). b) Its principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. At December 31, 2019, the assets, liabilities, equity and net profit of BCB were approximately S/10,480.9 million, S/9,743.9 million, S/737.0 million and S/79.0 million, respectively (S/9,956.9 million, S/ 9,265.8 million, S/691.1 million and S/78.3 million, respectively at December 31, 2018). c) d) (ii) Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales and Crediseguro Seguros Generales, and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively. (iii) Its most important Subsidiary is Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers. (iv) Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia, Ultraserfinco S.A. and Banco Compartir S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes: Percentage of interest (direct Entity and indirect) Assets Liabilities Equity Net income (loss) 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Credicorp Holding Colombia S.A.S. and Subsidiaries (a) 100.00 100.00 3,400,683 2,037,411 2,692,520 1,761,112 708,163 276,299 22,964 19,945 Credicorp Capital Holding Chile and Subsidiaries (b) 100.00 100.00 1,161,991 933,822 1,017,072 762,192 144,919 171,630 (5,222) (36,663) Credicorp Capital Holding Perú S.A. and Subsidiaries (c) 100.00 100.00 228,421 339,220 114,913 141,943 113,508 197,277 24,452 42,684 a) b) c) (v) CCR Inc. was incorporated in 2000, its main activity is to manage loans granted to BCP by foreign financial entities, See Note 17(a)(iii). These loans are collateralized by transactions performed by BCP. |
Functional, presentation and foreign currency | c) Functional, presentation and foreign currency transactions – (i) Functional and presentation currency - Credicorp and its Subsidiaries which operate in Peru consider the sol as their functional and presentation currency since it reflects the nature of the economic events and relevant circumstances for most of the Group´s entities, given the fact their major transactions and/operations, such as: loans granted, financing obtained, sale of insurance premiums, interests and similar income, interest and similar expenses, as well as a significant percentage of their purchases; they are agreed and settled in soles. (ii) Transactions and balances in foreign currency - Foreign currency transactions are those entered into in currencies other than the functional currency. These transactions are initially recorded by Group entities at the exchange rates of their functional currencies at the transaction dates. Monetary assets and liabilities denominated in foreign currency are adjusted at the exchange rate of the functional currency prevailing at the date of the consolidated statement of financial position. The differences arising from the exchange rate prevailing at the date of each consolidated statement of financial position presented and the exchange rate initially used in recording transactions are recognized in the consolidated statement of income in the period in which they occur, in “Net gain from exchange differences”. Non-monetary assets and liabilities acquired in foreign currency are recorded at the exchange rate prevailing at the initial transaction date and are not subsequently adjusted. (iii) Group entities with functional currency other than the presentation currency - Given that the Group’s entities in Colombia, Chile, Cayman Islands, Panama and Bolivia have a functional currency different from the sol, the balances were translated into Soles for consolidation purposes in accordance with IAS 21, “The Effects of Changes in Foreign Exchange Rates” as follows: - - All resulting exchange differences were recognized within “Exchange differences on translation of foreign operations” in the consolidated statement of comprehensive income. |
Recognition of income and expenses from banking activities | d) Recognition of income and expenses from banking activities – Effective interest rate method: Interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortized cost and at fair value through other comprehensive income. Interest expenses corresponding to liabilities measured at amortized cost are also recorded using the EIR. The EIR is the rate that exactly discounts future cash flows that are estimated to be paid or received during the life of the instrument or a shorter period, if appropriate, to the gross carrying amount of the financial asset or financial liability. The EIR (and, therefore, the amortized cost of the financial asset or liability) is calculated taking into account any discount, premium and transaction costs that are an integral part of the effective interest rate of the financial instrument, but the expected credit loss are not included. Interest income and expenses: The Group calculates interest income by applying the EIR to the gross carrying amount of those financial assets that are not impaired. When a financial asset becomes impaired and, therefore, is considered in Stage 3 (as set out in Note 3(i) impairment of financial assets), the Group calculates interest income by applying the interest rate effective at the carrying amount of the asset, net of its provision for credit loss. If the evidence that the criteria for the recognition of the financial asset in Stage 3 are no longer met, the Group recalculates interest income in gross terms. Interest income and expenses accrued from all financial instruments that generate interest, including those related to financial instruments carried at fair value through profit or loss, are recorded under the heading “Interest and similar income” and “Interest and similar expenses” of the consolidated statement of income. Dividends: Dividends are recorded as income when they are declared. Commissions and fees: Commission income (which is not an integral part of the EIR) and fees are recorded as they accrue. Commissions and fees include, among others, the commission charged for the banking service in general such as account maintenance, shipping, transfers, loan syndication fees and contingent credit fees. Other income and expenses: All other income and expenses are recorded in the period in which the performance obligation is satisfied. |
Insurance activities | e) Insurance activities - Product classification: Insurance contracts are those contracts when the Group (the insurer) has accepted a significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. This definition also includes reinsurance contracts that the Group holds. Once a contract has been classified as an insurance contract, it remains an insurance contract for the remainder of its lifetime, even if the insurance risk reduces significantly during this period, unless all rights and obligations are extinguished or expire. Life insurance contracts offered by the Group include retirement, disability and survival insurance, annuities and individual life which includes Investment Link insurance contracts. The non-life insurance contracts issued by the Group mainly include automobile, fire and allied lines, technical branches and healthcare. Reinsurance: The Group cedes insurance risk in the normal course of its operations for most of its businesses. Reinsurance assets represent balances due from reinsurance companies. Reinsurance ceded is placed on both a proportional and non-proportional basis. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims reserve or settled claims and ceded premiums, associated with the ceded policies and in accordance with the related reinsurance contracts. Reinsurance assets are reviewed for impairment at each reporting date of the consolidated statement of financial position or more frequently when an indication of impairment arises during the reporting year. Impairment occurs when there is objective evidence as a result of an event that occurred after initial recognition of the reinsurance asset that the Group may not receive all outstanding amounts due under the terms of the contract and the event has a reliably measurable impact on the amounts that the Group will receive from the reinsurer. The impairment loss is recorded in the consolidated statement of income. Ceded reinsurance arrangements do not relieve the Group from its obligations to policyholders. The Group also assumes reinsurance risk in the normal course of business for non-life insurance contracts when applicable. Premiums and claims on assumed reinsurance are recognized as revenue or expenses in the same manner as they would be if the reinsurance were considered direct business, taking into account the classification of the reinsured insurance contract. Reinsurance liabilities represent balances due to reinsurance companies. Amounts payable are estimated in a manner consistent with the related reinsurance contract. Premiums and claims are presented as gross amounts for reinsurance ceded. Reinsurance assets or liabilities are written off when contractual rights are terminated or expire or when the contract is transferred to a third party. Reinsurance contracts that do not transfer significant insurance risk are not material to the insurance segment. Insurance receivables: Insurance receivables are recognized when they are enforceable and measured on initial recognition at the fair value of the consideration received or receivable. Subsequent to initial recognition, insurance receivables are measured at amortized cost. As of December 31, 2019 and 2018 the carrying amount of the insurance receivables is similar to their fair value due to their short term. The carrying value of insurance receivables is reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The impairment loss is recorded in the consolidated statement of income. Insurance receivables are derecognized when the de-recognition criteria for financial assets, as described in Note 3(g), have been met. “Investment Link” assets: “Investment Link” assets represent financial instruments held for purposes of funding a group of life insurance contracts and for which investment gains and losses are allocated directly to the policyholders who bear the investment and reinvestment risk. Each account has specific characteristics and the assets are carried at fair value. The balances of each account are legally segregated and are not subject to claims that arise out of any other business of the Group. The liabilities linked to these contracts are equal in amount to the assets that support them, net of the commissions that the Group charges for the management of these contracts. Deferred acquisition costs (DAC): These comprise the direct costs that originate with and are related to traditional life and Investment Link insurance contracts, which are deferred; all other acquisition costs are recognized as an expense when incurred. The direct acquisition costs comprise primarily agent commissions corresponding to the underwriting and policy issuance costs. Subsequent to initial recognition, these costs are amortized on a straight line basis based on the average expiration period of the related insurance contracts. Amortization is recorded in the consolidated statement of income. DAC for general insurance and health products are amortized over the period in which the related revenues are earned. DAC are derecognized when the related contracts are either settled or disposed of. An impairment review is performed at the date of the consolidated statement of financial position or more frequently when an indication of impairment arises. When the recoverable amounts are less than the carrying value an impairment loss is recognized in the consolidated statement of income. DAC is also considered in the liability adequacy test for each reporting period. Reinsurance commissions: Commissions on reinsurance contracts for ceded premiums are amortized on a straight line basis over the term of the coverage of the related insurance contract. Insurance contract liabilities: (i) Life insurance contract liabilities - Life insurance liabilities are recognized when contracts are entered into. The technical reserves maintained by the Group include the reserves of all of the business lines, comprising both the mathematical reserves and those of ongoing risk, as well as the reserves for outstanding claims, settled claims, claim settlement costs, claims incurred but not reported, as applicable to each line. Due to the nature of the business, the mathematical reserves of the pension lines represent the main part of the Group’s reserves, with the line of Life Annuities as the major source of reserves due to the important volume of premiums and as a result of having only single premiums. In order to determine the reserves of this business, the discounted present value of the expected future pensions, calculated on the basis of mortality tables and interest rates. Those are based on the asset portfolio which supports the liabilities. Additionally, the constituted reserves include the amount required to cover the maintenance expenses related to the administration of the payment of future pensions. The mathematical reserves of the income lines are determined by the sum of the value discounted from future expected pensions to be paid during a defined period or not defined, calculated on the basis of the current mortality and morbidity tables, and the market discount interest rates of the investment portfolio. During the year 2018, the Group adopted new mortality tables that reflect recent changes in the life expectancy. The Group also uses discount rates in measuring annuities, in order to reflect the market value in the measurement of insurance liabilities, as follows: - - Also, given that the financial assets that have a direct effect on the annuities are measured at fair value through other comprehensive income, the Group modified the recognition of its annuities with the aim of recognizing in the consolidated statement of comprehensive income the proportion that corresponds to annuities, of the unrealized results generated by the assets and that have a direct effect in said annuities. On the other hand, in the Individual Life business the Group offers some products which are only risk related and others of risk and savings, the latter being those which comprise the highest percentage of reserves of the line. Risk and savings products can be differentiated between those with a guaranteed interest rate and others without guaranteed interest, the reserve for the first group being equal to the balance of the policy accounts plus the unaccredited surplus interest, and for the second group it is equal to the balance of the policy accounts. Said accounts are established with the premiums collected, tax deductions, expenses and costs of insurance and the accreditation of interest based on the yield of the portfolio which supports said reserves. Life insurance claims reserves include reserves for reported claims and the estimates of the incurred claims buy not reported (IBNR) to the Group. At December 31, 2019 and 2018, reserves for claims occurred and not reported were determined on the basis of the Chain Ladder methodology (a generally accepted actuarial method), whereby the weighted average of past claim development is projected into the future; this projection is based on the ratios of occurrence of accumulated past claims. At December 31, 2019 the adjustments to the liabilities at each reporting date of the consolidated statement of financial position are recorded in the consolidated statement of income (due to the effects of the variations in the mortality tables) and in the consolidated statement of comprehensive income (due to the effect of the discount rate), both effects are included in the consolidated statement of income at December 31, 2018. The liability is derecognized when the contract expires, is discharged or is cancelled. At each reporting date, an evaluation is carried out as to whether the life insurance liabilities are adequate, net of the related DAC, by means of a liability adequacy test as established by IFRS 4. At December 31, of 2019 and 2018, the Group’s Management concluded that the liabilities are sufficient and, therefore, they have not recognized any additional liability for life insurance contracts. (ii) Non-life insurance contract liabilities (which comprise general and healthcare insurance) - Non-life insurance contract liabilities are recognized when contracts are entered into. Claims reserves are based on the last estimated cost of all claims incurred but not settled at the date of the consolidated statement of financial position, whether reported or not, together with related claim handling costs and the expected reduction in value of salvage and other recoveries. Delays can be experienced in the notification and settlement of certain types of claims, therefore their ultimate cost cannot be known with certainty at the date of the consolidated statement of financial position. Claims occurred but not reported are estimated and included in the provision (liabilities). IBNR reserves are determined on the basis of the Bornhuetter - Ferguson methodology - BF (a generally accepted actuarial method), which considers a statistical analysis of the recorded loss history, the use of projection methods and, when appropriate, qualitative factors that reflect present conditions or trends that could affect the historical data. No provision for equalization or catastrophe reserves is recognized. The liabilities are derecognized when the contract expires, is discharged or is cancelled. Technical reserves for non-life insurance contracts comprise the provision for unearned premiums which represents premiums received for risks that have not yet expired. Generally, the reserve is liberated during the term of the contract and is recognized as premium income. At each reporting date the Group reviews the risk from outstanding claims and an existing liability adequacy test as laid out under IFRS 4, to determine whether there is any overall excess of expected claims over unearned premiums. If these estimates show that the carrying amount of the unearned premiums is inadequate, the deficiency is recognized in the consolidated statement of income by setting up a provision for liability adequacy. At December 31, 2019 and 2018, Management determined that the liabilities were adequate; therefore, it has not recorded any additional liabilities for non-life insurance contracts. Income recognition: (i) Gross premiums - Life insurance contracts - Gross premiums on life contracts are recognized as revenue when due from the policyholder. For single premium business, revenue is recognized on the date on which the policy is effective. Non-life insurance contracts - Gross non-life insurance direct and assumed premiums comprise the total premiums written and are recognized on the date of issue of the policy as a receivable. At the same time, a reserve is recorded for unearned premiums which represent premiums for risks that have not yet expired. Unearned premiums are recognized as income over the contract period which is also the coverage and risk period. (ii) Fees and commission income - Investment Link insurance contract policyholders remunerate the Group for policy administration services, investment management services, surrenders and other contract fees. These fees are recognized as revenue in the consolidated statement of income in the period in which the services are provided. Recognition of benefits, claims and expenses: (i) Benefits and claims - The benefits and claims for life insurance contracts include the cost of all claims arising during the year including internal and external claim handling costs that are directly related to the processing and settlement of claims. Death, survival and disability claims are recorded on the basis of notifications received. Pension payments are recorded when they accrue. General and health insurance claims include all claims occurring during the year, whether reported or not, internal and external claim handling costs that are directly related to the processing and settlement of claims, a reduction for the value of salvage and other recoveries, and any adjustment to claims outstanding from previous years. (ii) Ceded premiums - Comprise the total premiums payable for the coverage of the insurance contracts and are recognized on the date on which the validity of the insurance policy commences. Unearned ceded premiums are deferred over the term of the underlying insurance contract. (iii) Reinsurance claims - Reinsurance claims are recognized when the related gross insurance claim is recognized according to the terms of the relevant contract. |
Financial instruments: Initial recognition and subsequent measurement | f) Financial instruments: Initial recognition and subsequent measurement - A financial instrument is any agreement that originates a financial asset of one entity and a financial liability or equity instrument of another entity. The Group determined the classification of its financial instruments at the date of initial recognition. All the financial instruments are initially recognized at fair value plus the incremental costs related to the transaction that are directly attributable to the purchase or issue of the instrument, except in the case of financial assets or liabilities carried at fair value through profit or loss. The purchases or sales of financial assets that require the delivery of the assets within a term established according to market regulations or conventions (regular market terms) are recognized on the negotiation date, in other words, the date in which the Group commits to purchase or sell the asset. Policy applicable from January 1, 2018 - At December 31, 2019 and 2018, the Group classified the financial assets in one of the categories defined by IFRS 9: financial assets at fair value through profit or loss, at fair value though other comprehensive income and at amortized cost, based on: - - Business model - Represents how the financial assets are managed to generate cash flows and it does not depend on the Management’s intention with regard to an individual instrument. Financial assets can be managed for the purpose of: i) obtaining contractual cash flows; ii) obtaining contractual cash flows and sale; or iii) others. In order to evaluate the business models, the Group considers: - - If the cash flows after initial recognition are carried out in a manner other than what is expected by the Group, the classification of the remaining financial assets maintained in this business model is not modified. When the financial asset is maintained in the business models i) and ii), it requires the application of the “Solely Payments of Principal and Interest” test - “SPPI”. SPPI Test (Solely Payments of Principal and Interest) – This test consists in the evaluation of the cash flows generated by a financial instrument in order to verify if the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest. In order to conform to this concept, the cash flows must solely include the consideration of the time value of money and the credit risk. If the contractual terms introduce risk exposure or cash flow volatility, such as the exposure to changes in the prices of capital instruments or the prices of raw materials, the financial asset is classified at fair value through profit or loss. Hybrid contracts must be evaluated as a whole, including all the integrated characteristics. The accounting of a hybrid contract that contains an embedded derivative is carried out jointly, in other words, the entire instrument is measured at fair value through profit or loss. (i) Financial assets at amortized cost - A financial asset is classified at amortized cost if the following conditions are met: - It is held within a business model the objective of which is to maintain the financial asset to obtain the contractual cash flows, and - The contractual conditions give rise, on specified dates, to cash flows that are solely payments of the principal and interest. After their initial recognition, the financial assets of this category are valued at amortized cost, using the effective interest rate method, minus any credit loss provision. The amortized cost is calculated considering any discount or premium incurred in the acquisition and professional fees that constitute an integral part of the effective interest rate. The interests income are included in the item “Interest and similar income” of the consolidated income statement. Financial assets at amortized cost include direct credits that are recorded when the disbursement of the funds in favor of the clients is carried out, and indirect (contingent) credits that are recorded when the documents that support said credit facilities are issued. Furthermore, the Group considers as refinanced or restructured those credits that, due to difficulties in payment on the part of the debtor, change their payment schedule. The impairment loss is calculated using the expected loss approach and recognized in the consolidated income statement in the item “Net gain on securities” for investments and in the item “Provision for credit losses on loan portfolio” for loans. The balance of the financial assets, measured at amortized cost, is presented net of the provision for credit losses in the consolidated statement of financial position. The accounting treatment of repurchase and reverse repurchase agreements and securities lending and borrowing is explained in Note 3(f)(ix). (ii) Financial assets at fair value through other comprehensive income – The financial assets that the Group maintains in this category are : a) investments in debt instruments, and b) investments in equity instruments, not for trading, irrevocably designated at initial recognition. Investments in debt instruments - A financial asset is classified and measured at fair value through other comprehensive income when the following conditions are followed: - The financial asset is maintained within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and - The contractual conditions give rise, on specified dates, to cash flows that are solely payments of principal and interest. After their initial recognition, investments in debt instruments are measured at fair value, recording the unrealized gains and losses in the consolidated statement of comprehensive income, net of their corresponding income tax and non-controlling interest, until the investment is sold; upon which the accumulated profit or loss is recognized in the item “Net gain on securities” of the consolidated statement of income. Interest is recognized in the consolidated statement of income in the item “Interest and similar income” and it is reported as interest income using the effective interest rate method. When a debt instrument is designated in a fair value hedging relationship, any change in the fair value due to changes in the hedged risk is recognized in the item “Interest and similar income” of the consolidated statement of income. The gains or losses due to exchange differences related to the amortized cost of the debt instrument are recognized in the consolidated statement of income, and those related to the difference between the amortized cost and the fair value are recognized as part of the unrealized gain or loss in the consolidated statement of comprehensive income. The estimated fair value of the investments in debt instruments is mainly determined based on quotations or, in their absence, based on the discounted cash flows using market rates in accordance with the credit quality and the maturity term of the investment. The impairment loss of investments in debt instruments is calculated using the expected loss approach and is recognized in the consolidated statement of comprehensive income, charged to the item “Net gain on securities” of the consolidated statement of income; in this sense, it does not reduce the carrying amount of the financial asset in the consolidated statement of financial position, which is maintained at fair value. The impairment loss recognized in the consolidated statement of comprehensive income is reclassified to the consolidated statement of income when the debt instrument is derecognized. Investments in equity instruments, not for trading, designated upon initial recognition - At the moment of their initial recognition, the Group can make an irrevocable choice to present the equity instruments, which are not for trading, but for strategic purposes, in the category “At fair value through other comprehensive income”. After their initial recognition, the equity investments are measured at fair value, recording the unrealized gains and losses in the consolidated statement of comprehensive income, net of their corresponding income tax and non-controlling interest, until the investment is sold, whereupon the accumulated gain or loss is transferred to the item “Retained earnings” of the consolidated statement of changes in equity; in other words, they are not subsequently reclassified to the consolidated statement of income. As a result, the equity instruments classified in this category do not require a loss impairment evaluation. Dividends are recognized when the collection right has been established and they are recorded in the item “Interest and similar income” of the consolidated statement of income. (iii) Financial assets at fair value through profit or loss - Financial assets must be classified and measured at fair value through profit or loss, unless they are classified and measured at “Amortized cost” or “At fair value through other comprehensive income”. The financial assets that the Group maintains in this category are: a) Investments in debt instruments, b) investments in equity instruments for trading purposes, c) financial assets designated at fair value through profit or loss from their initial recognition, and d) derivative financial instruments for trading purposes. Debt instruments - Said instruments are classified in this category since: a) they are maintained for trading purposes, or b) their cash flows are not solely payments of principal and interest. After their initial recognition they are measured at fair value, recording the changes in the item “Net gain on securities” of the consolidated statement of income. Interests accrued are calculated using the contractual interest rate and recorded in the “Interest and similar income” item of the consolidated statement of income. Equity instruments - Equity instruments are classified and measured at fair value through profit or loss, unless an irrevocable choice is made, at the time of initial recognition, to designate them at fair value through other comprehensive income. After their initial recognition, they are measured at fair value, recording the changes in the item “Net gains on securities” of the consolidated statement of income. The profit from dividends is recorded in the item "Interest and similar income" of consolidated statement of income when the right to payment has been recognized. Financial assets designated at fair value through profit or loss from initial recognition - Upon initial recognition, Management can irrevocably designate financial assets as measured at fair value through profit or loss, if doing so eliminates or significantly reduces an incongruence of measurement or recognition that would otherwise arise from the measurement of the assets or liabilities or from the recognition of the profit and losses thereof on different bases. After initial recognition they are measured at fair value, recording the changes in the consolidated statement of income. At December 31, 2019 and 2018, the Group classified the financial liabilities upon initial recognition as measured at amortized cost, except in the case of the financial liabilities at fair value through profit or loss. These liabilities include the derivatives measured at fair value. The interest incurred is accrued in the item “Interest and similar expense” of the consolidated statement of income. Furthermore, upon initial recognition, Management can irrevocably designate financial liabilities as measured at fair value through profit or loss when one of the following criteria is complied with: - An incongruence in the measurement is eliminated or significantly reduced, which would otherwise arise from using different criteria to measure assets or liabilities; or - They are part of a group of financial liabilities, which are managed and their yield is evaluated based on fair value, according to a documented investment strategy or risk management; or - The financial liability contains one or more embedded derivatives that otherwise significantly modify the required cash flows. (iv) Reclassification of financial assets and liabilities - From January 1, 2018, the reclassification of financial assets will always take place as long as when the business model that manages financial assets is changed. We expect this change will be less than frequently. These changes are determined by the Group Management as a result of external or internal changes, which must be necessary for the Group's operations and demonstrable against third parties. Therefore, a change in the Group's business model will take place only when it starts or stop carrying out an activity that is significant for its operations. The financial liabilities are never reclassified. Policy applicable up to December 31, 2017 - As of December 31, 2017, the Group classified its financial instruments in one of the categories defined by IAS 39: financial assets and financial liabilities at fair value through profit or loss; loans and receivables; available-for-sale financial investments; held-to-maturity financial investments and other financial liabilities. The classification of the financial instruments upon their initial recognition depended on the purpose and intention of the Management for which the financial instruments were acquired and their characteristics. (v) Financial assets and liabilities at fair value through profit or loss - Financial assets and liabilities at fair value through profit or loss included financial assets and liabilities held for trading and financial assets and liabilities designated at fair value through profit or loss, the designation of which was upon initial recognition and on an instrument by instrument basis. Derivative financial instruments were also categorized as held for trading unless they had been designated as hedging instruments. A financial asset or liability was classified as held for trading if it was acquired for the purpose of selling or repurchasing in the short term, and is presented in “Investments at fair value through profit or loss” or “Financial liabilities at fair value through profit or loss” in the consolidated statement of financial position. Interest earned or incurred was accrued in the consolidated statement of income in “Interest and similar income” or “interest and similar expenses”, according to the terms of the contract. Dividend income was recorded when the right to payment was established. Management could designate an instrument at fair value through profit or loss upon initial recognition if the following criteria were met: - - - Changes in fair value of a financial asset designated through profit or loss were recorded in the consolidated statement of income. (vi) Loans and receivables - Loans and receivables were non-derivative financial assets with fixed or determinable payments that were not quoted in an active market. After initial recognition, loans and receivables were measured at amortized cost using the effective interest rate method, less any provision for impairment. Amortized cost was calculated by taking into account any discount or premium on acquisition and fees or costs that were an integral part of the effective interest rate. The effective interest rate amortization was recognized in the consolidated statement of income in “Interest and similar income”. Losses from impairment were recognized in the consolidated statement of income in “Provision for credit losses on loan portfolio”. Direct loans were recorded when disbursement of funds to the costumers were made. Indirect (off-balance sheet) loans were recorded when documents supporting such facilities were issued. In the same way, the Group considered as refinanced or restructured those loans that changed their payment schedules due to difficulties in the debtor’s ability to repay the loan. A provision for loan losses was established if there was objective evidence that the Group would not be able to collect all amounts due according to the original contractual terms of the loans. The provision for loan losses was established based on an internal risk classification and considering any guarantees and collaterals received. (vii) Available-for-sale investments - Available-for-sale investments included equity investments and debt securities. Equity investments classified as available-for-sale were those that were neither classified as held for trading nor designated at fair value through profit or loss. Debt instruments in this category were those that were intended to be held for an indefinite period of time and that could be sold in response to needs for liquidity or in response to changes in market conditions. After initial recognition, available-for-sale investments were subsequently measured at fair value with unrealized gains or losses recognized as other comprehensive income in the available-for-sale reserve, net of the corresponding deferred income tax and non-controlling interest, until the investment was sold, at which time the cumulative gain or loss was recognized in the consolidated statement of income in “Net gain on securities”, or was determined to be impaired, at which time the impaired amount was recognized in the consolidated statement of income in “Net gain on securities”, and removed from the reserve of investments available-for-sale. Interest and similar income earned were recognized in the consolidated statement of income in “Interest and similar income”. Interest earned was reported as interest income using the effective interest rate method and similar income earned were recognized when collection rights were established. The estimated fair value of the investments available for sale was determined mainly on the basis of quotes or, in the absence of these, on the basis of discounted cash flows using market rates commensurate with the credit quality and maturity of the investment. The Group evaluated whether its ability and intention to sell its available-for-sale financial assets in the near term were still appropriate. When, in rare circumstances, the Group was unable to trade these financial assets due to inactive markets, the Group could elect to reclassify these financial assets if Management had the ability and intention to hold such assets for the foreseeable future or until maturity. For a financial asset reclassified from the available-for-sale category, the fair value carrying amount at the date of reclassification became its new amortized cost and any previous gain or loss on the asset that had been recognized in other comprehensive income was amortized to consolidated statement of income over the remaining life of the investment using the effective interest rate. (viii) Held-to-maturity investments - Held-to-maturity investments were non–derivative financial assets with fixed or variable payments and fixed maturities, which Credicorp had the intention and ability to hold to maturity. After initial measurement, held-to-maturity investments were subsequently measured at amortized cost using the effective interest rate less impairment. Amortized cost was calculated by taking into account any discount or premium on acquisition and fees that were an integral part of the effective interest rate. The amortization was included in “Interest and similar income” of the consolidated statement of income. The losses arising from impairment of these investments were recognized in the consolidated statement of income in “Net gain on securities”. At December 31, 2017, the Group had not recognized any impairment loss on held-to-maturity investments. See policy of impairment of financial assets carried at amortized cost in Note 3(i)(i). If the Group sold or reclassified a more than insignificant amount of held-to-maturity investments before maturity (other than in certain specific circumstances), the entire category would be tainted and would have to be reclassified as available-for-sale. Furthermore, the Group would be prohibited from classifying any financial asset as held-to-maturity during the following two (2) years. At December 31, 2017, the Group did not sell or reclassify any of its held-to-maturity investments. (ix) Repurchase and reverse repurchase agreements and securities lending and borrowing - Securities sold under repurchase agreements at a specified future date are not derecognized from the consolidated statement of financial position as the Group retains substantially all of the risks and rewards of ownership. The cash received is recorded as an asset in “Cash and due from banks” and the corresponding obligation to return it is recognized too, including accrued interest, as a liability in “Payables from repurchase agreements and securities lending”, reflecting the transaction’s economic substance as a loan to the Group. The difference between the sale and repurchase price was treated as interest expense and accrued over the life of the agreement using the effective interest rate and was recognized in “Interest and similar expenses” of the consolidated statement of income. As part of this transaction the Group grants assets as collateral. When the counterparty receives securities and has the right to sell or re-pledge, the Group reclassifies those securities in “Available-for-sale investments pledged as collateral” or “Held-to-maturity investments pledged as collateral”, as appropriate, of the consolidated statement of financial position. Also, when the counterparty receives cash as collateral that will be restricted until the maturity of the contract, the Group reclassifies the cash in “Cash collateral, reverse repurchase agreements and securities borrowings” in the consolidated statement of financial position, which includes accrued interest that is calculated according to the effective interest rate method. Conversely, securities purchased under reverse repurchase agreements at a specified future date are not recognized in the consolidated statement of financial position. The cash granted is recorded as an outgoing asset in “Cash and due from banks” account and the corresponding right to charge it, including accrued interest, is recorded in “Cash collateral, reverse repurchase agreements and securities borrowing”, reflecting the transaction’s economic substance as a loan granted by the Group. The difference between the purchase and resale price is recorded in “Interest and similar income” of the consolidated statement of income and is accrued over the life of the agreement using the effective interest rate method. If securities purchased under reverse repurchase agreement are subsequently sold to third parties, the obligation to return the securities is recorded as a short sale in the consolidated statement of financial position as “Financial liabilities at fair value through profit or loss” and measured at fair value, with any gains or losses included in the consolidated statement of income as “Net gain on securities”. Securities lending and borrowing transactions are usually collateralized by securities. The transfer of the securities to counterparties is only reflected in the consolidated statement of financial position if the risks and rewards of ownership are also transferred. (x) Other financial liabilities - After initial measurement other financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Amortized cost includes any issuance discount or premium and directly attributable transaction costs that are an integral part of the effective interest rate. |
De-recognition of financial assets and liabilities | g) De-recognition of financial assets and liabilities - Financial assets: A financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognized when: (i) the rights to receive cash flows from the asset have expired; or (ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either the Group has transferred substantially all the risks and rewards of the asset, or the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes the associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of (i) the original carrying amount of the asset, and (ii) the maximum amount of consideration that the Group could be required to repay. Financial liabilities: A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such exchange or modification is treated as a withdrawal of the original liability and the recognition of a new liability; the difference between the carrying amount of the original financial liability and the consideration paid is recognized in the consolidated statement of income. |
Offsetting financial instruments | h) Offsetting financial instruments - Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and Management has the intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Impairment of financial assets | i) Impairment of financial assets - Policy applicable from January 1, 2018 - As of December 31, 2019 and 2018, the Group applies a three-stage approach to measure the provision for credit loss, using an impairment model based on the expected credit losses as established in IFRS 9, for the following categories: - - - The financial assets classified or designated at fair value through profit of loss and the equity instruments designated at fair value through other comprehensive income, are not subject to impairment evaluation. Financial assets migrate through three stages according to the change in the credit risk from the initial recognition. Impairment model of expected credit losses - The calculations of credit losses are products of models with a series of underlying assumptions with regard to the choice of the variable inputs and their interdependencies. The impairment model for expected credit loss reflects the present value of all the cash deficit events related to the events of default, whether (i) during the following twelve months or (ii) during the expected useful life of a financial instrument depending on the impairment of the credit from the beginning. The expected credit loss reflects an unbiased result weighted by probability that considers a range of multiple outcomes based on reasonable and supportable forecasts. The provisions for credit losses will be measured on each reporting date following a three-stage model of expected credit losses based on the degree of credit impairment from its origin: - - - Measurement of the expected loss – The measurement of the expected credit loss is mainly based on the product of probability of default (PD), loss given default (LGD), and exposure at default (EAD), discounted at the reporting date and considering the expected macroeconomic effects and all in accordance with the new regulation. The details of these statistical parameters are the following: - - - The fundamental difference between the credit loss considered as Stage 1 and Stage 2 is the PD horizon. The estimates of Stage 1 use a 12‑month horizon, while those situated in Stage 2 use an expected loss calculated with the remaining term of the asset and considers the effect of the significant increase in credit risk. Finally, Stage 3 will estimate the expected loss based on the best estimate (“ELBE”), according to the situation of the collection process of each asset. Changes from one stage to another – The classification of an instrument as stage 1 or stage 2 depends on the concept of “significant increase in credit risk” on the reporting date compared with the origination date; in this sense, the definition used considers the following criteria: - - - Additionally, all the accounts that are classified as default on the reporting date are considered as stage 3. The significant risk increase evaluations from their initial recognition and of credit impairment are carried out independently on each reporting date. The assets can move in both directions, from one stage to another. Prospective information - The measurement of expected credit losses for each stage and the evaluation of significant increases in credit risk must consider information regarding previous events and current conditions, as well as the projections of future events and economic conditions. The estimate of the risk parameters (PD, LGD, EAD), used in the calculation of the provision in stages 1 and 2, included macroeconomic variables that differ between portfolios. These projections have a 3‑year period and, additionally, a long-term projection. The estimate of expected losses for stages 1, 2 and 3 will be a weighted estimate that considers three future macroeconomic scenarios. The base, optimist and pessimist scenarios are based on macroeconomic projections provided by the internal team of economic studies and approved by Senior Management. This same team also provides the probabilities of occurrence of each scenario. It should be stated, that the design of the scenario is adjusted at least once a year, with the possibility of a greater frequency if required by the surrounding conditions. Macroeconomic factors - In its models, the Group bases itself on a wide variety of prospective information such as economic inputs, including: the growth of the gross domestic product (GDP), unemployment rates, the base rates of the central bank, among others. It is possible that the inputs and models used to calculate the expected credit losses do not always capture all the market characteristics on the date of the financial statements. To reflect this, qualitative adjustments or overlays such as temporary adjustments can be carried out using the opinion of experts. Expected life - For the instruments in Stage 2 or 3, the reserves for losses will cover the lifetime expected credit losses of the instrument. For the majority of the instruments, the expected life is limited to the remaining term of the product, adjusted by expected advance payments. In the case of revolving products, an analysis was carried out in order to determine the expected life period. Presentation of allowance for loan losses in the consolidated statement of financial position - - - - Policy applicable up to December 31, 2017 - The Group assessed at the end of each period whether there was any objective evidence that a financial asset or a group of financial assets was impaired. An impairment existed if one or more events that has occurred since the initial recognition of the asset (an incurred “loss event”), had had an impact on the estimated future cash flows of the financial asset or group of financial assets that could be reliably estimated. Evidence of impairment could have included indications that the borrower or a group of borrowers was experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability of bankruptcy or other legal financial reorganization process and where observable data indicate that there was a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. The criterion used for each category of financial assets was follows: (i) Financial assets carried at amortized cost - For loans, receivables and held-to-maturity investments that were carried at amortized cost, the Group first assessed whether impairment existed individually for financial assets that were individually significant, or collectively for financial assets that were not individually significant. If the Group determined that no objective evidence of impairment existed for an individually assessed financial asset, whether significant or not, it included that asset in a group of financial assets with similar credit risk characteristics and collectively assessed them for impairment. Assets that were individually assessed for impairment and for which an impairment loss was, or continues to be, recognized were not included in a collective assessment of impairment. The amount of any impairment loss identified was measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that had not yet been incurred). The carrying amount of the asset was reduced through the use of a provision account and the amount of the loss was recognized in the consolidated statement of income. A loan, together with the respective associated provision, was written off when classified as a loss and was fully provisioned and there was real and verifiable evidence that the loan was irrecoverable and collection efforts had been concluded without success, the impossibility of foreclosures or all collateral had been realized or had been transferred to the Group. If in any subsequent year, the amount of the estimated impairment loss increased or decreased because of an event occurring after the impairment was recognized, the previously recognized impairment loss was increased or reduced by adjusting the provision account. If in the future a written-off loan was later recovered, the recovery was recognized in the consolidated statement of income, as a credit to “Recovery of written off loans”. The present value of the estimated future cash flows was discounted at the financial asset’s original effective interest rate. If a loan had a variable interest rate, the discount rate for measuring any impairment loss was the current effective interest rate. The calculation of the present value of the estimated future cash flows of a collateralized financial asset reflected the cash flows that could have resulted from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure was probable. For collective assessment of impairment, financial assets were grouped considering the Group’s internal credit rating system, which considered credit risk characteristics; for example: asset type, industry, geographical location, collateral type and past-due status and other relevant factors. Future cash flows from a group of financial assets that were collectively evaluated for impairment were estimated on the basis of historical loss experience for assets with similar credit risk characteristics to those in the group. Historical loss experience was adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the years on which the historical loss experience was based and to remove the effects of conditions in the historical period that did not exist. The methodology and assumptions used were reviewed regularly to reduce any differences between loss estimates and actual loss experience. (ii) Available-for-sale investments - For available-for-sale financial investments, the Group assessed at each date of the consolidated statement of financial position whether there was objective evidence that an investment or a group of investments was impaired. In the case of equity investments, objective evidence could have included a significant or prolonged decline in their fair value below cost. “Significant” was to be evaluated against the original cost of the investment and “prolonged” against the period in which the fair value had been below its original cost. The determination of what was “significant” or “prolonged” required judgment. In making this judgment, the Group evaluated, among other factors, the duration or extent to which the fair value of an investment was less than its cost. When there was evidence of impairment, the cumulative loss (measured as the difference between the acquisition cost and the current fair value, less any previously recognized impairment loss) was removed from the available-for-sale investments reserve of the consolidated statement of changes in equity and recognized in the consolidated statement of income. Impairment losses on equity investments were not reversed through the consolidated statement of income; increases in their fair value after impairment were recognized directly in the consolidated statement of comprehensive income. In the case of debt instruments, impairment was assessed based on the same criteria as financial assets carried at amortized cost. However, the amount recorded for impairment was the cumulative loss measured as the difference between the amortized cost and the current fair value, less any impairment loss on that investment previously recognized in the consolidated statement of income. Future interest income was based on the reduced carrying amount and was accrued using the interest rate used to discount the future cash flows for the purpose of measuring the impairment loss. Interest income was recorded as part of “Interest and similar income” of the consolidated statement of income. If in a subsequent year, the fair value of a debt instrument increases and the increase could be objectively related to an event occurring after the impairment loss was recognized in the consolidated statements of income, the impairment loss was reversed through the consolidated statement of income. Renegotiated loans - When a loan is modified, it is not considered as past due but maintained its previous classification as impaired or not impaired. If the debtor complied with the new agreement over the following six months, and an analysis of its payment capacity supported a new improved risk classification, the loan is classified as not impaired. If, subsequent to the loan modification, the debtor failed to comply with the new agreement, it is considered as impaired and past due. |
Leases | j) Leases - Policy aplicable from January 1, 2019 - As of December 31, 2019, the Group maintains mainly lease premises, used as offices and agencies, and servers and technological platforms, which were recorded in accordance with the provisions of IFRS 16 “Leases”. This standard considers that a contract is, or contains, a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for a consideration. Initial Recognition - The lease contracts are recorded in the consolidated statement of financial position as a right-of-use asset and a lease liability in the date the leased asset is available for use. The right-of-use assets are initially recognized at cost including the following: - - - Lease liabilities include the present value of fixed payments and variable lease payments that are based on an index or rate. Lease payments that will be made under renewal options with reasonable certainty of being exercised are included in the measurement of the liability. Lease payments are discounted using the interest rate implicit in the lease, if that rate could be determined easily, or the incremental interest rate by loans of the lesse, which is the interest rate that the lessee would have to pay for borrowing for a term similar, the funds necessary to obtain an asset of similar value asset by the right-of-use in a similar economic environment with similar terms, guarantees and conditions. In determining the term of the lease, Management considers all the facts and circumstances that create an economic incentive to exercise the extension option, or not to exercise a termination option. Likewise, the estimation of the extension or termination options will be revalued only if an event or changes in the circumstances occur within the control of the entity that affects said estimate. Subsequent Recognition - The right-of-use asset is generally depreciated in a straight line during the shortest period of the asset's useful life and the lease term. If the Group is reasonably certain of exercising a purchase option, the right-of-use asset depreciates over the useful life of the underlying asset. The Group has chosen to measure the asset at cost less depreciation and accumulated impairment loss, and adjusted for any remeasurement of the lease liability. Depreciation is calculated in a straight line within the term of the lease. The liability will be recorded at its amortized cost, that is, it will be increased to reflect the accrued interest, recognize in the heading “Interest, returns and similar expenses” of the consolidated statement of income, and the fees paid will be subtracted. Likewise, the balance of the liability will be reviewed in the following cases: - - - - The changes will be recorded as an adjustment of the lease liability and the right of use, unless the book value of the right of use has been reduced to zero, in which case it must be recorded against the consolidated statement of income. Short-term leases with little significant value are recognized in a straight line as an expense in the “Administrative expenses” item of the consolidated statement of income. The accounting treatment of lessors continues with a similar model to that of IAS 17; In that sense, lessors continue to perform a classification test to distinguish between financial and operating leases. Policy applicable up to December 31, 2018 - As of December 31, 2018, the Group recorded the leases according to the IAS 17 “Leases”. According to that standard, the determination of whether an arrangement is, or contains, a lease was based on the substance of the arrangement at the inception date: whether fulfillment of the arrangement was dependent on the use of a specific asset or assets and on whether the arrangement conveys a right to use the asset even if that right was not explicitly specified in an arrangement. Operating leases: Leases in which a significant portion of the risks and benefits of the asset were held by the lessor were classified as operating leases. Under this concept the Group had mainly leased premises used as offices and agencies of the Group’s subsidiaries. Payments made under an operating lease were charged to the "Administrative expenses" heading of the consolidated statement of income based on the straight-line method in the lease period. When an operating lease was terminated before the lease period has expired, any penalty payment to the lessor was recognized as an expense in the period in which termination takes place. Finance leases: Finance leases were recognized as granted loans at the present value of the future lease collections. The difference between the gross receivable amount and the present value of the loan was recognized as unearned interest. Lease income was recognized over the term of the lease agreement using the effective interest rate method, which reflected a constant periodic rate of return. |
Property, furniture and equipment | k) Property, furniture and equipment - Property, furniture and equipment are recorded at historical acquisition cost less accumulated depreciation and impairment losses, if applicable. Historical acquisition costs include expenditures that are directly attributable to the acquired property, furniture or equipment. Maintenance and repair costs are charged to the consolidated statement of income; significant renewals and improvements are capitalized when it is probable that future economic benefits, in excess of the originally assessed standard of performance, will flow from the use of the acquired property, furniture or equipment. Land is not depreciated. Depreciation is calculated using the straight-line method over the estimated useful lives, which are as follows: Years Buildings and other construction 33 Installations 10 Furniture and fixtures 10 Vehicles and equipment 5 Computer hardware 4 An item of property, furniture and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of income. Assets’ residual value and the selected useful life are periodically reviewed to ensure that they are consistent with current economic benefits and life expectancy. |
Investment properties | l) Investment properties - Investment properties are held to earn rentals or for capital appreciation or both rather than for: (a) use in the production or supply or goods or services or for administrative purposes; or (b) sale in the ordinary course of business. Property that is being constructed or developed for future use as investment property is recognized at cost before completion. Investment properties are initially measured at fair value, which is the purchase transaction price, unless otherwise indicated. Transaction costs are included in the initial measurement, which includes the purchase price and any other cost directly attributable to the transaction. For subsequent recognition, an entity shall choose as its accounting policy either the fair value model or the cost model and shall apply that policy to all its investment property. At the date of the consolidated financial statements, the Group has opted for keeping the cost model. Accordingly, investment properties are accounted for at their acquisition cost less accumulated depreciation and the accumulated impairment losses, if any. An entity can opt for recognizing and depreciating separately the components of an investment property or as a single unit for recording and depreciation purposes. The Group recognizes as a single unit each of its investment properties and has estimated a useful life of 33 years for purposes of determining depreciation under the straight-line method. Rental income is recognized as rents that are accrued under the related rental agreement; depreciation expenses as well as related expenses directly with the maintenance of the leased assets, they are recorded net in the item of “Other Income” of the consolidated statement of income. |
Seized assets | m) Seized assets - Seized assets are recorded at the lower of cost or estimated market value, which is obtained from valuations made by independent appraisers. Reductions in book values are recorded in the consolidated statement of income. |
Business combination | n) Business combination - Business combinations made are accounted for using the acquisition method in accordance with IFRS 3 “Business Combination”, regardless of whether they are equity instruments or other acquired assets. The acquisition cost is the sum of the consideration paid for the acquisition measured at fair value at the acquisition date and the amount of the share in the non-controlling interest acquired. For each business combination the Group decides whether to measure the non-controlling interest in the acquiree at fair value or at the proportional share in the identifiable net assets of the acquired. Acquisition-related costs are recognized as expense and are included within “Administrative expenses” in the consolidated statement of income. When the Group acquires a business, it assesses the financial assets and liabilities assumed for its own classification and denomination according to the contractual terms, economic circumstances and prevailing conditions at the date of acquisition. This includes the separation of embedded derivative contracts signed by the acquiree. Any contingency transferred by the acquirer is recognized at fair value at the acquisition date. The contingency classified as an asset or liability that is a financial instrument and is within the scope of IFRS 9 “Financial instruments”, is measured at fair value with changes recognized in the consolidated statement of income or consolidated statement of comprehensive income. If the contingency is not within the scope of IFRS 9, it is measured in accordance with the applicable IFRS. A contingency that is classified as equity should not be measured again and its subsequent settlement is accounted for within equity. The acquisition of a non-controlling interest is recorded directly in net equity, any difference between the amount paid and the acquired net assets is recorded as an equity transaction. Accordingly, the Group recognizes no additional goodwill after the acquisition of the non-controlling interest, nor does it recognize any profit or loss from the disposal of the non-controlling interest. Equity attributable to the non-controlling interest is shown separately in the consolidated statement of financial position. Profit attributable to the non-controlling interest is shown separately in the consolidated statement of income and consolidated statement of comprehensive income. If a business combination achieved in stages, the acquisition date and the value of the previous participation of the acquirer is measured again at a fair value at the date of acquisition. The gains or losses arising from such remedy are recognized is recognized in profit or loss. |
Intangible assets | o) Intangible assets - Comprise internally developed and acquired software licenses used by the Group. Acquired software licenses are measured upon initial recognition at cost and are amortized using the straight-line method over their estimated useful life (between 3 and 5 years). Intangible assets identified as a consequence of the acquisition of subsidiaries are recognized in the consolidated statement of financial position at their fair values determined on the acquisition date and are amortized using the straight line method over their estimated useful life as follows: Estimated useful life in years Client relationship - Prima AFP (AFP Unión Vida) 20 Client relationship – Credicorp Capital Holding Chile (Inversiones IMT) 22 Client relationship - Edyficar Peru 10 Client relationship – Mibanco 7 Client relationship - Ultraserfinco 9.2 Brand - Mibanco 25 Brand - Culqi 5 Fund manager contract - Credicorp Capital Colombia 20 and 28 Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) 11 and 24 Fund manager contract - Ultraserfinco 23 Core deposits - Mibanco 6 Others Between 3 and 7.5 The period and the amortization method, for intangible assets are reviewed at the end of each period. If the expected useful life differs from previous estimates, the amortization period will be changed accordingly. If there has been a change in the expected pattern of conduct of the future economic benefits embodied in the asset, the amortization method shall be amended to reflect these changes. Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statement of income when the asset is derecognized. |
Goodwill | p) Goodwill - Goodwill is the excess of the aggregate of the consideration transferred and the fair value recognized for the acquisition of the net value of the identifiable net assets acquired and liabilities assumed. If the fair value of the net assets acquired exceeds the aggregate consideration transferred, then the gain is recognized in the consolidated statement of income. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to these units. Where goodwill has been allocated to a CGU and part of the operation within that unit is disposed of, the goodwill and the assets disposed of are included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. Where the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. |
Impairment of non-financial assets | q) Impairment of non-financial assets - The Group assesses, at each reporting date, whether there is an indicator that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of the value of the asset or the CGU less costs to sell and its value in use and is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, recent market transactions are considered, if any. If this kind of transactions cannot be identified, an appropriate valuation model is used. These calculations are verified against valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. For non-financial assets, excluding goodwill, an assessment is made at each reporting date of whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of income. |
Due from customers on acceptances | r) Due from customers on acceptances - Due from customers on acceptances corresponds to accounts payable from customers for import and export transactions, whose obligations have been accepted by the Group. The obligations that must be assumed by the Group for such transactions are recorded as liabilities. |
Financial guarantees | s) Financial guarantees - In the ordinary course of business, the Group issues financial guarantees, such as letters of credit, guarantees and banker’s acceptances. Financial guarantees are initially recognized at fair value, which is equivalent to the commission initially received, also, letters of credit and guarantees are recorded in caption “Other liabilities” of the consolidated statement of financial position and banker’s acceptances are presented in the consolidated statement of financial position. Subsequent to initial recognition, the Group’s liability under each guarantee is measured at the higher of the amount initially recognized less, when appropriate, cumulative amortization recognized in the consolidated statement of income, and the best estimate of expenditure required to settle any financial obligation arising as a result of the financial guarantee. Any increase in the liability relating to a financial guarantee is included in the consolidated statement of income. The commission received is recognized in “Commissions and fees” of the consolidated statement of income on a straight line basis over the life of the granted financial guarantee. |
Provisions | t) Provisions - Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow or resources embodying economic benefits will be required to settle said obligation and a reliable estimate of the amount can be made. The expense relating to any provision is presented in the consolidated statement of income net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the specific risks of the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. |
Contingencies | u) Contingencies - Contingent liabilities are not recognized in the consolidated financial statements. They are disclosed in the Notes, unless the probability of an outflow of resources is remote. Contingent assets are not recorded in the financial statements; they are disclosed if it is probable that an inflow of economic benefits will be realized. |
Income tax | v) Income tax - Income tax is computed based on the individual financial statements of each of the Group’s members. Deferred income tax reflects the effects of temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the amounts determined for tax purposes. Deferred assets and liabilities are measured using the tax rates expected to be applied to taxable income in the years in which temporary differences are expected to be recovered or eliminated. The measurement of deferred assets and deferred liabilities reflects the tax consequences that arise from the manner in which Credicorp and its Subsidiaries expect, at the date of the consolidated statement of financial position, to recover or settle the carrying amount of its assets and liabilities. The carrying amount of deferred tax assets and liabilities may change, even though there is no change in the amount of the related temporary differences, due to a change in the income tax rate. In this case, the resulting change in deferred tax, corresponding to the change in rate, will be recognized in profit or loss, except to the extent that it relates to items previously recognized outside of the consolidated income statement (either in other comprehensive income or directly in equity). Deferred tax assets and liabilities are recognized regardless of when the timing differences are likely to reverse. Deferred tax assets are recognized when it is likely to exist sufficient tax benefits for the application of temporary difference. At the date of the consolidated statement of financial position, Credicorp and its Subsidiaries assess unrecognized deferred assets and the carrying amount of recognized deferred assets. Credicorp and its Subsidiaries determine their deferred income tax based on the tax rate applicable to their undistributed earnings; any additional tax on dividend distribution is recorded on the date a liability is recognized. Deferred tax assets and liabilities are offset if there is a legal right of offset and the deferred taxes are related to the same taxpaying entity and the same tax authority. |
Earnings per share | w) Earnings per share - Basic earnings per share is calculated by dividing the net profit for the year attributable to Credicorp’s equity holders by the weighted average number of ordinary shares outstanding during the year, excluding the average number of ordinary shares purchased and held as treasury stock. Diluted earnings per share is calculated by dividing the net profit attributable to Credicorp’s equity holders by the weighted average number of ordinary shares outstanding during the year, excluding the average number of ordinary shares purchased and held as treasury stock, plus the weighted average number of ordinary shares that would have been issued if all potential ordinary shares with dilutive effect have been converted into ordinary shares. |
Share-based payment transactions | x) Share-based payment transactions - The cost of the Group’s remuneration plan is recognized, together with a corresponding increase in equity, over the period in which the service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (‘the vesting date”). The cumulative expense recognized for equity-settled liquidations at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense is recorded in “Salaries and employee benefits” of the consolidated statement of income. When the terms of a share-based liquidation are modified, the minimum expense recognized is maintained as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the share-based payment arrangement, or which is otherwise beneficial to the employee as measured at the date of modification. The dilutive effect of the shares granted under this plan is reflected as a share dilution in the computation of diluted earnings per share, see paragraph (w) above. |
Derivative financial instruments and hedge accounting | y) Derivative financial instruments and hedge accounting - Trading - The Group negotiates derivative financial instruments in order to meet its costumers’ needs. The Group may also take positions with the expectation of profiting from favorable movements in prices, rates or indexes. Part of the transactions with derivatives, which provide effective economic hedges under the Group’s risk management positions, do not qualify for hedge accounting under the specific rules of IFRS 9 and are, therefore, treated as trading derivatives. Derivative financial instruments are initially recognized at fair value in the consolidated statement of financial position and subsequently are remeasured at fair value. Fair values are estimated based on the market exchange and interest rates. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Gain and losses for changes in their fair value are recorded in the consolidated statement of income. Hedging - The Group uses derivative instruments to manage exposures to interest rate and foreign currency. In order to manage particular risks, the Group applies hedge accounting for transactions which meet the specified criteria. In accordance with IFRS 9, to qualify as hedging operations, all the following conditions must be met: - - - - - - The accounting treatment is established based on the nature of the hedged item and compliance with hedging criteria. i) Cash flow hedges - The effective portion of the accumulated gain or loss on the hedging instrument is recognized directly as part of other comprehensive income in “Cash flow hedge reserve” in the consolidated statement of changes in equity, and it is reclassified to the consolidated statement of income in the same period or periods in which the covered operation affects results; that is, when income or financial expenses related with coverage are registered, or when a forecasted transaction occurs. The part of the gain or loss in derivatives that represents the ineffective portion is recognized immediately in the consolidated statement of income. Amounts originally recognized in other comprehensive income and subsequently reclassified to the consolidated statement of income are registered as expenses or income in the cases in which the hedged item is reported. If the forecasted transaction or firm commitment is no longer expected to occur, the accumulated gain or loss previously recognized in the cash flow hedge reserve is transferred to the consolidated statement of income. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any unrealized accumulated gain or loss previously in the cash flow hedge reserve remains in said reserve until the planned transaction or firm commitment affects profit or loss. At the same time, the derivative is recorded as a trading derivative. ii) Fair value hedges - The change in the fair value of a fair value hedge and the change in the fair value of the hedged item attributable to the risk hedged are recorded as a part of the carrying value of the hedged item and recognized in the consolidated statement of income. For fair value hedges relating to items carried at amortized cost, any adjustment to the carrying amount of these items, as a result of discontinuation of the hedge, will be amortized through the consolidated statement of income over the remaining life of the hedge. Amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognized, the unamortized fair value is recognized immediately in the consolidated statement of income. The hedge relationship is terminated when the hedging instrument expires or is sold, terminated or exercised, or where the hedge no longer meets the criteria for hedge accounting, the hedge relationship is terminated. For fair value hedges related with items recorded at amortized cost, the difference between the carrying value of the hedged item on termination and the face value is amortized over the remaining term of the original hedge using the effective interest rate. If the hedged item is derecognized, the unamortized fair value adjustment is recognized immediately in the consolidated statement of income. At the same time, the derivative is recorded as a trading derivative. iii) Embedded derivatives - Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contract, and said host contract is not held for trading or designated at fair value through profit or loss. The Group has investments indexed to certain life insurance contracts liabilities, denominated “Investment Link”. These instruments have been classified at inception by the Group as “Financial instruments at fair value though profit or loss”, See Note 3(f)(iii) and Note 3(f)(v) for the periods 2019 and 2018, respectively, and Note 8. |
Fair value measurement | z) Fair value measurement - Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - - The principal or the most advantageous market must be accessible by the Group. Also, the fair value of a liability reflects its non-performance risk. When available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level of input used that is significant to the fair value measurement as a whole: - - - For assets and liabilities that are recognized at fair value in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. Also, fair values of financial instruments measured at amortized cost are disclosed in Note 34.7(b). |
Segment reporting | aa) Segment reporting - The Group reports financial and descriptive information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are a component of an entity for which separate financial information is available that is evaluated regularly by the entity’s Chief Operating Decision Maker (“CODM”) in making decisions about how to allocate resources and in assessing performance. Generally, financial information is required to be reported on the same basis as it is used internally for evaluating operating segments’ performance and deciding how to allocate resources to segments, Note 31. |
Fiduciary activities, management of funds and pension funds | ab) Fiduciary activities, management of funds and pension funds – The Group provides custody, trustee, investment management and advisory services to third parties that result in the holding of assets on their behalf. These assets and income arising thereon are excluded from these consolidated financial statements, as they are not assets of the Group, Note 34.8. Commissions generated for these activities are included as “Commissions and fees” of the consolidated statement of income. |
Cash and cash equivalents | ac) Cash and cash equivalents - For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise balances of cash and non-restricted balances with central banks, overnight deposits, interbank funds, time deposits with maturities of three months or less from the date of acquisition, excluding restricted cash, see Note 4(a). Cash collateral pledged as a part of a repurchase agreement is presented in “Cash collateral, reverse repurchase agreement and securities borrowings” in the consolidated statement of financial position, see Note 5(a). Cash collateral pledged in the negotiation of derivative financial instrument and others are presented in “Other assets” in the consolidated statement of financial position, See Note 13. |
International Financial Reporting Standards issued but not yet effective | ad) International Financial Reporting Standards issued but not yet effective - The Group decided not to early adopt the following standards and interpretations that were issued but are not effective as of December 31, 2019: (i) IFRS 17 “Insurance Contracts” - IFRS 17 was issued in May 2017 in replacement of IFRS 4 “Insurance Contracts”. This standard requires a current measurement model, where estimate are remeasured in each reporting period. The contracts are measured using the building blocks of: - - - IFRS 17 applies to all types of insurance contracts (life, non-life and reinsurance insurance), regardless of the type of entities that issue them, as well as certain guarantees and financial instruments with certain discretionary participation characteristics. The general objective of IFRS 17 is to provide an accounting model that is more useful and uniform for insurance entities. Unlike IFRS 4, which relies heavily on the application of existing / local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, which covers all relevant accounting aspects. The standard permits a choice between recognizing the changes in discount rates, either in the statement of income or directly in other comprehensive income. The choice probably reflects how insurers record their financial assets according to IFRS 9. An optional, simplified premium allocation approach is permitted for the liability for the remaining coverage for short duration contracts, which are often written by non-life insurers. There is a modification of the general measurement model denominated “Variable commissions method” for certain contracts of insurers with life insurance in which the insured share the yields from the underlying elements. Upon applying the variable commissions’ method, the entity’s participation in changes in fair value of the underlying elements is included in the contractual service margin. Therefore, it is probable that the results of the insurers that use this model will be less volatile than under the general model. The new rules will affect the financial statements and key performance indicators of all entities that issue insurance contracts or investment contracts with discretionary participation features. Also, its implementation will modify the recognition, measurement, presentation and disclosure of insurance contracts having a significant impact on the underlying valuation models, systems, processes, internal controls and other fundamental aspects of the insurance business. The Group has established governance structures related to the IFRS 17 project with the Audit Committee as the highest instance. As required by the standard, currently, the entities that make up the Group are in the process of determining the impact of their application. Initially, IFRS 17 would apply to annual periods beginning on or after January 1, 2021;however, on November 14, 2018, the IASB agreed to defer the effective date of application to annual periods beginning on or after January 1, 2022. Early adoption is permitted, as long as the Group also applies IFRS 9 and IFRS 15 on the date on which IFRS 17 is applied for the first time. (ii) The IASB has made amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors which use a consistent definition of materiality throughout International Financial Reporting Standards and the Conceptual Framework for Financial Reporting, clarify when information is material and incorporate some of the guidance in IAS 1 about immaterial information. In particular, the amendments clarify: - - These changes are effective for financial statements for annual periods beginning on or after January 1, 2020. (iii) The amended definition of a business requires an acquisition to include an input and a substantive process that together significantly contribute to the ability to create outputs. The definition of the term ‘outputs’ is amended to focus on goods and services provided to customers, generating investment income and other income, and it excludes returns in the form of lower costs and other economic benefits. The amendments will likely result in more acquisitions being accounted for as asset acquisitions. These changes are effective for financial statements for annual periods beginning on or after January 1, 2020. (iv) The IASB has issued a revised Conceptual Framework which will be used in standard-setting decisions with immediate effect. Key changes include: - - - - - - - No changes will be made to any of the current accounting standards. However, entities that rely on the Framework in determining their accounting policies for transactions, events or conditions that are not otherwise dealt with under the accounting standards will need to apply the revised Framework from 1 January 2020. These entities will need to consider whether their accounting policies are still appropriate under the revised Framework. These changes are effective for financial statements for annual periods beginning on or after January 1, 2020. (v) The IASB made limited scope amendments to IFRS 10 and IAS 28. The amendments clarify the accounting treatment of the sales or contribution of assets between an investor and his associates or joint venture. These amendments confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitutes “a business” (as defined in IFRS 3 “Business combinations”). If the non-monetary assets constitute a business, the investor will recognize the total gain or loss on the sale or contribution of assets. If the assets do not comply with the definition of “business”, the investor will recognize the gain or loss only in proportion to the investor’s investment in the associate or joint venture. The amendments will apply prospectively. The IASB decided to defer the application date of this amendment until it has completed its research project on the equity method. The Group is in the process of evaluating the impact of the application of these standards, and to date, it considers that there will be no significant impact on the consolidated financial statements, except for IFRS 17. Likewise, there are no other standards or amendments to standards which have not yet become effective and are expected to have a significant impact on the Group, either in the current or future periods, as well as on expected future transactions. |
MAIN ACQUISITIONS, INCORPORAT_2
MAIN ACQUISITIONS, INCORPORATIONS AND MERGERS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
MAIN ACQUISITIONS, INCORPORATIONS AND MERGERS | |
Summary of book value and fair value of the identified assets and liabilities of the entities purchased | At the date of acquisition, the book value and fair value of the identified assets and liabilities of the entities purchased were the following: hff Book value Fair value adjustments Fair value recognized on acquisition Ultraserfinco Ultraserfinco Ultraserfinco Total fair value and and and recognized on Bancompartir Subsidiaries Multicaja Tenpo Culqi Bancompartir Subsidiaries Multicaja Tenpo Culqi Bancompartir Subsidiaries Multicaja Tenpo Culqi acquisition S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Assets Cash 30,985 55,160 3,633 1,938 1,016 — — — — — 30,985 55,160 3,633 1,938 1,016 92,732 Investments 153,188 24,739 — — — — — — — — 153,188 24,739 — — — 177,927 Loans, net 706,621 — — — — (54,765) — — — — 651,856 — — — — 651,856 Right-of-use assets, net 6,578 5,206 — — — — — — — — 6,578 5,206 — — — 11,784 Property, furniture and equipment, net, Note 10(a) 5,969 3,385 34 112 32 374 688 — — — 6,343 4,073 34 112 32 10,594 Intangible, Note 11 Software and licenses 60,450 — — — 2 — — 2,647 4,640 8,322 60,450 — 2,647 4,640 8,324 76,061 Brand "Culqi" — — — — — — — — — 1,164 — — — — 1,164 1,164 Brand "Recarga" — — — — — — — — 2,790 — — — — 2,790 — 2,790 Client relationships — — — — — — 13,376 — 2,536 2,550 — 13,376 — 2,536 2,550 18,462 PayPal Contract — — — — — — — — 7,504 — — — — 7,504 — 7,504 Fund manager contract — — — — — — 4,298 — — — — 4,298 — — — 4,298 Anti-competition contract — — — — — 5,454 7,291 — — — 5,454 7,291 — — — 12,745 Deferred tax assets — — — — — 18,242 — — — 541 18,242 — — — 541 18,783 Other assets 58,557 17,784 17 1,204 1,100 — — — — (400) 58,557 17,784 17 1,204 700 78,262 Liabilities Deposits and obligations 794,893 — — — — — — — — — 794,893 — — — — 794,893 Due to banks and correspondents 50,659 — — — — — — — — — 50,659 — — — — 50,659 Lease liabilities 6,874 5,680 — — — — — — — — 6,874 5,680 — — — 12,554 Deferred tax liabilities 139 — — — — 1,895 7,924 715 4,717 3,550 2,034 7,924 715 4,717 3,550 18,940 Other liabilities 16,101 24,041 192 142 955 — — — — — 16,101 24,041 192 142 955 41,431 Total net assets identified at fair value 153,682 76,553 3,492 3,112 1,195 (32,590) 17,729 1,932 12,753 8,627 121,092 94,282 5,424 15,865 9,822 246,485 Non-controlling interest (74,392) — — — — (74,392) Goodwill arising on acquisition 209,003 44,628 14,182 25,260 3,518 296,591 Total purchase consideration 255,703 138,910 19,606 41,125 13,340 468,684 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of financial instruments | The following table presents the measurement categories and the carrying value of the financial instruments under IAS 39 and IFRS 9 as of January 1, 2018: IAS 39 IFRS 9 Carrying Carrying Financial assets Category amount Category amount S/(000) S/(000) Cash and due from banks Loans and receivables 23,221,987 Amortized cost 23,221,987 Cash collateral, reverse repurchase agreements and securities borrowings Loans and receivables 7,480,420 Amortized cost 7,480,420 Investments At fair value through profit or loss 4,024,737 At fair value through profit or loss 5,613,356 Available-for-sale 24,423,891 At fair value through other comprehensive income (Debt instruments) 22,181,733 At fair value through other comprehensive income (Designated equity instruments) 653,539 Held-to-maturity 4,413,373 Amortized cost 4,411,637 Loans, net Loans and receivables 95,977,277 Amortized cost 95,770,509 Financial assets designated at fair value through profit or loss At fair value through profit or loss (Designated upon initial recognition) 537,685 At fair value through profit or loss (Designated upon initial recognition) 537,685 Premiums and other policies receivable Loans and receivables 656,829 Amortized cost 649,135 Accounts receivable from reinsurers and coinsurers Loans and receivables 715,695 Amortized cost 715,553 Due from customers on acceptances Loans and receivables 532,034 Amortized cost 532,034 Derivatives receivable At fair value for trading or for hedging purposes 701,826 At fair value for trading or for hedging purposes 701,826 Other assets Loans and receivables 1,759,125 Amortized cost 1,759,125 Total financial assets 164,444,879 164,228,539 Financial liabilities Liabilities Amortized cost 130,842,331 Amortized cost 130,956,515 Liabilities At fair value 8,791,390 At fair value 8,791,390 Total financial liabilities 139,633,721 139,747,905 |
Schedule of financial liabilities at date of initial application of IFRS 9 | The following table presents the detail of the reconciliation of balances of financial assets under IAS 39 to IFRS 9, distinguishing between the impacts due to category change and impairment remeasurement: Change of Impairment Financial assets IAS 39 category remeasurement IFRS 9 S/(000) S/(000) S/(000) S/(000) Cash and due from banks 23,221,987 — — 23,221,987 Cash collateral, reverse repurchase agreements and securities borrowings 7,480,420 — — 7,480,420 Investments: At fair value through profit or loss : Opening balance under IAS 39 4,024,737 Addition: From investments available for sale (*) 1,588,619 Closing balance under IFRS 9 5,613,356 At fair value through other comprehensive income (debt): Opening balance under IAS 39 — Addition: From investments available for sale 22,181,733 Closing balance under IFRS 9 22,181,733 At fair value through other comprehensive income (Designated equity instruments) — 653,539 — 653,539 Available for sale: Opening balance under IAS 39 24,423,891 Subtraction: Reclassification to investments at fair value through profit or loss (*) (1,588,619) Subtraction: Reclassification to investments at fair value through other comprehensive income (debt) (22,181,733) Subtraction: Reclassification to investments at fair value through other comprehensive income (Designated - equity) (653,539) Closing balance under IFRS 9 — Amortized cost: Opening balance under IAS 39 — Addition: From investments held-to-maturity (IAS 39) 4,413,373 Remeasurement: Expected loss (IFRS 9) (1,736) Closing balance under IFRS 9 4,411,637 Held-to-maturity: Opening balance under IAS 39 4,413,373 Subtraction: Reclassification to investments at amortized cost (4,413,373) Closing balance under IFRS 9 — Loans, net 95,977,277 — (206,768) 95,770,509 Financial assets designated at fair value through profit or loss 537,685 — — 537,685 Premiums and other policies receivable 656,829 — (7,694) 649,135 Accounts receivable from reinsurers and coinsurers 715,695 — (142) 715,553 Due from customers on acceptances 532,034 — — 532,034 Derivative receivables 701,826 — — 701,826 Other assets 1,759,125 — — 1,759,125 Total 164,444,879 — (216,340) 164,228,539 |
Schedule of reconciliation of provision for impairment | - Reconciliation of the balances of the provision for impairment under IAS 39 and IFRS 9 as of January 1, 2018: Impairment IAS 39 remeasurement IFRS 9 S/(000) S/(000) S/(000) Financial asset: Investment at amortized cost — 1,736 1,736 Loans 4,500,498 206,768 4,707,266 Premiums and other policies receivable 12,255 7,694 19,949 Accounts receivable from reinsurers and coinsurers 8,715 142 8,857 Total financial assets 4,521,468 216,340 4,737,808 Financial liabilities: Provision for credit losses on indirect loans 442,510 114,184 556,694 Total financial liabilities 442,510 114,184 556,694 |
Schedule of detailed information about basis of consolidation | At December 31, 2019 and 2018, the following entities comprise the Group (the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp’s treasury shares and its related dividends): Percentage of Activity and country of interest (direct Entity incorporation and indirect) Assets Liabilities Equity Net income (loss) 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Grupo Crédito S.A. and Subsidiaries (i) Holding, Peru 100.00 100.00 165,072,249 156,578,928 142,514,228 136,996,483 22,558,021 19,582,445 3,638,334 2,544,847 Pacífico Compañía de Seguros y Reaseguros S.A. and Subsidiaries (ii) Insurance, Peru 98.79 98.79 13,783,515 12,222,763 10,963,533 9,590,768 2,819,982 2,631,995 381,492 353,292 Atlantic Security Holding Corporation and Subsidiaries (iii) Capital Markets, Cayman Islands 100.00 100.00 6,076,928 6,607,494 4,986,657 5,395,262 1,090,271 1,212,232 601,629 351,425 Credicorp Capital Ltd. and Subsidiaries (iv) Capital Markets and asset management, Bermuda 100.00 100.00 4,807,905 3,393,325 3,832,287 2,695,499 975,618 697,826 41,634 35,191 CCR Inc.(v) Special purpose Entity, Bahamas 100.00 100.00 386,146 543,113 385,253 543,896 893 (783) 1,676 2,179 (i) The main activity of Grupo Crédito is to invest in shares listed in the Peruvian-Stock Exchange and in unlisted shares of Peruvian companies. Below, we present the individual or consolidated figures of their financial statements are presented in accordance with IFRS and before eliminations for consolidation purposes: Activity Percentage of and interest country of (direct and indirect) Assets Liabilities Equity Net income (loss) Entity incorporation 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Banco de Crédito del Perú and Subsidiaries (a) Banking, Peru 97.71 97.71 152,426,848 144,768,951 133,456,760 127,683,654 18,970,088 17,085,297 3,641,935 3,391,015 Inversiones Credicorp Bolivia S.A. and Subsidiaries (b) Banking, Bolivia 99.96 99.96 10,552,154 10,020,148 9,773,372 9,239,568 778,782 780,580 94,666 99,402 Prima AFP (c) Private pension fund administrator, Peru 100.00 100.00 Krealo SpA and Subsidiaries (d) Holding, Chile 100.00 — 72,847 — 41,765 — 31,082 — (6,476) — a) BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS"). Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Peru oriented towards the micro and small business sector. At December 31, 2019, the assets, liabilities, equity and net income of Mibanco amount to approximately S/13,741.7 million, S/11,655.7 million, S/2,086.0 million and S/401.0 million, respectively (S/13,220.3 million, S/11,321.8 million, S/1,898.5 million, and S/462.1 million, respectively at December 31, 2018). b) Its principal Subsidiary is Banco de Crédito de Bolivia (hereinafter “BCB”), a commercial bank which operates in Bolivia. At December 31, 2019, the assets, liabilities, equity and net profit of BCB were approximately S/10,480.9 million, S/9,743.9 million, S/737.0 million and S/79.0 million, respectively (S/9,956.9 million, S/ 9,265.8 million, S/691.1 million and S/78.3 million, respectively at December 31, 2018). c) d) (ii) Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales and Crediseguro Seguros Generales, and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively. (iii) Its most important Subsidiary is Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers. (iv) Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Holding Colombia (owner of Credicorp Capital Colombia, Ultraserfinco S.A. and Banco Compartir S.A.), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. We present below the consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes: Percentage of interest (direct Entity and indirect) Assets Liabilities Equity Net income (loss) 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 % % S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Credicorp Holding Colombia S.A.S. and Subsidiaries (a) 100.00 100.00 3,400,683 2,037,411 2,692,520 1,761,112 708,163 276,299 22,964 19,945 Credicorp Capital Holding Chile and Subsidiaries (b) 100.00 100.00 1,161,991 933,822 1,017,072 762,192 144,919 171,630 (5,222) (36,663) Credicorp Capital Holding Perú S.A. and Subsidiaries (c) 100.00 100.00 228,421 339,220 114,913 141,943 113,508 197,277 24,452 42,684 a) b) c) CCR Inc. was incorporated in 2000, its main activity is to manage loans granted to BCP by foreign financial entities, See Note 17(a)(iii). These loans are collateralized by transactions performed by BCP. |
Schedule of Property, furniture and equipment estimated useful lives | Years Buildings and other construction 33 Installations 10 Furniture and fixtures 10 Vehicles and equipment 5 Computer hardware 4 |
Schedule of intangible assets estimated useful lives | Intangible assets identified as a consequence of the acquisition of subsidiaries are recognized in the consolidated statement of financial position at their fair values determined on the acquisition date and are amortized using the straight line method over their estimated useful life as follows: Estimated useful life in years Client relationship - Prima AFP (AFP Unión Vida) 20 Client relationship – Credicorp Capital Holding Chile (Inversiones IMT) 22 Client relationship - Edyficar Peru 10 Client relationship – Mibanco 7 Client relationship - Ultraserfinco 9.2 Brand - Mibanco 25 Brand - Culqi 5 Fund manager contract - Credicorp Capital Colombia 20 and 28 Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) 11 and 24 Fund manager contract - Ultraserfinco 23 Core deposits - Mibanco 6 Others Between 3 and 7.5 |
CASH AND DUE FROM BANKS (Tables
CASH AND DUE FROM BANKS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CASH AND DUE FROM BANKS | |
Schedule of detailed information about cash and cash equivalents | 2019 2018 S/(000) S/(000) Cash and clearing (b) 4,917,674 6,169,795 Deposits with Central Reserve Bank of Peru (BCRP) (b) 18,367,651 13,206,885 Deposits with Central Bank of Bolivia 646,865 791,083 Deposits with foreign banks (c) 1,408,117 1,219,006 Deposits with local banks (c) 481,412 499,431 Interbank funds 137,722 253,970 Accrued interest 14,601 20,633 Total cash and cash equivalents 25,974,042 22,160,803 Restricted funds 12,720 7,713 Total cash 25,986,762 22,168,516 |
Schedule of detailed information about reserve deposits | Cash and cash equivalents presented in the consolidated statement of cash flows exclude restricted funds, see note 3(ac). b) Cash and clearing and deposits with Central Reserve Bank of Peru - These accounts mainly include the legal cash requirements that Subsidiaries of Credicorp, incorporated in Peru, must keep to be able to honor their obligations with the public. The composition of these funds is as follows: 2019 2018 S/(000) S/(000) Legal cash requirements (i) Deposits with Central Reserve Bank of Peru 13,727,222 11,769,043 Cash in vaults of Bank 4,132,347 5,591,168 Total legal cash requirements 17,859,569 17,360,211 Additional funds Overnight deposits with Central Reserve Bank of Peru (ii) 4,640,429 1,437,842 Cash in vaults of Bank and others 785,327 578,627 Total additional funds 5,425,756 2,016,469 Total 23,285,325 19,376,680 (i) At December 31, 2019 cash and deposits subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 5.01 percent and 35.06 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP (5.01 percent and 35.12 percent, respectively, at December 31, 2018). In Management's opinion, the Group has complied with the calculation legal cash requirements established by current regulations. (ii) At December 31, 2019, the Group maintains three “overnight” deposits with the BCRP, of which are one denominated in soles for S/360.0 million and two in U.S Dollars for of US$1,291.6 million, equivalent to S/4,280.4 million. At said date, the deposit in soles and deposits in U.S Dollars accrue interest at annual rates of 1.00 percent and 1.57 percent, respectively, and have maturities at 2 days. At December 31, 2018, the Group maintains two “overnight” deposits with the BCRP, which are denominated in U.S Dollars for US$426.3 million, equivalent to S/1,437.8 million . At said date, deposits in U.S. Dollars accrue interest at annual rates of 2.43 percent and have maturities at 2 days. c) Deposits with local and foreign banks - Deposits with local and foreign banks mainly consist of balances in soles and U.S. Dollars; these are cash in hand and earn interest at market rates. At December 31, 2019 and 2018 Credicorp and its Subsidiaries do not maintain significant deposits with any bank in particular. |
CASH COLLATERAL, REVERSE REPU_2
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING | |
Schedule of detailed information about cash collateral and reverse purchase agreements | a) We present below the composition of cash collateral, reverse repurchase agreements and securities borrowing: 2019 2018 S/(000) S/(000) Cash collateral on repurchase agreements and security lendings (i) 3,293,837 3,409,890 Reverse repurchase agreement and security borrowings (ii) 899,435 659,380 Receivables for short sales 95,252 13,672 Total 4,288,524 4,082,942 (i) At December 31, 2019, the balance mainly comprises cash collateral for approximately US$844.5 million, equivalent to S/2,798.7 million, delivered to BCRP to secure a borrowing in soles of approximately S/2,800.4 million from the same entity (cash collateral for approximately US$919.2 million, equivalent to S/3,100.5 million, and borrowing of approximately S/2,948.5 million, at December 31, 2018). 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. (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: |
Schedule of detailed information about reverse repurchase agreements and security borrowings, in which a financial instrument serves as collateral | At December 31, 2019 At December 31, 2018 Average Fair value of Average Fair value of interest Up to 3 From 3 to More than Carrying underlying interest Up to From 3 to More than Carrying underlying Currency rate days 30 days 30 days amount assets rate 3 days 30 days 30 days amount 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 pesos 5.61 97,747 376,043 76,396 550,186 550,579 6.60 — 401,580 47,872 449,452 443,386 Instruments issued by the Chilean Government Chilean pesos 0.34 7,002 15,505 — 22,507 22,507 0.27 24,624 — — 24,624 24,628 Other instruments 4.44 156,969 130,932 38,841 326,742 328,291 3.76 12,013 157,871 15,420 185,304 186,774 261,718 522,480 115,237 899,435 901,377 36,637 559,451 63,292 659,380 654,788 |
Schedule of detailed information about payables from repurchase agreements and security lendings | At December 31, 2019 At December 31, 2018 Average Fair value of Average Fair value of interest Up to 3 From 3 to More than Carrying underlying interest Up to From 3 to More than Carrying underlying Currency rate days 30 days 30 days amount assets rate 3 days 30 days 30 days amount 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 pesos 5.61 97,747 376,043 76,396 550,186 550,579 6.60 — 401,580 47,872 449,452 443,386 Instruments issued by the Chilean Government Chilean pesos 0.34 7,002 15,505 — 22,507 22,507 0.27 24,624 — — 24,624 24,628 Other instruments 4.44 156,969 130,932 38,841 326,742 328,291 3.76 12,013 157,871 15,420 185,304 186,774 261,718 522,480 115,237 899,435 901,377 36,637 559,451 63,292 659,380 654,788 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: At December 31, 2019 At December 31, 2018 Average Fair value of Average Fair value of interest Up to 3 From 3 to More than Carrying underlying interest Up to From 3 to More than Carrying underlying Currency rate days 30 days 30 days amount assets rate 3 days 30 days 30 days amount assets % S/(000) S/(000) S/(000) S/(000) S/(000) % S/(000) S/(000) S/(000) S/(000) S/(000) Debt instruments (c) 64,900 25,699 6,240,866 6,331,465 6,709,182 159,570 365,201 7,420,019 7,944,790 8,572,837 Instruments issued by the Colombian Government Colombian pesos 5.49 135,997 941,431 — 1,077,428 1,077,917 5.97 — 1,231,639 3,124 1,234,763 1,235,472 Instruments issued by the Chilean Government Chilean pesos 0.20 130,551 44,411 — 174,962 175,054 0.26 24,912 — — 24,912 27,529 Other instruments 2.07 70,997 16,809 6,355 94,161 105,086 1.88 144,668 66,224 — 210,892 214,051 402,445 1,028,350 6,247,221 7,678,016 8,067,239 329,150 1,663,064 7,423,143 9,415,357 10,049,889 |
Schedule of detailed information about repurchase agreement and security lending secured with cash, available for sale investments and held to maturity investment | At December 31, 2019 At December 31, 2018 Average Fair value of Average Fair value of interest Up to 3 From 3 to More than Carrying underlying interest Up to From 3 to More than Carrying underlying Currency rate days 30 days 30 days amount assets rate 3 days 30 days 30 days amount assets % S/(000) S/(000) S/(000) S/(000) S/(000) % S/(000) S/(000) S/(000) S/(000) S/(000) Debt instruments (c) 64,900 25,699 6,240,866 6,331,465 6,709,182 159,570 365,201 7,420,019 7,944,790 8,572,837 Instruments issued by the Colombian Government Colombian pesos 5.49 135,997 941,431 — 1,077,428 1,077,917 5.97 — 1,231,639 3,124 1,234,763 1,235,472 Instruments issued by the Chilean Government Chilean pesos 0.20 130,551 44,411 — 174,962 175,054 0.26 24,912 — — 24,912 27,529 Other instruments 2.07 70,997 16,809 6,355 94,161 105,086 1.88 144,668 66,224 — 210,892 214,051 402,445 1,028,350 6,247,221 7,678,016 8,067,239 329,150 1,663,064 7,423,143 9,415,357 10,049,889 c) At December 31, 2019, and 2018, the Group has repurchase agreements secured with: (i) cash, see note 5(a), and (ii) investments, see note 6(b). This item consists of the following: At December 31, 2019 At December 31, 2018 Carrying Carrying Counterparties Currency Maturity amount Collateral Maturity amount Collateral S/(000) S/(000) BCRP, Note 5(a)(i) Soles February 2020 / October 2020 2,800,400 Cash with BCRP January 2019 / November 2019 2,948,500 Cash with BCRP BCRP Soles June 2020 / November 2020 1,504,088 Investments January 2019 / November 2020 2,220,265 Investments Natixis S.A. Soles August 2020 / August 2028 570,000 Investments August 2020 / August 2028 570,000 Investments Banco Central de Bolivia Bolivianos May 2020 / February 2021 398,586 Cash May 2019 89,941 Cash Nomura International PLC (i) U.S. Dollar August 2020 265,120 Investments and cash August 2020 269,840 Investments and cash Nomura International PLC (ii) U.S. Dollar August 2020 231,980 Investments and cash August 2020 236,110 Investments and cash Citigroup Global Market Limited (iii) U.S. Dollar August 2026 149,130 Investments August 2026 151,785 Investments Citigroup Global Markets Limited Soles August 2020 100,000 Investments August 2020 100,000 Investments Natixis S.A. (iv) U.S. Dollar August 2026 82,850 Investments August 2026 84,325 Investments Banco de la República Colombian pesos January 2020 64,540 Investments January 2019 42,607 Investments Nomura International PLC (v) U.S. Dollar - — - March 2019 / December 2019 505,950 Investments Naitixis U.S. Dollar - — - January 2019 / March 2019 566,962 Investments Other below S/6.0 million - January 2020 / April 2033 64,970 Investments January 2019 / October 2033 70,298 Investments Accrued interest 99,801 88,207 6,331,465 7,944,790 At December 31, 2019, said operations accrue interest at fixed and variable rates between 2.6 percent and 7.20 percent and between Libor 3M + 0.80 percent and Libor 6M + 1.90 percent, respectively, (between 0.09 percent and 7.20 percent and between Libor 3M + 0.35 percent and Libor 6M + 1.90 percent, respectively, at December 31, 2018). Certain repurchase agreements were hedged using interest rate swaps (IRS) and cross-currency swaps (CCS), as detailed below: (i) At December 31, 2019, the Group maintains an IRS and a CCS which were together designated as a cash flow hedge of a repurchase agreement in U.S. Dollars at variable rate for a notional amount of US$80.0 million, equivalent to S/265.1 million (approximately US$80.0 million, equivalent to S/269.8 million, at December 31, 2018). By means of the IRS and the CCS, said repurchase agreement was economically converted to soles at fixed interest rate; see note 13(b). (ii) At December 31, 2019, the Group maintain a CCS, which was designated as a cash flow hedge of a repurchase agreement in U.S. Dollars at variable interest rate for a notional amount of US$70.0 million, equivalent to S/232.0 million (approximately US$70.0 million, equivalent to S/236.1 million, at December 31, 2018). By means of the CCS, said repurchase agreement was economically converted to soles at a fixed interest rate, See note 13(b). (iii) At December 31, 2019, the Group maintains two CCS which were together designated as a cash flow hedge for two repurchase agreements in U.S. Dollars at variable rate for a notional amount of US$45.0 million, equivalent to S/149.1 million (approximately US$45.0 million, equivalent to S/151.8 million, at December 31, 2018). By means of these CCS, said repurchase agreements were economically converted to soles. See note 13(b). (iv) At December 31, 2019, the Group maintains a CCS which was designated as a cash flow hedge of a repurchase agreement in U.S. Dollars at variable rate for a total notional amount of US$25.0 million, equivalent to S/82.9 million (approximately US$25.0 million, equivalent to S/84.3 million, at December 31, 2018). By means of the CCS, said repurchase agreement was economically converted to soles at a fixed interest rate; see note 13(b). (v) At December 31, 2018, the Group maintained five IRS which were designated as a cash flow hedge of a certain repurchase agreements in U.S. Dollars at variable rate for a notional amount of US$150.0 million, equivalent to S/506.0 million. By means of these IRS, said repurchase agreements were economically converted to a fixed interest rate; see note 13(b). Said IRS expired between March and December of 2019. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENTS | |
Schedule of investment held for trading at fair value throught Profit or loss | a) Investment at fair value through profit or loss consist of the following: 2019 2018 S/(000) S/(000) Government treasury bonds (i) 1,276,573 1,318,311 Mutual funds 593,552 397,918 Restricted mutual funds (ii) 460,086 407,350 Corporate bonds 326,673 160,006 Investment funds 327,659 179,015 Participation in RAL Funds (iii) 300,398 445,039 Central Bank of Chile bonds 182,540 30,382 Shares 83,085 101,068 Subordinated bonds 80,084 94,413 Royalty Pharma (iv) 68,584 56,787 Multilateral organization bonds 53,353 193,395 Others 93,204 123,892 Balance before accrued interest 3,845,791 3,507,576 Accrued interest 4,971 4,869 Total 3,850,762 3,512,445 (i) At December 31, 2019 and 2018 the balance of these instruments includes the following government treasury bonds: 2019 2018 S/(000) S/(000) Colombian Treasury bonds 1,102,865 1,259,516 Peruvian Treasury bonds 95,308 58,795 U.S. treasury and federal agency bonds 78,400 — Total 1,276,573 1,318,311 (ii) The restricted mutual funds comprise the participation quotas in the private pension funds managed by the Group, and are maintained in compliance with the legal regulations in Peru. Their availability is restricted and the yield received is the same as that received by the private pension funds managed. (iii) At December 31, 2019, these funds are approximately S/166.9 million in bolivianos and S/133.5 million in U.S. Dollars (S/174.3 million in bolivianos and S/270.7 million in U.S. Dollars at December 31, 2018) and comprise the investments made by the Group in the Central Bank of Bolivia as collateral for deposits received from the public. These funds have restrictions for their use and are required from all banks in Bolivia. (iv) It corresponds to participations in RPI International Holding, LP, who invests in a series of subordinate funds whose objective is to invest in Royalty Pharma Investments, an investment fund established under the laws of Ireland. This investment fund is dedicated to buying medical and biotechnology patents. Participations in RPI International Holdings, LP, are not liquid and require authorization for negotiation. |
Schedule of detailed information about investment at fair value through profit or loss and available for sale investments | b) Investments at fair value through other comprehensive income consist of the following: 2019 2018 Unrealized gross amount Unrealized gross amount Amortized Estimated Amortized Estimated cost Profits Losses fair value cost Profits Losses fair value S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Debts instruments: Corporate bonds (i) 7,974,080 706,394 (8,322) 8,672,152 8,263,943 208,409 (182,479) 8,289,873 Certificates of deposit BCRP (ii) 8,649,885 15,388 (1) 8,665,272 9,833,776 189 (4,381) 9,829,584 Government treasury bonds (iii) 6,009,137 690,048 (1,109) 6,698,076 4,977,422 260,939 (47,613) 5,190,748 Securitization instruments (iv) 580,778 53,328 (8,344) 625,762 505,976 22,492 (9,980) 518,488 Negotiable certificates of deposit 369,016 856 (303) 369,569 280,828 2,981 (250) 283,559 Subordinated bonds 150,172 14,085 (100) 164,157 163,891 3,900 (2,443) 165,348 Others 167,529 7,896 — 175,425 54,384 240 (681) 53,943 23,900,597 1,487,995 (18,179) 25,370,413 24,080,220 499,150 (247,827) 24,331,543 Equity instruments designated at the initial recognition Shares issued by: Alicorp S.A.A. 12,198 201,567 — 213,765 12,198 218,994 — 231,192 Inversiones Centenario 112,647 195,305 — 307,952 112,647 236,063 — 348,710 Bolsa de Valores de Lima 19,423 2,115 — 21,538 19,698 9,363 — 29,061 Bolsa de Comercio de Santiago 4,964 5,688 — 10,652 8,808 5,360 — 14,168 Compañía Universal Textil S.A. 9,597 248 (3,432) 6,413 9,597 248 (3,397) 6,448 Pagos Digitales Peruanos S.A. 5,197 — — 5,197 4,717 — — 4,717 Corporación Andina de Fomento 4,441 181 — 4,622 4,428 57 — 4,485 Bolsa de Valores de Colombia 872 4,070 (53) 4,889 4,681 1,958 — 6,639 Others 2,638 1,533 — 4,171 2,858 1,192 — 4,050 171,977 410,707 (3,485) 579,199 179,632 473,235 (3,397) 649,470 Balance before accrued interest 24,072,574 1,898,702 (21,664) 25,949,612 24,259,852 972,385 (251,224) 24,981,013 Accrued interest 253,111 214,822 Total 26,202,723 25,195,835 |
Schedule of detailed information about maturities and annual market rates of available for sale investments | The maturities and annual market rates of investments at fair value through other comprehensive income during the years of 2019 and 2018, are as follows: Annual effective interest rate 2019 2018 Other Other S/ US$ currencies S/ US$ currencies Maturities Min Max Min Max Min Max Min Max Min Max Min Max 2019 2018 % % % % % % % % % % % % Corporate bonds Jan-2020 / Feb-2065 Jan-2019 / Feb-2065 1.09 8.16 0.47 8.25 0.62 6.55 1.49 11.90 1.16 11.39 0.94 8.39 Certificates of deposit BCRP Jan-2020 / Jul-2021 Jan-2019 / Jun-2020 2.02 2.35 — — — — 2.59 3.04 — — — — Government treasury bonds Jan-2020 / Feb-2055 Jan-2019 / Feb-2055 0.55 5.31 1.11 4.61 0.43 0.82 2.37 6.50 1.22 7.07 0.60 0.60 Securitization instruments May-2020 / Sep-2045 Jun-2019 / Sep-2045 2.46 13.26 3.08 9.14 1.68 6.00 3.40 14.81 4.56 6.85 1.68 6.00 Negotiable certificates of deposits Jan-2020 / Dec 2026 Jan-2019 / Dec-2026 3.27 4.01 2.48 2.68 1.00 4.98 4.54 4.54 — — 1.40 4.98 Subordinated bonds Apr-2022 / Aug-2045 Jan-2021 / Feb-2057 1.21 5.52 3.27 5.23 1.53 1.53 3.21 7.41 3.60 7.26 2.52 2.52 Others Jan-2020 / Jan-2028 Oct-2019 / Jun-2021 1.95 3.73 4.73 6.92 — — 4.24 6.14 — — — — |
Schedule of detailed information about government treasury bonds | (iii) At December 31, 2019 and 2018, the balance includes the following Government Treasury Bonds: 2019 2018 S/(000) S/(000) Peruvian treasury bonds 5,959,066 4,706,121 U.S. treasury and federal agency bonds 391,475 82,477 Chilean treasury bonds 173,364 119,517 Bolivian treasury bonds 72,516 90,370 Colombian treasury bonds 61,009 137,936 Others 40,646 54,327 Total 6,698,076 5,190,748 |
Schedule of detailed information about securitization instruments | (iv) At December 31, 2019 and 2018, the balance of securitization instruments includes the following: 2019 2018 S/(000) S/(000) Inmuebles Panamericana 169,959 153,953 Abengoa Transmisión del Norte 87,377 80,948 Industrias de Aceite S.A. 32,050 48,231 Homecenters Peruanos S.A. 35,269 32,520 Others 301,107 202,836 Total 625,762 518,488 |
Schedule of detailed information about held to maturity investments | c) Amortized cost investments consist of the following: 2019 Carrying Fair amount value S/(000) S/(000) Peruvian sovereign bonds (i) 3,277,667 3,694,631 Foreign government bonds (i) 21,168 21,168 Certificates of payment on work progress (CRPAO) (ii) 100,298 103,015 Sub total 3,399,133 3,818,814 Accrued interest 78,180 78,180 Total investments at amortized cost 3,477,313 3,896,994 Provision for credit losses (267) (267) Total investments at amortized cost, net 3,477,046 3,896,727 2018 Carrying Fair amount value S/(000) S/(000) Peruvian sovereign bonds (i) 3,167,666 3,169,229 Foreign government bonds (i) 347,824 347,502 Peruvian treasury bonds (i) 215,769 215,787 Corporate bonds (i) 220,583 218,373 Certificates of payment on work progress (CRPAO) (ii) 117,173 117,209 Sub total 4,069,015 4,068,100 Accrued interest 87,357 87,357 Total investments at amortized cost 4,156,372 4,155,457 Provision for credit losses (1,534) (1,534) Total investments at amortized cost, net 4,154,838 4,153,923 (i) At December 31, 2019, said bonds have maturities between January 2020 and February 2042, accruing interest at an annual effective interest rate between 2.14 percent and 5.28 percent on bonds denominated in soles and between 0.45 percent and 2.53 percent annual on bonds issued in other currencies. (at December 31, 2018 have maturities between January 2019 and February 2042, accruing interest at an annual effective interest rate between 3.15 percent and 6.24 percent on bonds denominated in soles and between 1.22 percent and 5.56 percent on bonds in U.S. Dollars). Likewise, Credicorp Management has determined that at December 31, 2018, the difference between amortized cost and the fair value of these investments is temporary in nature and Credicorp has the intention and ability to hold each of these investments until its maturity. At December 31, 2019, the Group has repurchase agreement transactions for investments at amortized cost for an estimated fair value of S/1,569.3 million (S/2,953.3 million at December 31, 2018), the related liability for which is presented in the caption “Payables from repurchase agreements and securities lending” of the consolidated statement of financial position, see note 5(c). (ii) At December 31, 2019 there are 153 certificates of Annual Recognition of Payment on Work Progress - CRPAO from Spanish acronym (185 CRPAOs at December 31, 2018 ), issued by the Peruvian Government to finance projects and concessions. Said issuance is a mechanism established in the concession agreement signed between the State and the concessionaire, which allows the latter to obtain financing to continue with the work undertaken. Said investment matures between January 2020 and April 2026, accruing interest at an annual effective rate between 3.74 percent and 4.67 percent at December 31, 2019 (between January 2019 and April 2026, accruing interest at an annual effective rate between 4.72 percent and 6.02 percent at December 31, 2018). d) The table below shows the balance of investments classified by maturity, without consider accrued interest or provision for credit loss: 2019 At fair value At fair value through other through profit comprehensive Amortized or loss income cost S/(000) S/(000) S/(000) Up to 3 months 237,624 2,420,464 9,969 From 3 months to 1 year 269,199 6,694,486 908,271 From 1 to 3 years 472,215 2,155,053 42,440 From 3 to 5 years 289,393 2,961,767 690,289 More than 5 years 1,029,883 11,138,643 1,748,164 Without maturity 1,547,477 579,199 — Total 3,845,791 25,949,612 3,399,133 2018 At fair value At fair value through other through profit comprehensive Amortized or loss income cost S/(000) S/(000) S/(000) Up to 3 months 318,648 4,280,152 372,525 From 3 months to 1 year 197,829 5,842,026 208,812 From 1 to 3 years 485,333 2,145,494 1,094,660 From 3 to 5 years 152,083 1,722,051 273,343 More than 5 years 871,020 10,341,820 2,119,675 Without maturity 1,482,663 649,470 — Total 3,507,576 24,981,013 4,069,015 |
LOANS, NET (Tables)
LOANS, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LOANS, NET | |
Schedule of detailed information about loans and advances | a) This item consists of the following: 2019 2018 S/(000) S/(000) Direct loans - Loans 91,481,200 86,898,040 Leasing receivables 5,978,421 6,322,477 Credit cards 8,479,355 7,847,038 Discounted notes 2,200,142 2,313,478 Factoring receivables 2,015,513 1,923,456 Advances and overdrafts in current account 162,149 255,027 Refinanced loans 1,186,167 1,281,360 Restructured loans 125 127 Total direct loans 111,503,072 106,841,003 Internal overdue loans and under legal collection loans 3,304,886 3,119,621 114,807,958 109,960,624 Add (less) - Accrued interest 870,410 865,168 Unearned interest (68,689) (66,402) Total direct loans 115,609,679 110,759,390 Allowance for loan losses (c) (5,123,962) (4,952,392) Total direct loans, net 110,485,717 105,806,998 |
Schedule of composition of gross credit balance | 2019 2018 S/(000) S/(000) Direct loans 114,807,958 109,960,624 Indirect loans, Note 21(a) 21,081,035 20,774,271 Banker’s acceptances outstanding 535,222 967,968 Total 136,424,215 131,702,863 |
Schedule of detailed information about classification of direct loans | The movement of gross balance of loan portfolio by stages is as follows for the periods of 2019 and 2018: Stage 1 Balance at Transfer Transfer New loans, Transfers Exchange Acquisition of Balance at December 31, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and business, December Loans by class 2018 Stage 2 Stage 3 Stage 2 Stage 3 write-offs, net of loans portfolio others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 74,210,068 (1,157,585) (569,032) 1,511,304 13,724 1,608,096 370,433 — (312,259) 163,499 75,838,248 Residential mortgage loans 16,049,110 (411,622) (135,231) 315,586 12,980 2,108,051 2,633 — (64,077) 25,598 17,903,028 Micro-business loans 12,236,140 (504,971) (440,088) 491,781 12,896 1,973,561 (355,466) — (462) 368,932 13,782,323 Consumer loans 10,712,871 (624,147) (307,297) 527,363 17,725 1,832,590 (17,600) — (9,896) 91,249 12,222,858 Total 113,208,189 (2,698,325) (1,451,648) 2,846,034 57,325 7,522,298 — — (386,694) 649,278 119,746,457 Stage 2 Balance at Transfer Transfer New loans, Transfers Exchange Acquisition of Balance at December 31, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and business, December Loans by class 2018 Stage 1 Stage 3 Stage 1 Stage 3 write-offs, net of loans portfolio others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 7,530,106 (1,511,304) (381,261) 1,157,585 8,894 (1,960,025) 54,299 — (20,022) 4,767 4,883,039 Residential mortgage loans 762,549 (315,586) (142,954) 411,622 4,840 59,553 155 — (1,813) 336 778,702 Micro-business loans 1,965,061 (491,781) (208,610) 504,971 6,320 95,835 (53,193) — (311) 21,305 1,839,597 Consumer loans 1,920,204 (527,363) (166,708) 624,147 22,807 330,963 (1,261) — 369 7,346 2,210,504 Total 12,177,920 (2,846,034) (899,533) 2,698,325 42,861 (1,473,674) — — (21,777) 33,754 Stage 3 Balance at Transfer Transfer New loans, Transfers Exchange Acquisition of Balance at December 31, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and business, December Loans by class 2018 Stage 1 Stage 2 Stage 1 Stage 2 write-offs, net of loans portfolio others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,398,900 (13,724) (8,894) 569,032 381,261 (446,188) (33,193) (72,219) (18,719) 15,161 3,771,417 Residential mortgage loans 959,033 (12,980) (4,840) 135,231 142,954 (179,012) — (41,080) (4,634) 319 994,991 Micro-business loans 1,257,956 (12,896) (6,320) 440,088 208,610 (591,241) 32,745 (33,262) (366) 55,544 1,350,858 Consumer loans 700,865 (17,725) (22,807) 307,297 166,708 (296,338) 448 (5,220) (481) 15,903 848,650 Total 6,316,754 (57,325) (42,861) 1,451,648 899,533 (1,512,779) — (151,781) (24,200) 86,927 6,965,916 Consolidated 3 Stages Balance at Transfers Exchange Acquisition of Balance at December 31, Write-offs, New loans and between classes Sale of loan differences business, December Loans by class 2018 net liquidation, net of loans portfolio and others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 85,139,074 (175,761) (622,356) 391,539 (72,219) (351,000) 183,427 84,492,704 Residential mortgage loans 17,770,692 (40,009) 2,028,601 2,788 (41,080) (70,524) 26,253 19,676,721 Micro-business loans 15,459,157 (816,890) 2,295,045 (375,914) (33,262) (1,139) 445,781 16,972,778 Consumer loans 13,333,940 (790,797) 2,658,012 (18,413) (5,220) (10,008) 114,498 15,282,012 Total 131,702,863 (1,823,457) 6,359,302 — (151,781) (432,671) 769,959 136,424,215 Stage 1 Balance at Transfer Transfer New loans, Transfers Exchange Balance at January 1rst, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and December 31, Loans by class 2018 Stage 2 Stage 3 Stage 2 Stage 3 write-offs, net of loans portfolio others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 70,538,767 (2,216,860) (187,558) 807,179 18,884 4,176,547 379,440 — 693,669 74,210,068 Residential mortgage loans 14,119,221 (416,937) (159,561) 151,660 11,333 2,216,316 14,782 — 112,296 16,049,110 Micro-business loans 11,561,250 (612,647) (325,773) 412,930 13,543 1,512,206 (360,158) — 34,789 12,236,140 Consumer loans 9,333,443 (654,148) (203,805) 453,760 21,458 1,766,378 (34,064) — 29,849 10,712,871 Total 105,552,681 (3,900,592) (876,697) 1,825,529 65,218 9,671,447 — — 870,603 113,208,189 Stage 2 Balance at Transfer Transfer New loans, Transfers Exchange Balance at January 1rst, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and December 31, Loans by class 2018 Stage 1 Stage 3 Stage 1 Stage 3 write-offs, net of loans portfolio others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,549,605 (807,179) (306,268) 2,216,860 16,587 2,764,890 45,734 — 49,877 7,530,106 Residential mortgage loans 569,685 (151,660) (123,255) 416,937 6,586 942 240 — 43,074 762,549 Micro-business loans 1,986,325 (412,930) (205,492) 612,647 8,582 20,395 (45,172) — 706 1,965,061 Consumer loans 1,764,494 (453,760) (199,903) 654,148 24,345 131,201 (802) — 481 1,920,204 Total 7,870,109 (1,825,529) (834,918) 3,900,592 56,100 2,917,428 — — 94,138 12,177,920 Stage 3 Balance at Transfer Transfer New loans, Transfers Exchange Balance at January 1rst, Transfer to Transfer to from from liquidation and between classes Sale of loan differences and December 31, Loans by class 2018 Stage 1 Stage 2 Stage 1 Stage 2 write-offs, net of loans portfolio others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 3,253,560 (18,884) (16,587) 187,558 306,268 (258,918) (33,127) (57,956) 36,986 3,398,900 Residential mortgage loans 862,645 (11,333) (6,586) 159,561 123,255 (128,110) 353 (49,908) 9,156 959,033 Micro-business loans 1,295,025 (13,543) (8,582) 325,773 205,492 (509,009) 32,923 (75,916) 5,793 1,257,956 Consumer loans 832,487 (21,458) (24,345) 203,805 199,903 (477,389) (149) (13,843) 1,854 700,865 Total 6,243,717 (65,218) (56,100) 876,697 834,918 (1,373,426) — (197,623) 53,789 6,316,754 Consolidated 3 Stages Balance at Transfers Exchange Balance at January Write-offs, New loans and between classes Sale of loan differences December Loans by class 1rst, 2018 net liquidation, net of loans portfolio and others 31, 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 77,341,932 (115,040) 6,797,559 392,047 (57,956) 780,532 85,139,074 Residential mortgage loans 15,551,551 (11,671) 2,100,819 15,375 (49,908) 164,526 17,770,692 Micro-business loans 14,842,600 (666,506) 1,690,098 (372,407) (75,916) 41,288 15,459,157 Consumer loans 11,930,424 (747,948) 2,168,138 (35,015) (13,843) 32,184 13,333,940 Total 119,666,507 (1,541,165) 12,756,614 — (197,623) 1,018,530 131,702,863 |
Schedule of Allowance for Credit Losses on Financial instruments | Stage 1 New loans Transfers Balance at Transfer Transfer liquidation, Changes in between Exchange Acquisition Balance at December 31, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences of business, December Loans by class 2018 Stage 2 Stage 3 Stage 2 Stage 3 offs, net EADs loans portfolio and others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 311,767 (11,258) (9,281) 41,033 9,492 36,768 10,982 4,886 — (8,834) 3,130 388,685 Residential mortgage loans 31,479 (2,069) (726) 7,857 6,178 6,850 (11,675) 134 — (490) 547 38,085 Micro-business loans 342,519 (22,272) (49,368) 57,319 9,631 (71,852) 149,468 (6,511) — (5,759) 22,467 425,642 Consumer loans 276,019 (18,691) (80,991) 90,915 16,831 (97,213) 57,927 1,491 — (176) 2,243 248,355 Total 961,784 (54,290) (140,366) 197,124 42,132 (125,447) 206,702 — — (15,259) 28,387 1,100,767 Stage 2 New loans Transfers Balance at Transfer Transfer liquidation, Changes in between Exchange Acquisition Balance at December 31, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences of business, December Loans by class 2018 Stage 1 Stage 3 Stage 1 Stage 3 offs, net EADs loans portfolio and others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 151,999 (41,033) (21,988) 11,258 6,102 (4,601) 62,277 994 — (511) 1,638 166,135 Residential mortgage loans 22,404 (7,857) (4,562) 2,069 2,434 2,780 8,409 42 — (100) 65 25,684 Micro-business loans 263,593 (57,319) (43,113) 22,272 5,576 (121,662) 172,546 (956) — 63 8,960 249,960 Consumer loans 500,535 (90,915) (43,031) 18,691 21,996 (153,370) 257,845 (80) — (19) 1,779 513,431 Total 938,531 (197,124) (112,694) 54,290 36,108 (276,853) 501,077 — — (567) 12,442 955,210 Stage 3 New loans Transfers Balance at Transfer Transfer liquidation, Changes in between Exchange Acquisition Balance at December 31, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences of business, December Loans by class 2018 Stage 1 Stage 2 Stage 1 Stage 2 offs, net EADs loans portfolio and others Note 2(a) 31, 2019 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,355,363 (9,492) (6,102) 9,281 21,988 (275,028) 301,493 (33,973) (55,783) (6,348) 13,828 1,315,227 Residential mortgage loans 470,286 (6,178) (2,434) 726 4,562 (101,740) 146,860 — (24,319) (15,245) 193 472,711 Micro-business loans 979,292 (9,631) (5,576) 49,368 43,113 (457,093) 327,884 32,878 (27,267) (22,688) 50,605 960,885 Consumer loans 609,275 (16,831) (21,996) 80,991 43,031 (255,086) 284,403 1,095 (3,943) (30,628) 12,648 702,959 Total 3,414,216 (42,132) (36,108) 140,366 112,694 (1,088,947) 1,060,640 — (111,312) (74,909) 77,274 3,451,782 Consolidated 3 Stages Credit loss of the period New loans Transfers Balance at and Changes in between Exchange Acquisition Balance at December Write-offs, liquidation, PDs, LGDs, classes of Sale of loan differences of business, December Loans by class 31, 2018 net net EADs loans portfolio and others Note 2(a) 31, 2019 (*) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,819,129 (181,520) (61,341) 374,752 (28,093) (55,783) (15,693) 18,596 1,870,047 Residential mortgage loans 524,169 (42,920) (49,190) 143,594 176 (24,319) (15,835) 805 536,480 Micro-business loans 1,585,404 (816,886) 166,279 649,898 25,411 (27,267) (28,384) 82,032 1,636,487 Consumer loans 1,385,829 (781,593) 275,924 600,175 2,506 (3,943) (30,823) 16,670 1,464,745 Total 5,314,531 (1,822,919) 331,672 1,768,419 — (111,312) (90,735) 118,103 5,507,759 Stage 1 Restated New loans Transfers balance at Transfer Transfer liquidation, Changes in between Exchange Balance at January 1, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences December 31, Loans by class 2018 Stage 2 Stage 3 Stage 2 Stage 3 offs, net EADs loans portfolio and others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 280,211 (13,311) (6,647) 16,464 10,864 22,404 (5,007) 5,238 — 1,551 311,767 Residential mortgage loans 18,614 (1,716) (817) 2,565 5,556 7,532 (1,114) 449 — 410 31,479 Micro-business loans 350,134 (27,116) (17,238) 46,522 13,148 (110,425) 86,904 (5,634) — 6,224 342,519 Consumer loans 356,938 (29,407) (9,568) 91,969 19,765 (111,150) (43,030) (53) — 555 276,019 Total 1,005,897 (71,550) (34,270) 157,520 49,333 (191,639) 37,753 — — 8,740 961,784 Stage 2 Restated New loans Transfers balance at Transfer Transfer liquidation, Changes in between Exchange Balance at January 1, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences December 31, Loans by class 2018 Stage 1 Stage 3 Stage 1 Stage 3 offs, net EADs loans portfolio and others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 99,004 (16,464) (20,602) 13,311 13,696 29,284 33,375 (254) — 649 151,999 Residential mortgage loans 13,747 (2,565) (2,945) 1,716 3,201 1,617 7,296 7 — 330 22,404 Micro-business loans 281,227 (46,522) (43,715) 27,116 7,817 (134,037) 168,748 378 — 2,581 263,593 Consumer loans 507,726 (91,969) (53,473) 29,407 22,834 (145,865) 231,922 (131) — 84 500,535 Total 901,704 (157,520) (120,735) 71,550 47,548 (249,001) 441,341 — — 3,644 938,531 Stage 3 Restated New loans Transfers balance at Transfer Transfer liquidation, Changes in between Exchange Balance at January 1, Transfer to Transfer to from from and write- PDs, LGDs, classes of Sale of loan differences December 31, Loans by class 2018 Stage 1 Stage 2 Stage 1 Stage 2 offs, net EADs loans portfolio and others 2018 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,259,258 (10,864) (13,696) 6,647 20,602 (64,741) 294,960 (34,932) (48,442) (53,429) 1,355,363 Residential mortgage loans 411,087 (5,556) (3,201) 817 2,945 (56,676) 142,064 302 (32,089) 10,593 470,286 Micro-business loans 1,001,286 (13,148) (7,817) 17,238 43,715 (327,426) 296,807 34,709 (67,682) 1,610 979,292 Consumer loans 684,728 (19,765) (22,834) 9,568 53,473 (385,261) 294,521 (79) (10,338) 5,262 609,275 Total 3,356,359 (49,333) (47,548) 34,270 120,735 (834,104) 1,028,352 — (158,551) (35,964) 3,414,216 Consolidated 3 Stages Credit loss of the period Balance at Effect of Restated New loans Changes in Transfers Sale of Exchange Balance at December adopting balance at Write-offs, and PDs, LGDs, between classes of loan differences December Loans by class 31, 2017 IFRS 9 January 1, 2018 net liquidation,net EADs loans portfolio and others 31, 2018 (*) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,680,126 (41,653) 1,638,473 (115,366) 102,313 323,328 (29,948) (48,442) (51,229) 1,819,129 Residential mortgage loans 228,287 215,161 443,448 (11,764) (35,763) 148,246 758 (32,089) 11,333 524,169 Micro-business loans 1,476,578 156,069 1,632,647 (695,445) 123,557 552,459 29,453 (67,682) 10,415 1,585,404 Consumer loans 1,558,017 (8,625) 1,549,392 (759,621) 117,345 483,413 (263) (10,338) 5,901 1,385,829 Total 4,943,008 320,952 5,263,960 (1,582,196) 307,452 1,507,446 — (158,551) (23,580) 5,314,531 (*) The movement in the allowance for loan losses of the period 2019 includes the allowance for direct and indirect loans for approximately S/5,124.0 million and S/383.8 million, respectively (approximately S/4,952.4 million and S/362.1 million, respectively, at December 31, 2018). The expected loan loss for indirect loan is included in “Other liabilities” of the consolidated statement of financial position, Note 13(a). In Management’s opinion, the allowance for loan losses recorded as of December 31, 2019 and 2018 has been established in accordance with IFRS 9 and is sufficient to cover incurred losses on the loan portfolio. |
Schedule of detailed information about the movement in the allowance for loan losses [text block] | As of December 31, 2017, the allowance for loan losses for direct and indirect loans was determined under incurred credit losses model as established in the IAS 39. The movement in the allowance for loan losses is shown below for direct and indirect loans: Balance as of Exchange Balance as of December 31, Allowance for Loan portfolio differences December 31, Loans by class 2016 loan losses written-off and others 2017 (*) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 1,235,970 737,929 (217,160) (76,613) 1,680,126 Residential mortgage loans 193,385 50,663 (10,662) (5,099) 228,287 Micro-business loans 1,353,168 576,931 (437,594) (15,927) 1,476,578 Consumer loans 1,634,169 691,955 (760,785) (7,322) 1,558,017 Total 4,416,692 2,057,478 (1,426,201) (104,961) 4,943,008 (*) |
Schedule of detailed information about direct gross loan on maturity basis [text block] | f) The following table presents the gross direct loan portfolio at December 31, 2019 and 2018 by maturity based on the remaining period to the payment due date: 2019 2018 S/(000) S/(000) Outstanding loans - Up to 1 year 53,306,936 49,219,931 From 1 to 3 years 24,586,441 25,763,021 From 3 to 5 years 9,615,514 10,300,621 More than 5 years 23,994,181 21,557,430 111,503,072 106,841,003 Internal overdue loans - Overdue 90 days 692,161 635,893 Over 90 days 2,612,725 2,483,728 3,304,886 3,119,621 Total 114,807,958 109,960,624 |
FINANCIAL ASSETS DESIGNATED A_2
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | |
Schedule Of Detailed Information About Income From Fianancial Assets Designated At Fair Value Through Profit Or Loss | The profit resulting from these assets is shown in “Net premiums earned” in the consolidated statement of income. The composition of the generated returns is presented below: 2019 2018 S/(000) S/(000) Net profit on sale of financial investments 21,879 25,342 Changes in the fair value of financial assets 58,351 (90,467) Dividends, interests and others 13,434 11,190 Total 93,664 (53,935) |
ACCOUNTS RECEIVABLE AND PAYABLE
ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET PREMIUMS EARNED | |
Schedule of amounts arising from insurance contracts | b) The movements of the captions “Accounts receivable and payable to reinsurers and coinsurers” are as follows: Accounts receivable: 2019 2018 2017 S/(000) S/(000) S/(000) Balances at the beginning of the period 842,043 715,695 454,187 Reported claims of premiums ceded, Note 26 321,375 367,969 483,387 Reserve risk in progress of premiums ceded, Note 25(a)(**) (14,935) 34,709 21,192 Premiums assumed 668 5,882 2,341 Settled claims of premiums ceded by reinsurance contracts (226,769) (238,936) (231,298) Collections and others, net (130,678) (43,276) (14,114) Balances at the end of the period 791,704 842,043 715,695 Accounts receivable as of December 31, 2019 and 2018, include S/201.0 million and S/152.9 million, respectively, which correspond to the assigned portion of technical reserves for premiums ceded to the reinsurers. Accounts Payable: 2019 2018 2017 S/(000) S/(000) S/(000) Balances at the beginning of the period 291,693 235,185 233,892 Premiums ceded for automatic contracts (mainly excess of loss), Note 25(a)(**) 254,839 243,427 257,617 Premiums ceded to reinsurers in facultative contracts, Note 25(a)(**) 289,386 288,928 263,378 Coinsurance granted 4,332 11,433 5,925 Payments and other, net (623,516) (487,280) (525,627) Balances at the end of the period 216,734 291,693 235,185 |
PROPERTY, FURNITURE AND EQUIP_2
PROPERTY, FURNITURE AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY, FURNITURE AND EQUIPMENT, NET | |
Schedule of property, Furniture and Equipment | a) The movement of property, furniture and equipment and accumulated depreciation, for the years ended December 31, 2019, 2018, and 2017 was as follows: Buildings and Vehicles other Furniture and Computer and Work in Land constructions Installations fixtures hardware equipment progress 2019 2018 2017 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balance as of January 1 411,110 1,162,377 611,568 521,521 632,214 155,417 79,373 3,573,580 3,504,226 3,409,369 Additions 2,259 3,758 13,493 29,213 23,094 486 62,473 134,776 181,459 143,851 Acquisition of business, Note 2(a) 505 2,550 — 14,407 12,121 310 — 29,893 — — Transfers — 2,154 39,114 5,549 5,687 141 (52,645) — — — Disposals and others (12,321) (14,587) (10,447) (90,942) (37,913) (39,729) (19,833) (225,772) (112,105) (48,994) Balance as of December 31 401,553 1,156,252 653,728 479,748 635,203 116,625 69,368 3,512,477 3,573,580 3,504,226 Accumulated depreciation - Balance as of January 1 — 632,261 457,104 353,458 536,322 113,733 — 2,092,878 1,994,734 1,857,666 Depreciation of the year — 31,065 28,627 33,210 42,378 10,786 — 146,066 170,138 178,895 Acquisition of business, Note 2(a) — 56 — 9,678 9,424 141 — 19,299 — — Disposals and others — (5,692) (7,437) (88,326) (36,101) (36,383) — (173,939) (71,994) (41,827) Balance as of December 31 — 657,690 478,294 308,020 552,023 88,277 — 2,084,304 2,092,878 1,994,734 Net carrying amount 401,553 498,562 175,434 171,728 83,180 28,348 69,368 1,428,173 1,480,702 1,509,492 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INTANGIBLE ASSETS AND GOODWILL, NET | |
Schedule of detailed information about intangible assets | The movement of intangible assets with limited useful life for the years ended December 31, 2019, 2018 and 2017 was as follows: Client Fund Intangible relationships Brand manager Relationships Software and in Description (i) name (ii) contract (iii) with holders developments progress Other 2019 2018 2017 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - Balances at January 1 403,607 258,928 95,527 21,100 2,173,302 427,028 26,841 3,406,333 3,090,365 2,789,435 Additions — — — — 101,503 270,454 — 371,957 419,789 271,722 Acquisition of business, Note 2(a) 18,462 1,164 4,298 — 79,165 — 23,039 126,128 — — Transfers — — — — 357,432 (357,432) — — — — Disposals and others (43,173) (66,845) (5,682) — (6,841) 23,297 (185) (99,429) (103,821) 29,208 Balances at December 31 378,896 193,247 94,143 21,100 2,704,561 363,347 49,695 3,804,989 3,406,333 3,090,365 Accumulated amortization - Balance at January 1 257,580 120,425 7,072 16,703 1,513,340 — 26,841 1,941,961 1,747,475 1,464,894 Amortization of the year 27,229 7,041 4,396 3,516 266,338 — 446 308,966 258,984 241,080 Acquisition of business, Note 2(a) — — — — 3,104 — — 3,104 — — Disposals and others (40,858) (66,823) 973 — (8,599) — — (115,307) (64,498) 41,501 Balance at December 31 243,951 60,643 12,441 20,219 1,774,183 — 27,287 2,138,724 1,941,961 1,747,475 Net carrying amount 134,945 132,604 81,702 881 930,378 363,347 22,408 1,666,265 1,464,372 1,342,890 |
Schedule of detailed information about client relationships intangible assets | This item consists of the following: 2019 2018 S/(000) S/(000) Prima AFP - AFP Unión Vida 82,322 94,670 Credicorp Capital Holding Chile - Inversiones IMT 19,333 22,776 Mibanco 15,036 27,065 Ultraserfinco 13,400 — Culqi 2,550 — Tenpo 2,304 — Mibanco - Edyficar Perú — 1,516 Net carrying amount 134,945 146,027 |
Schedule of detailed information about brand intangible assets | This item consists of the following: 2019 2018 S/(000) S/(000) Mibanco 131,440 138,268 Culqi 1,164 — Credicorp Capital Holding Chile - Inversiones IMT — 235 Net carrying amount 132,604 138,503 |
Schedule of detailed information about fund manager contract intangible assets | This item consists of the following: 2019 2018 S/(000) S/(000) Credicorp Capital Colombia 42,352 47,886 Credicorp Capital Holding Chile - Inversiones IMT 34,997 40,569 Ultrasefinco S.A. 4,353 — Net carrying amount 81,702 88,455 |
Schedule of reconciliation of changes in goodwill | Goodwill acquired through business combinations has been allocated to each subsidiary or groups of them, which are also identified as a CGU for the purposes of impairment testing, as follows: 2019 2018 S/(000) S/(000) Mibanco - Edyficar Perú 273,694 273,694 Banco Compartir S.A. 212,085 — Prima AFP - AFP Unión Vida 124,641 124,641 Credicorp Capital Colombia 72,134 74,391 Banco de Crédito del Perú 52,359 52,359 Ultraserfinco S.A. 45,339 — Pacífico Seguros 36,354 36,354 Atlantic Security Holding Corporation 29,795 29,795 Tenpo SpA 23,051 — Multicaja Prepago S.A. 12,943 — Compañía Incubadora de Soluciones Móviles S.A. 3,518 — Crediseguro Seguros Personales 96 96 Net carrying amount 886,009 591,330 |
Summary of key assumptions used for calculation of fair value less selling costs | The following table summarizes the key assumptions used for the calculation of fair value less selling costs in 2019 and 2018: At December 31, 2019 Terminal value growth Description rate Discount rate % % Mibanco - Edyficar Perú 3.00 12.35 Prima AFP - AFP Unión Vida 1.00 11.63 Credicorp Capital Colombia 3.80 12.62 Banco de Crédito del Perú 5.00 11.19 Pacífico Seguros (*) 5.00 10.72 and 12.00 Atlantic Security Holding Corporation 2.00 11.41 At December 31, 2018 Description Terminal value growth rate Discount rate % % Mibanco - Edyficar Perú 3.00 14.18 Prima AFP - AFP Unión Vida 1.00 10.73 Credicorp Capital Colombia 3.80 14.65 Banco de Crédito del Perú 5.00 11.15 Pacífico Seguros (*) 5.00 12.05 and 14.00 Atlantic Security Holding Corporation 2.00 10.07 (*) |
RIGHT-OF-USE ASSETS AND LEASE_2
RIGHT-OF-USE ASSETS AND LEASE LIABILITES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITES | |
Summary of lease agreements | 2019 Property: Servers and Agencies and technology Spaces for Transport Other offices platforms ATM units leases Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost - 819,046 168,371 25,146 3,006 7,394 1,022,963 Balance at December 31 819,046 168,371 25,146 3,006 7,394 1,022,963 Accumulated depreciation - Balance at January 1, 2019 — — — — — — Depreciation of the period 125,462 39,891 7,900 400 3,654 177,307 Acquisition of business and others 5,299 700 — 571 — 6,570 Balance at December 31 130,761 40,591 7,900 971 3,654 183,877 Net carrying amount 688,285 127,780 17,246 2,035 3,740 839,086 |
OTHER ASSETS AND OTHER LIABIL_2
OTHER ASSETS AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER ASSETS AND OTHER LIABILITIES | |
Schedule of detailed information about other assets and liabilities explanatory | a) This item consists of the following: 2019 2018 S/(000) S/(000) Other assets - Financial instruments: Receivables 1,590,472 1,948,849 Derivatives receivable (b) 1,092,107 766,317 Operations in process (c) 110,389 357,611 2,792,968 3,072,777 Non-financial instruments: Deferred fees (g) 1,056,656 340,564 Investment in associates (d) 628,822 582,132 Investment properties, net (e) 450,929 440,234 Income tax prepayments, net 191,502 389,029 Adjudicated assets, net 143,349 133,112 Improvements in leased premises 112,385 114,685 VAT (IGV) tax credit 75,605 37,771 Others 6,254 12,732 2,665,502 2,050,259 Total 5,458,470 5,123,036 2019 2018 S/(000) S/(000) Other liabilities - Financial instruments: Accounts payable 1,981,873 1,540,057 Derivatives payable (b) 1,040,282 715,804 Salaries and other personnel expenses 760,140 717,820 Allowance for indirect loan losses, Note 7(c) 383,797 362,139 Operations in process (c) 80,734 358,498 4,246,826 3,694,318 Non-financial instruments: Taxes 644,802 677,229 Provision for sundry risks (f) 359,853 342,350 Others 229,807 227,636 1,234,462 1,247,215 Total 5,481,288 4,941,533 |
Schedule of detailed information about derivative's underlying asset and is the basis upon which changes in the value of derivatives | 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. 2019 2018 2019 and 2018 Notional Notional Related Note Assets Liabilities amount Maturity Assets Liabilities amount Maturity instruments S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Derivatives held for trading (i) - Foreign currency forwards 306,148 246,960 27,422,634 January 2020 / October 2022 124,124 101,548 17,557,683 January 2019 / September 2020 — Interest rate swaps 268,633 350,938 26,268,071 January 2020 / December 2031 141,731 148,119 21,890,962 January 2019 / December 2031 — Currency swaps 411,656 366,545 8,177,179 January 2020 / January 2033 354,432 401,856 9,999,343 January 2019 / January 2033 — Foreign exchange options 6,489 6,089 1,565,083 January 2020 / December 2020 1,281 728 306,321 January 2019 / November 2020 — Futures 10 139 16,901 March 2020 564 2,658 241,507 March 2019 — 992,936 970,671 63,449,868 622,132 654,909 49,995,816 Derivatives held as hedges Cash flow hedges (ii) - Interest rate swaps (IRS) 15(b)(v) 102 1,111 662,800 May 2020 / November 2020 4,364 123 1,180,550 January 2019 / August 2019 Debt to banks Interest rate swaps (IRS) 15(b)(iii) — 1,046 629,660 May 2020 / June 2020 3,445 67 843,250 February 2019 / November 2019 Debt to banks Interest rate swaps (IRS) 15(b)(ii) 55 714 984,258 February 2020 / November 2020 312 — 337,300 May 2019 Debt to banks Interest rate swaps (IRS) 15(b)(i) 315 839 994,200 May 2020 / August 2020 209 233 505,950 May 2019 / October 2019 Debt to banks Interest rate swaps (IRS) 15(b)(vi) 114 — 331,400 August 2020 — — — — Debt to banks Interest rate swaps (IRS) 15(b)(iv) — 447 331,400 June 2020 — — — — Debt to banks Interest rate swaps (IRS) 15(b)(vii) — — — — — 151 337,300 July 2019 Debt to banks Interest rate swaps (IRS) 5(c)(v) — — — — 3,417 — 505,950 March 2019 / December 2019 Repurchase agreements Interest rate swaps (IRS) 17(a)(iv) — 2,555 231,980 March 2021 — — — — Bonds issued Cross currency swaps (CCS) 5(c)(ii) 30,741 — 231,980 August 2020 35,229 — 236,110 August 2020 Repurchase agreements Cross currency swaps (CCS) 5(c)(iii) — 30,352 149,130 August 2026 — 11,939 151,785 August 2026 Repurchase agreements Cross currency swaps (CCS) 5(c)(iv) — 12,236 82,850 August 2026 — 1,741 84,325 August 2026 Repurchase agreements Cross currency swaps (CCS) 6(b)(i) 20,803 1,167 107,425 May 2021 / September 2024 21,424 1,867 136,119 February 2021 / September 2024 Investments (*) Cross currency swaps (CCS) 6(b)(iii) — — — — — 4,249 77,822 March 2019 Investments (*) Cross currency swaps (CCS) 15(b)(iv) 7,624 — 331,400 January 2020 16,132 — 337,300 January 2020 Debt to banks Cross currency swaps (CCS) 17(a)(vi) — — — — — 35,658 1,011,900 October 2019 Bonds issued Cross currency swaps (CCS) 17(a)(i) — 8,197 165,700 January 2025 — — — — Bonds issued Cross currency swaps (CCS) 17(a)(v) — 2,823 152,545 August 2021 — — — — Bonds issued Cross currency swaps (CCS) and Interest rate swaps (IRS) 5(c)(i) — 265,120 August 2020 47,959 — 269,840 August 2020 Repurchase agreements Fair value hedges - Interest rate swaps (IRS) 6(b) — 8,124 618,790 June 2021 / May 2023 11,694 4,867 923,912 July 2019 / July 2025 Investments (*) 99,171 69,611 6,270,638 144,185 60,895 6,939,413 1,092,107 1,040,282 69,720,506 766,317 715,804 56,935,229 (*) Corresponds to investments classified at the fair value through other comprehensive income under IFRS 9 as of December 31, 2019 and 2018. |
Schedule of detailed information about maturity analysis for derivative financial instruments | Fair value of derivatives held for trading classified by contractual maturity is as follows: At December 31, 2019 At December 31, 2018 Up to 3 From 3 months From 1 to 3 From 3 to 5 Over 5 Up to 3 From 3 months From 1 to 3 From 3 to 5 Over 5 months to 1 year years years years Total months to 1 year years years 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 199,070 104,265 2,813 — — 306,148 71,976 47,081 5,067 — — 124,124 Interest rate swaps 3,716 8,409 38,569 8,067 209,872 268,633 4,075 7,441 22,888 22,286 85,041 141,731 Currency swaps 7,124 101,368 102,703 67,826 132,635 411,656 6,316 24,183 142,696 130,594 50,643 354,432 Foreign exchange options 1,844 4,645 — — — 6,489 763 380 138 — — 1,281 Futures 10 — — — — 10 564 — — — — 564 Total assets 211,764 218,687 144,085 75,893 342,507 992,936 83,694 79,085 170,789 152,880 135,684 622,132 At December 31, 2019 At December 31, 2018 Up to 3 From 3 months From 1 to 3 From 3 to 5 Over 5 Up to 3 From 3 months From 1 to 3 From 3 to 5 Over 5 months to 1 year years years years Total months to 1 year years years 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 154,424 89,739 2,797 — — 246,960 61,801 37,501 2,246 — — 101,548 Interest rate swaps 7,705 13,837 46,840 18,477 264,079 350,938 11,265 16,586 19,458 19,459 81,351 148,119 Currency swaps 41,729 92,917 79,844 50,663 101,392 366,545 22,163 34,896 187,581 87,496 69,720 401,856 Foreign exchange options 836 5,253 — — — 6,089 282 310 136 — — 728 Futures 139 — — — — 139 2,658 — — — — 2,658 Total liabilities 204,833 201,746 129,481 69,140 365,471 970,671 98,169 89,293 209,421 106,955 151,071 654,909 |
Schedule of detailed information about hedging instruments | 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: At December 31, 2019 At December 31, 2018 Up to 1 From 1 to 3 From 3 to 5 Over 5 Up to 1 From 1 to 3 From 3 to 5 Over 5 year years years years Total year years years 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) 5,081,355 301,865 84,786 254,968 5,722,974 4,873,965 1,197,478 27,734 281,061 6,380,238 Cash outflows (liabilities) (4,693,775) (330,220) (91,678) (355,702) (5,471,375) (4,913,876) (1,101,309) (37,660) (249,925) (6,302,770) Consolidated statement of income (8,949) (4,367) (487) (18,139) (31,942) (4,948) 1,145 (523) (3,430) (7,756) |
Schedule of detailed information about investment property | The movement of investment properties is as follows: 2019 2018 Own assets Land Buildings Total Total S/(000) S/(000) S/(000) S/(000) Cost Balance at January 1 239,225 245,557 484,782 498,625 Additions (i) 23,931 9,390 33,321 49,519 Sales (ii) (9,362) (17,413) (26,775) (16,165) Disposals and others (753) 791 38 (47,197) Balance at December 31 253,041 238,325 491,366 484,782 Accumulated depreciation Balance at January 1 — 43,488 43,488 39,770 Depreciation for the year — 6,727 6,727 7,405 Sales (ii) — (11,435) (11,435) (3,154) Disposals and others — 247 247 (533) Balance at December 31 — 39,027 39,027 43,488 Impairment losses (iii) 689 721 1,410 1,060 Net carrying amount 252,352 198,577 450,929 440,234 Land and buildings are mainly used for office rental, which are free of all encumbrances. (i) In 2019, the most important additions corresponded to the acquisition of 13th floor of Panorama Building located in the district of Santiago de Surco for approximately S/10.1 million (S/1.3 million for land and S/8.8 million for building) and land located in the district of San Martín de Porres for approximately S/8.7 million. In 2018, the most important additions corresponded to the acquisition of two properties, one in the district of Lurín for approximately S/21.9 million and another in Chinchón Gallery for S/3.9 million. Also, the 15th floor of Panorama Building was acquired for S/10.0 million and two plots of land in the department of Trujillo for a total of S/9.5 million. (ii) The amount for the sales of 2019, is mainly made up of the sale of a property located in Camino Real 348, San Isidro, whose sale value was S/27.5 million (cost of disposal of the property amounted to S/6.3 million); and a property located in Manuel Maria Izaga Street, located in the province of Chiclayo, whose value was S/3.4 million (net cost of the property amounted to S/4.2 millions). The balance of sales for the year 2018, mainly comprises of the disposal of a property located at Av. Santa Cruz, whose sale value was S/12.6 million (cost of the disposal of the property amounted to S/5.0 million). Likewise, land located at Av. Reducto and Av. Salaverry were sold for approximately S/10.1 million and S/2.9 million, whose disposal costs were S/6.5 million and S/2.0 million, respectively. (iii) The Group’s Management has determined that the recoverable value of its investment properties is greater than their net carrying amount, with the exception of a property located in the city of Ica, for which an impairment of S/0.3 million was recorded during 2019 (S/1.1 million during the period of 2018). |
Schedule of other provisions | f) The movement of the provision for sundry risks for the years ended December 31, 2019, 2018 and 2017 was as follows: 2019 2018 2017 S/(000) S/(000) S/(000) Balance at the beginning of the year 342,350 275,841 296,339 Provision, Note 29 27,272 42,236 29,023 Increase (decrease), net (9,769) 24,273 (49,521) Balances at the end of the year 359,853 342,350 275,841 |
DEPOSITS AND OBLIGATIONS (Table
DEPOSITS AND OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DEPOSITS AND OBLIGATIONS | |
Schedule of detailed information of deposits and obligations | a) This item consists of the following: 2019 2018 S/(000) S/(000) Demand deposits 34,213,188 32,515,163 Time deposits (c) 32,853,576 30,426,744 Saving deposits 35,179,770 32,593,979 Severance indemnity deposits 7,897,199 7,571,375 Bank’s negotiable certificates 1,180,461 876,863 Total 111,324,194 103,984,124 Interest payable 681,191 567,186 Total 112,005,385 104,551,310 |
Schedule of detailed information of non-interest bearing and interest-bearing deposits and obligations | b) The amounts of non-interest-bearing and interest-bearing deposits and obligations are presented below: 2019 2018 S/(000) S/(000) Non-interest-bearing - In Peru 31,155,442 29,552,904 In other countries 2,674,724 2,696,702 33,830,166 32,249,606 Interest-bearing - In Peru 68,899,966 63,938,399 In other countries 8,594,062 7,796,119 77,494,028 71,734,518 Total 111,324,194 103,984,124 |
Schedule of detailed information of balances of time deposits by maturity | c) The balance of time deposits classified by maturity is as follows: 2019 2018 S/(000) S/(000) Up to 3 months 14,674,773 14,771,836 From 3 months to 1 year 8,975,269 8,177,435 From 1 to 3 years 6,096,891 4,506,612 From 3 to 5 years 819,446 846,696 More than 5 years 2,287,197 2,124,165 Total 32,853,576 30,426,744 |
DUE TO BANKS AND CORRESPONDEN_2
DUE TO BANKS AND CORRESPONDENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DUE TO BANKS AND CORRESPONDENTS | |
Schedule of detailed information of deposits from banks | a) This item consists of the following: 2019 2018 S/(000) S/(000) International funds and others (b) 5,654,014 5,460,725 Promotional credit lines (c) 2,938,981 2,389,086 Inter-bank funds 205,000 547,300 8,797,995 8,397,111 Interest payable 43,737 51,029 Total 8,841,732 8,448,140 b) This item consists of the following: 2019 2018 S/(000) S/(000) Bank of America, N.A. (i) Sumitomo Mitsui Banking Corporation (ii) Wells Fargo Bank, N.A. (iii) 730,074 843,250 Corporación Andina de Fomento - CAF (iv) 662,800 674,600 Citibank N.A. (v) 662,800 1,180,550 Corporación Financiera de Desarrollo (COFIDE) 406,710 340,572 Bank of New York Mellon (vi) 331,400 — Caja Municipal de Ahorro y Crédito de Arequipa S.A. 140,000 — Scotiabank Perú S.A.A. 100,000 100,000 International Finance Corporation (IFC) 91,558 183,391 Standard Chartered Bank (vii) 86,827 404,760 Banco BBVA Perú 85,000 82,850 Banco Internacional del Perú S.A.A. (Interbank) 50,000 — Banco Consorcio 34,627 79,526 Deutsche Bank — 337,300 Wachovia Bank N.A. — 84,325 Banco de la Nación — 75,000 Others less than S/51.0 million 293,760 231,351 Total 5,654,014 5,460,725 At December 31, 2019, the loans have maturities between January 2020 and March 2032 (between January 2019 and March 2032, at December 31, 2018) and accrue interest at rates that fluctuate between 3.17 percent and 8.67 percent (between 1.00 percent and 8.67 percent, at December 31, 2018). (i) At December 31, 2019, the balance corresponds to four variable rate loans obtained between May and November 2019 for a total of US$300.0 million, equivalent to S/994.2 million (three loans obtained between May and October 2018 for a total of US$150.0 million, equivalent to S/506.0 million, at December 31, 2018 ) which amounts are hedged by four IRS (three IRS at December 31, 2018) for a notional amount equal to the principal and maturity, see Note 13(b). By means of IRS these loans were economically converted to a fix rate. The loans that were in effect at December 31, 2018 for US$150.0 millions matured during the year of 2019. (ii) At December 31, 2019, the balance corresponds to three variable rate loans obtained between May and November 2019 for a total of US$297.0 million, equivalent to S/984.3 million (a loan obtained in May 2018 for US$100.0 million, equivalent to S/337.3 million at December 31, 2018); the amounts of which are hedged by four IRS (an IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of the IRS, said loans were economically converted to a fixed rate. The loan that was in effect at December 31, 2018 of US$100.0 million matured during the year of 2019. (iii) At December 31, 2019, balance comprises four variable rate loans obtained between May and July of 2019 for a total of US$190.0 million, equivalent to S/629.7 million (three loans obtained between October 2017 and October 2018 for a total amount of US$250.0 million, equivalent to S/843.3 million, at December 31, 2018), whose amounts are hedged by four IRS (three IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these IRS, said loans were economically converted to a fixed rate. The loans that were in effect at December 31, 2018 for US$250.0 million matured during the year of 2019. (iv) At December 31, 2019, the balance comprises a variable rate loan in U.S. Dollars obtained in June 2019 for US$100.0 million, equivalent to S/331.4 million, the amount of which was hedged by a IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of this IRS this loan was economically converted to a fixed rate. Likewise, at December 31, 2019, its included a variable rate loan in U.S. Dollars obtained in December 2017 for a total of US$100.0 million, equivalent to S/331.4 million (US$100.0 million, equivalent to S/337.3 million, at December 31, 2018) the amount of which was hedged by two CCS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these CCS, said loan was economically converted to a fixed rate. (v) At December 31, 2019, the balance corresponds to a three variable rate loan obtained between May and November 2019 for US$200.0 million, equivalent to S/662.8 million (four loans obtained between July 2017 and October 2018 for a total amount of US$350.0 million, equivalent to S/1,180.6 million at December 31, 2018); the amounts of which were hedged by three IRS (four IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of this IRS, said loans were economically converted to a fixed rate. The loans that were in effect at December 31, 2018 of US$350.0 million matured during the year of 2019. (vi) At December 31, 2019, the balance corresponded to a variable rate loan in U.S. Dollars obtained in August 2019 for US$100.0 million, equivalent to S/331.4 million, the amount of which was hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of the IRS, said loan was economically converted to a fixed rate. (vii) At December 31, 2018, the balance included a variable rate loan obtained in October 2018 for US$100.0 million, equivalent to S/337.3 million, the amount of which was hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these IRS, said loan was economically converted to a fixed rate. |
Schedule of detailed information of balances of due to banks and correspondents by maturity | d) The following table presents the maturities of due to banks and correspondents at December 31, 2019 and 2018 based on the period remaining to maturity: 2019 2018 S/(000) S/(000) Up to 3 months 2,062,121 1,917,829 From 3 months to 1 year 3,693,328 3,347,134 From 1 to 3 years 559,511 1,030,310 From 3 to 5 years 614,265 406,895 More than 5 years 1,868,770 1,694,943 Total 8,797,995 8,397,111 |
TECHNICAL RESERVES FOR INSURA_2
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS | |
Schedule of detailed information about insurance claim reserves | a) This item consists of the following: 2019 Technical Technical reserves for reserves for claims premiums (*) Total S/(000) S/(000) S/(000) Life insurance 908,362 7,548,684 8,457,046 General insurance 590,588 651,129 1,241,717 Health insurance 77,278 174,192 251,470 Total 1,576,228 8,374,005 9,950,233 2018 Technical Technical reserves for reserves for claims premiums (*) Total S/(000) S/(000) S/(000) Life insurance 732,868 6,329,512 7,062,380 General insurance 562,430 593,938 1,156,368 Health insurance 71,372 162,551 233,923 Total 1,366,670 7,086,001 8,452,671 (*) |
Schedule of detailed information about movement in direct and assumed insurance claim reserves | b) Movement of insurance claims reserves (direct and assumed), occurred during the years 2019 and 2018: 2019 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Beginning balance 732,868 562,430 71,372 1,366,670 Gross claims, Note 26 1,001,671 547,201 326,980 1,875,852 Payments (822,644) (510,678) (321,085) (1,654,407) Exchange difference (3,533) (8,365) 11 (11,887) Ending balance 908,362 590,588 77,278 1,576,228 2018 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Beginning balance 626,871 484,608 69,373 1,180,852 Gross claims, Note 26 737,982 562,440 307,182 1,607,604 Payments (635,345) (505,069) (305,257) (1,445,671) Exchange difference 3,360 20,451 74 23,885 Ending balance 732,868 562,430 71,372 1,366,670 |
Schedule of detailed information about movement in technical insurance claim reserves | c) Technical reserves occurred during the years 2019 and 2018: 2019 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Beginning balance 6,329,512 593,938 162,551 7,086,001 Time course expenses and others 67,989 (3,891) — 64,098 Unearned premium and other technical reserves variation, net (61,834) 62,862 11,685 12,713 Insurance subscriptions 604,262 8,692 — 612,954 Adjustment by application of market rates 666,556 — — 666,556 Exchange difference and others (57,801) (10,472) (44) (68,317) Ending balance 7,548,684 651,129 174,192 8,374,005 2018 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Beginning balance 5,599,777 513,826 149,305 6,262,908 Time course expenses and others (117,965) — — (117,965) Unearned premium and other technical reserves variation, net 1,901 64,302 13,146 79,349 Insurance subscriptions 724,458 — — 724,458 Exchange difference and others 121,341 15,810 100 137,251 Ending balance 6,329,512 593,938 162,551 7,086,001 |
Schedule of detailed information about assumptions used in estimation of insurance reserves | At December 31, 2019 and 2018 no additional reserves were needed as a result of the liability adequacy test. The main assumptions used to estimate of retirement, disability and survival annuities and individual life (including Investment link insurance contracts) reserves, as of those dates, are as follows: At December 31, 2019 At December 31, 2018 Mortality Mortality table Technical rates Mortality table Technical rates Annuities SPP-S-2017 and SPP-I- 2017 Between 3.81% - 7.99% / Between 2.50% - 5.25% SPP-S-2017 and SPP-I- 2017 Between 3.81% - 7.99% / Between 2.50% - 5.25% Pension insurance – Temporary Regime / SCTR (*) B-85 and MI-85 3.00% soles VAC B-85 and MI-85 3.00% soles VAC Pension insurance – Definitive Regime B-85 and MI-85 2.41% soles VAC / 4.26% nominal dollars B-85 and MI-85 2.96% soles VAC / 4.40% nominal dollars Pension insurance – Definitive Regime / SCTR B-85 adjusted and MI-85 Between 2.41%, 3.00%, soles VAC / 4.26% nominal dollars / 5.67% soles adjusted / 4.26% dollars adjusted B-85 adjusted and MI-85 Between 3.00%, 2.96% soles VAC / 4.40% nominal dollars / 5.82% soles adjusted / 4.40% dollars adjusted Pension insurance – Temporary Regime /SCTR (Longevity) SPP-S-2017- and SPP-I-2017 3.816% soles VAC/Between 0.94% -2.83% soles VAC/ 3.771% soles VAC SPP-S-2017- and SPP-I-2017 Between 3.7910%, 3.915% soles VAC Individual life CSO 80 adjusted Between 4.00% - 5.00% CSO 80 adjusted Between 4.00% - 5.00% (*) |
Schedule of detailed information about variations in the claim reserves by changes in interest rates and mortality tables | The Group has evaluated the changes in its most significant reserves related to life insurance contracts included in retirement, disability and survival annuities reserves of +/- 100 bps of the interest rates and of +/- 5 bps of the mortality factors, with the following results: At December 31, 2019 At December 31, 2018 Variation of the reserve Variation of the reserve Variables Reserve Amount Percentage Reserve Amount Percentage % % Portfolio in S/ - Base amount 3,896,211 — — 3,163,166 — — Changes in interest rates: + 100 bps 3,575,717 (320,494) (8.23) 2,869,164 (294,001) (9.29) Changes in interest rates: - 100 bps 4,285,955 389,743 10.00 3,520,992 357,827 11.31 Changes in Mortality tables to 105% 3,872,104 (24,107) (0.62) 3,141,047 (22,118) (0.70) Changes in Mortality tables to 95% 3,922,178 25,967 0.67 3,186,369 23,203 0.73 Portfolio in US$- Base amount 614,766 — — 518,160 — — Changes in interest rates: + 100 bps 568,767 (45,999) (7.48) 473,054 (45,106) (8.70) Changes in interest rates: - 100 bps 669,412 54,646 8.89 571,943 53,783 10.38 Changes in Mortality tables to 105% 609,349 (5,417) (0.88) 512,875 (5,285) (1.02) Changes in Mortality tables to 95% 620,430 5,664 0.92 523,707 5,547 1.07 |
BONDS AND NOTES ISSUED (Tables)
BONDS AND NOTES ISSUED (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
BONDS AND NOTES ISSUED | |
Schedule of detailed information of bonds and notes issued | a) This item consists of the following: At December 31, 2019 At December 31, 2018 Annual interest rate Interest payment Maturity Issued amount Carrying amount Maturity Issued amount Carrying amount % (000) S/(000) (000) S/(000) Senior notes - BCP (i) Between 2.70 to 5.38 Semi-annual September 2020 / January 2025 US$1,074,628 3,464,199 September 2020 US$800,000 2,671,647 Senior notes - BCP (ii) 4.25 Semi-annual April 2023 US$716,301 2,318,975 April 2023 US$716,301 2,348,651 Senior notes - BCP (iii) Between 4.65 to 4.85 Semi-annual October 2020 / September 2024 S/2,900,000 2,872,355 October 2020 S/2,000,000 1,977,410 Senior notes - BCP (iv) Libor 3M + 100 pb Quarterly March 2021 US$70,000 231,738 - - — Senior notes - BCP (v) 0.42 Semi-annual August 2021 ¥5,000,000 151,888 - - — Senior notes - BCP (vi) 2.25 Semi-annual - — — October 2019 US$300,000 996,355 MMT 100 - Secured notes- CCR Inc. (vii) 2012 Series C Floating rate certificates 4.75 Monthly July 2022 US$315,000 385,253 July 2022 US$315,000 543,896 Corporate bonds - Fourth program Tenth issuance (Series A, B and C) - BCP Between 5.31 to 7.25 Semi-annual December 2021 / November 2022 S/550,000 527,868 December 2021/ November 2022 S/550,000 529,515 First issuance (Series B) - Mibanco 7.16 Semi-annual - — — June 2019 S/100,000 100,000 Fifth program First issuance (Series A) - BCP 6.41 Semi-annual - — — April 2019 S/172,870 162,561 First issuance (Series B) - BCP 5.59 Semi-annual - — — September 2019 S/150,000 128,342 First issuance (Series C) - BCP 5.625 Semi-annual - — — November 2019 S/138,410 124,019 First issuance (Series D) - BCP 5.91 Semi-annual January 2020 S/182,410 182,061 January 2020 S/182,410 167,649 Third issuance (Series A) - BCP 4.59 Semi-annual July 2021 S/70,770 63,430 July 2021 S/70,770 65,300 Third issuance (Series B) - BCP 4.88 Semi-annual October 2021 S/42,200 29,183 October 2021 S/42,200 29,729 Third issuance (Series C) - BCP 4.25 Semi-annual July 2022 S/109,310 108,821 - - — Third issuance (Series D) - BCP 3.88 Semi-annual August 2022 S/42,660 42,337 - - — 953,700 1,307,115 At December 31, 2019 At December 31, 2018 Annual interest rate Interest payment Maturity Issued amount Carrying amount Maturity Issued amount Carrying amount % (000) S/(000) (000) S/(000) Subordinated bonds - BCP (viii) 6.13 Semi-annual April 2027 US$720,000 2,383,860 April 2027 US$720,000 2,436,615 Subordinated bonds - BCP (ix) 6.88 Semi-annual September 2026 US$476,120 1,549,702 September 2026 US$476,120 1,559,869 Junior subordinated bonds - BCP (x) 9.75 Semi-annual - — — November 2069 US$250,000 840,543 Subordinated bonds - First program First issuance (Series A) - BCP 6.22 Semi-annual May 2027 S/15,000 15,000 May 2027 S/15,000 15,000 First issuance (Series A) - Pacífico Seguros 6.97 Quarterly November 2026 US$60,000 198,840 November 2026 US$60,000 201,933 Second program First issuance (Series A) - Mibanco 8.50 Semi-annual May 2026 S/100,000 99,934 May 2026 S/100,000 100,000 First issuance (Series B) - Mibanco 7.22 Semi-annual June 2027 S/30,000 30,000 June 2027 S/30,000 30,000 Third program (xiv) Fourth issuance (Series A) - Mibanco 6.19 Semi-annual - — — December 2022 S/40,000 39,862 Fifth issuance (Series A and B) - Mibanco 7.75 Semi-annual - — — July 2024 S/88,009 88,009 Issuance I - Banco de Crédito de Bolivia 6.25 Semi-annual August 2028 Bs70,000 33,816 August 2028 Bs70,000 34,418 Issuance II - Banco de Crédito de Bolivia Semi-annual August 2022 Bs137,200 66,782 August 2022 Bs137,200 68,168 444,372 577,390 Negotiable certificate of deposit - Mibanco Between 3.80 to 5.80 Annual January 2020 / January 2024 S/2,998 997 January 2019 / January 2024 S/2,998 1,190 Subordinated negotiable certificates - BCP Libor 3M + 279 bp Semi-annual November 2021 US$2,960 9,809 November 2021 US$2,960 9,984 14,766,848 15,270,665 Interest payable 179,515 186,875 Total 14,946,363 15,457,540 During the first quarter of 2018, in accordance with the risk exposure strategy of the interest rate, the Group discontinued the fair value hedge of certain bonds, issued in U.S. Dollars at a fixed rate, through the liquidation of the IRS. The accumulated profit of the fair value of these bonds at the time of the liquidation of the derivatives amounted to US$22.0 million (equivalent to S/71.7 million), recorded in the liability, which has been transferred to the consolidated statement of income up to the date of maturity of said bonds. As of December 31, 2019, the liability amounts to US$8.7 million, equivalent to S/28.8 million, (US$16.5 million, equivalent to S/55.7 million, as of December 31, 2018). The amount recorded in the consolidated statement of income during the year 2019 amounts to US$7.8 million, equivalent to S/26.0 million (US$5.5 million, equivalent to S/16.1 million, during the year 2018). (i) In september 2019, the Bank announced a repurchase offer and propose an exchange to the holders of senior notes of the US$ 800.0 million issued in september of 2010, managing to repurchase US$ 220.3 million and exchanging US$ 205.0 million with new senior notes, at market rates , whose terms and conditions are very similar to the previous issue. At the end of said offer, the Bank keeps a notional value payable amounting to US$374.6 million, which can be redeemed by the Bank in whole or in part, in any date, having as a penalty an interest rate equal to the Treasury of the United States of America’s rate plus 40 basis points. In the same way, in september 2019, the Bank issued senior notes of approximately US$700 million (that amount includes the US$205.0 million of the exchange mentioned in the paragraph before). The Bank can redeem all or part of the notes at any date, between October 11, 2021 and December 10, 2024, at a redemption price equal to or greater than : (i) 100 percent of the aggregate principal amount of the notes to be redeemed; and (ii) the sum of the present value of each remaining scheduled payment discounted at interest rate equal to the Treasury of the United States of America’s rate plus 20 basis points. From December 11, 2024 onwards, the Bank can redeem the total or part of the notes to a redemption price equal to 100 percent of the aggregate principal amount of the notes to be redeemed. The payment of principal will take place on the due date or when the Bank redeems the notes. At December 31, 2019, the Bank maintains a CCS which was designated as cash flows hedges of a part of senior notes in U.S Dollars subject to exchange rate risk for a notional amount of US$50.0 million, equivalent to S/165.7 million, see note 13(b). By means of the CCS, the cover part of senior notes was economically converted to soles. (ii) The Bank can redeem the total or part of the notes in any time, having as a penalty an interest rate equal to the Treasury of the United States of America’s rate plus 50 basis point. The payment of principal will take place on the due date of the notes or when the Bank redeems these notes. (iii) In september 2019, the Bank announced a repurchase offer and propose an exchange to the holders of senior notes of the S/2,000 million issued in October of 2017, managing to repurchase S/291.2 million and exchanging S/1,308.8 million with new senior notes, at market rates, whose terms and conditions are very similar to the previous issue. At the end of said offer, the Bank keeps a notional value payable amounting to S/400.0 million, which can be redeemed by the Bank in whole or in part, as of October 15, 2020 without penalties. At the same date, the Bank issued senior notes for approximately S/2,500.0 million (this amount includes the S/1,308.8 million of the exchange mentioned in the paragraph before). The Bank can redeem the whole or part of the senior notes between October 17, 2021 and August 16, 2024, at a redemption price equal to or greater than: (i) 100 percent of the aggregate principal amount of the notes, and (ii) the sum of the present value of cash flows discounted at interest rate equivalent to sovereign bonds issued by the government of Perú or other comparable titles plus 25 basis points. As of August 17, 2024, the Bank may redeem all or part of the senior notes at a redemption price equal to 100 percent of the aggregate amount of the principal to be redeemed. The payment of principal will take place on the due date or when the Bank redeems the notes. (iv) In February of 2019, the Bank issued Senior Notes for approximately US$70.0 million at variable rate. At December 31, 2019, the cash flows of these Senior Notes maintaned covered by an IRS designated as cash flows hedge, for a notional amount of US$70.0 million, equivalent to S/232.0 million, see note 13(b). By means of the IRS, the note was economically converted to a fixed interest rate. (v) In july of 2019, the Bank issued Senior Notes for approximately JPY5,000.0 million at fixed interest rate. At December 31, 2019, the cash flows of the notes issued in yen subject to exchange rate risk have been hedged through a CCS designated as a cash flow hedge, for a notional amount of JPY5,000.0 million, equivalent to S/152.5 million, see note 13(b). By means of the CCS, the note was economically converted to soles. (vi) The Bank can redeem the whole or part of the notes at any time, having a penalty of an interest rate equal to the Treasury of the United States of America plus 20 basis points. The payment of the principal amount has made in October of 2019. At December 31, 2018, the cash flows of the note issued in U.S. Dollars subject to exchange rate risk were covered by three CCS designated as a cash flow hedges, for a notional amount of US$ 300.0 million equivalent to S/1,011.9 million, see note 13(b). By means of the CCS, the note was economically converted to soles. This CCS matured in October of 2019. (vii) This issue is guaranteed by the future collection of electronic payment orders sent to BCP (including foreign branches) through the Society Worldwide Interbank Financial Telecommunications, through which the correspondent bank uses the network to places orders of payment to beneficiary that is not a financial institution. (viii) The Bank as of the year of 2022 will pay a three-month Libor plus 70.3 basis points. Between April 24, 2017 and April 24, 2022, the Bank can redeem the whole or part of the bonds having a penalty of an interest rate equal to the Treasury of United States of América’s rate plus 50 basis points. Also, as of April 25, 2022 or at any date after interest payment, the Bank can redeem all or part of the bonds without penalty. Payment of the principal will take place on the due date of the bonds or when the Bank redeems them. (ix) The Bank as of September 16, 2021, will pay a three-month Libor plus 770.8 basis points. Between the dates of September 16, 2016 and September 15, 2021, the Bank can redeem the whole or part of the bonds, having a penalty of an interest rate equal to the Treasury of United States of America´s rate plus 50 basis point. Also, as of September 16, 2021 or at any time after at the payment of interests, the Bank can redeem the whole or part of the bonds without penalties. The payment of the principal amount will take place on due date or in the redemptions of them. (x) The Bank as of November of 2019, and at any date past of the payment of interests, can redeem the whole of the bonds without penalties; in that sense, using its conferred powers, the Bank redeemed all the bonds on November 6, 2019. This issuance, as authorized by the SBS, qualifies as “Tier 1” equity in the determination of the regulatory capital (“patrimonio efectivo”) and has no related guarantees. |
Schedule of detailed information of balances of bonds and notes issued by maturity | b) The table below shows the bonds and notes issued, classified by maturity, without accrued interests: 2019 2018 S/(000) S/(000) Up to 3 months 182,365 63,518 From 3 months to 1 year 1,739,358 1,625,563 From 1 to 3 years 1,438,732 5,375,585 From 3 to 5 years 4,863,708 2,905,763 More than 5 years 6,542,685 5,300,236 Total 14,766,848 15,270,665 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
Schedule of treasury shares | We present below the stocks of Credicorp Ltd., that the entities of the Group maintain at December 31, 2019, 2018 and 2017: Number of shares Shares of Shared-based At December 31, 2019 the Group payment (*) Total Atlantic Security Holding Corporation 14,620,846 — 14,620,846 BCP — 134,169 134,169 Pacífico Seguros — 29,539 29,539 Credicorp Perú — 21,695 21,695 Credicorp Capital Servicios Financieros — Other minors 4,387 Number of shares Shared- Shares of based At December 31, 2018 the Group payment (*) Total Atlantic Security Holding Corporation 14,620,846 — 14,620,846 BCP — 162,286 162,286 Pacífico Seguros — 33,794 33,794 Credicorp Perú — 13,113 13,113 Credicorp Capital Servicios Financieros — 8,546 8,546 Other minors 1,880 42,809 44,689 14,622,726 260,548 14,883,274 Number of shares Shared- Shares of based At December 31, 2017 the Group payment (*) Total Atlantic Security Holding Corporation 14,620,846 — 14,620,846 BCP — 194,177 194,177 Pacífico Seguros — 36,581 36,581 Credicorp Capital Ltd. — 20,752 20,752 Other minors 5,151 24,501 29,652 14,625,997 276,011 14,902,008 (*) Corresponds to treasury stock that were granted to employees and senior management, for which they have the right to vote. These stocks are not vested at said dates, see Note 20. |
Schedule of reserves within equity | “Other reserves” include unrealized gains (losses) on fair value of investments through other comprehensive income (available-for-sale investments under IAS 39, at December 31, 2017) and on cash flow hedges derivative instruments, net of deferred income tax and non-controlling interest. Movement was as follows: Other reserves: Instruments that will not be reclassifed to profit or loss Instruments that will be reclassified to consolidated statement of income Reserve for Foreign Equity Debt available-for- Reserve for currency instruments at instruments at sale cash flow Insurance translation fair value fair value investments hedges reserves reserve Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Balance at January 1, 2017 — — 1,146,788 24,650 — 38,293 1,209,731 Increase in net unrealized gains on investments — — 873,868 — — — 873,868 Transfer of net realized gains on investments to profit or loss — — (517,006) — — — (517,006) Transfer of the recovery of the impairment loss on investments to profit or loss, Note 24 — — 766 — — — 766 Change in net unrealized losses on cash flow hedges derivatives — — — (59,709) — — (59,709) Transfer of net realized losses on cash flow hedges derivatives to profit or loss — — — 2,278 — — 2,278 Foreign exchange translation — — — — — (54,334) (54,334) Balance at December 31, 2017 — — 1,504,416 (32,781) — (16,041) 1,455,594 Change in accounting policy, Note 3(a)(vii) 431,711 853,747 (1,504,416) — — — (218,958) Balance at December 31, 2017 - Restated 431,711 853,747 — (32,781) — (16,041) 1,236,636 Increase (decrease) in net unrealized gains on investments 20,840 (583,385) — — — — (562,545) Transfer of net realized gains on investments to profit or loss — (38,983) — — — — (38,983) Transfer of the impairment credit loss on investments to profit or loss, Note 24 — (1,909) — — — — (1,909) Change in net unrealized gain on cash flow hedges derivatives — — — 73,263 — — 73,263 Transfer of net realized gain on cash flow hedges derivatives to profit or loss — — — (43,643) — — (43,643) Foreign exchange translation — — — — — 45,634 45,634 Balance at December 31, 2018 452,551 229,470 — (3,161) — 29,593 708,453 Increase in net unrealized gains on investments 97,514 606,276 — — — — 703,790 Transfer of net realized loss on investments to profit or loss — 420,987 — — — — 420,987 Transfer of recovery of credit loss of investments to profit or loss, Note 24 — (745) — — — — (745) Change in net unrealized loss on cash flow hedges derivatives — — — (62,002) — — (62,002) Transfer of net realized losses on cash flow hedges derivatives to profit or loss — — — 35,059 — — 35,059 Other reserves — — — — (658,491) — (658,491) Foreign exchange translation — — — — — (58,862) (58,862) Balance at December 31, 2019 550,065 1,255,988 — (30,104) (658,491) (29,269) 1,088,189 |
Schedule of analysis of other comprehensive income | The movement of the item is as follows: 2019 2018 2017 S/(000) S/(000) S/(000) To be reclassified to the consolidated statement of income in later periods Net unrealized (gain) loss 606,276 (583,385) — Transfer of net realized loss (gain) to profit or loss 420,987 (38,983) — Transfer of recovery of credit loss to profit or loss (745) (1,909) — Sub total 1,026,518 (624,277) — Non-controlling interest 16,082 (6,397) — Income tax 22,259 (11,831) — 1,064,859 (642,505) — Available-for-sale investments: Net unrealized gain — — 873,868 Transfer of net realized gain to profit or loss — — (517,006) Transfer of impairment loss to profit or loss — — 766 Sub total — — 357,628 Non-controlling interest — — 4,120 Income tax — — 13,962 — — 375,710 Cash flow hedge: Net (losses) gains on cash flow hedges (62,002) 73,263 (59,709) Transfer of net realized losses (gains) on cash flow hedges derivatives to profit or loss 35,059 (43,643) 2,278 Sub total (26,943) 29,620 (57,431) Non-controlling interest (618) 679 (1,219) Income tax (10,290) 10,942 (18,719) (37,851) 41,241 (77,369) Other reserves: Insurances reserves (658,491) — — Non-controlling interest (8,065) — — (666,556) — — Foreign exchange traslation: Exchange gains or losses (58,862) 45,634 (54,334) Non-controlling interest 539 21 107 (58,323) 45,655 (54,227) 2019 2018 2017 S/(000) S/(000) S/(000) Not to be reclassified to the consolidated statement of income in later periods: Equity instruments at fair value through other comprehensive income - Net unrealized gains 97,514 20,840 — Non-controlling interest (3) (37) — Income tax (5,999) 168 — 91,512 20,971 — 2019 2018 2017 S/(000) S/(000) S/(000) Attributable to: Credicorp's equity holders 379,736 (528,183) 245,863 Non-controlling interest 7,935 (5,734) 3,008 387,671 (533,917) 248,871 |
Schedule of distribution of dividends | The chart below shows the distribution of dividends agreed by the Board of Directors: 2019 2018 2017 Date of Meeting - Board of Directors Dividends distribution, net of treasury shares effect 1,595,229 1,130,427 979,989 Payment of dividends per share (in soles) 20.0000 14.1726 12.2865 Date of dividends payout Exchange rate published by the SBS 3.3150 3.2929 3.2873 Dividends payout (equivalent in thousands of US$) 481,215 343,292 298,114 |
TAX SITUATION (Tables)
TAX SITUATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TAX SITUATION | |
Schedule of tax rates | Additional Taxable year Rate rate (surcharge) (*) 2020 32 4 2021 31 3 2022 30 3 As of 2023 30 — (*) |
Schedule of detailed information about reconciliation between the statutory income tax rate and the effective tax rate | The reconciliation of the statutory income tax rate to the effective tax rate for the Group is as follows: 2019 2018 2017 % % % Peruvian statutory income tax rate 29.50 29.50 29.50 Increase (decrease) in the statutory tax rate due to: (i) Increase arising from income of subsidiaries not domiciled in Peru 1.55 0.09 0.47 (ii) Non-taxable income, net (3.91) (2.39) (4.98) Effective income tax rate 27.14 27.20 24.99 |
Schedule of detailed information about income tax expenses | b) Income tax expense for the years ended December 31, 2019, 2018 and 2017 comprises: 2019 2018 2017 S/(000) S/(000) S/(000) Current - In Peru 1,469,497 1,315,896 1,262,302 In other countries 206,120 113,912 134,540 1,675,617 1,429,808 1,396,842 Deferred - In Peru (30,967) 87,952 (18,264) In other countries (21,573) 3,149 14,708 (52,540) 91,101 (3,556) Total 1,623,077 1,520,909 1,393,286 |
Schedule of deferred taxes | c) The following table presents a summary of the Group’s deferred income tax: 2019 2018 S/(000) S/(000) Deferred income tax asset, net Deferred asset Allowance for loan losses for loan portfolio 699,970 674,689 Provision for profit sharing 57,351 8,852 Provision for sundry expenses and risks 36,256 27,404 Provision for pending vacations 24,378 16,817 Depreciation of improvements for leased premises 19,005 20,479 Unrealized loss in valuation on cash flow hedge derivatives 14,992 9,286 Carry forward tax losses 4,773 6,790 Unrealized losses due to valuation of investments at fair value through other comprehensive income 632 4,105 Others 51,541 35,122 Deferred liability Intangibles, net (223,101) (159,620) Buildings depreciation (66,818) (68,398) Adjustment for difference in exchange of SUNAT and SBS (30,846) (47,289) Deferred acquisitions costs - DAC (17,578) (14,913) Unrealized gain due to valuation of investments at fair value through other comprehensive income (12,387) (3,190) Unrealized gain in valuation on fair value hedge derivatives (9,451) (5,201) Fluctuation of the fair value of the covered bonds (7,971) (16,558) Unrealized gain in valuation on cash flow hedge derivatives (2,021) (6,608) Buildings revaluation (4,795) (5,356) Others (12,977) (12,694) Total 520,953 463,717 Deferred income tax liability, net Deferred asset Carry forward tax losses 14,309 20,369 Deferred income due to commission 8,138 7,503 Allowance for loan losses for insurance 6,945 8,298 Unrealized losses due to valuation of investments at fair value through other comprehensive income 6,229 11,893 Provision for sundry expenses and risks 5,313 3,761 Others 27,913 5,126 Deferred liability Intangibles, net (50,048) (36,907) Gain generated in the reorganization of Pacífico EPS (39,515) (39,515) Unrealized gain due to valuation of investments at fair value through other comprehensive income (34,054) (20,790) Deferred acquisitions costs - DAC (27,925) (28,581) Technical reserves for premiums (23,180) (12,084) Others (11,202) (5,107) Catastrophic insurance reserve (9,776) (9,950) Leasing operations related to loans (3,810) (4,788) Buildings revaluation (3,463) (1,694) Buildings depreciation (78) (3,076) Fluctuation due to valuation of investments at fair value through profit or loss — (3,061) Total (134,204) (108,603) |
Schedule of summary of income tax returns of major subsidiaries open for examination by tax authorities | d) The Peruvian Tax Authority has the right to review and, if necessary, amend the annual income tax returns filed by Peruvian subsidiaries up to four years after their filing date. Income tax returns of the major subsidiaries open for examination by the tax authorities are as follows: Banco de Crédito del Perú S.A. 2016 to 2019 Mibanco, Banco de la Microempresa S.A. 2015 to 2019 Prima AFP S.A 2016 to 2019 Pacífico Compañía de Seguros y Reaseguros 2015 to 2019 Pacífico Peruano Suiza 2015 to 2017 |
Schedule of summary of annual income tax declarations pending examination by the overseas tax authorities | The annual income tax declarations pending examination by the overseas tax authorities are the following: Banco de Crédito de Bolivia 2011, 2012, 2014 to 2019 Credicorp Capital Colombia 2016 to 2019 Credicorp Capital Holding Chile 2018 to 2019 |
OFF-BALANCE SHEET ACCOUNTS (Tab
OFF-BALANCE SHEET ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OFF-BALANCE SHEET ACCOUNTS | |
Schedule of detailed information about off balance sheet accounts | 2019 2018 S/(000) S/(000) Contingent credits - indirect loans (b) Guarantees and standby letters 18,894,456 18,874,073 Import and export letters of credit 2,186,579 1,900,198 Sub-total, Note 7(b) 21,081,035 20,774,271 Responsibilities under credit line agreements (c) 75,615,563 74,234,033 Total 96,696,598 95,008,304 Reference values of operations with derivatives are recorded in off-balance sheet accounts in the committed currency, as shown in Note 13(b). b) In the normal course of their business, the Group’s banking subsidiaries are party to transactions with off-balance sheet risk. These transactions expose them to credit risk in addition to the amounts recognized in the consolidated statement of financial position. Credit risk for contingent credits is defined as the possibility of sustaining a loss because one of the parties to a financial instrument fails to comply with the terms of the contract. The risk of credit losses is represented by the contractual amounts specified in the related contracts. The Group applies the same credit policies in making contingent commitments and other obligations as it does for on-balance sheet instruments (Note 7(a)), including the requirement to obtain collateral when it is deemed necessary. Collateral held varies, but may include deposits in financial institutions, securities or other assets. Many of the contingent transactions reach maturity without any performance being required; therefore, the total committed amounts do not necessarily represent future cash requirements. c) Lines of credit include consumer loans and other consumer loan facilities (credit card receivables) granted to customers and are cancelable upon related notice to the customer. |
INTEREST, SIMILAR INCOME AND _2
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
INTEREST, SIMILAR INCOME AND SIMILAR EXPENSES | |
Schedule of detailed information of interest income expenses | This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Interest and similar income Interest on loans 10,664,519 10,041,097 9,546,454 Interest on investments at fair value through other comprehensive income 1,070,469 954,288 — Interest on available-for-sale investments — — 951,981 Interest on investments at amortized cost 194,803 211,102 — Interest on held-to-maturity investments — — 234,380 Interest on due from banks 320,713 159,381 88,359 Interest on investments at fair value through profit or loss 46,170 87,409 113,484 Dividends received 25,259 24,390 52,906 Other interest and similar income 59,731 44,967 43,119 Total 12,381,664 11,522,634 11,030,683 Interest and similar expense Interest on deposits and obligations (1,458,910) (1,202,025) (1,132,041) Interest on bonds and notes issued (900,172) (911,006) (835,255) Interest on due to banks and correspondents (590,908) (623,001) (763,436) Deposit Insurance Fund (151,626) (140,184) (128,625) Interest on lease liabilities (37,438) — — Other interest and similar expense (151,813) (157,313) (99,839) Total (3,290,867) (3,033,529) (2,959,196) |
COMMISSIONS AND FEES (Tables)
COMMISSIONS AND FEES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
COMMISSIONS AND FEES | |
Schedule of detailed information of commissions and fees income | This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Maintenance of accounts, transfers and credit and debit card services 1,148,515 1,214,365 1,251,935 Funds and equity management 681,072 644,038 505,215 Contingent loans and foreign trade fees 372,647 360,798 279,211 Commissions for banking services 278,993 270,784 290,855 Collection services 364,456 234,754 235,369 Brokerage, securities and custody services 78,737 108,333 142,288 Penalty commissions 84,757 71,049 49,350 Others 223,604 222,736 157,185 Total 3,232,781 3,126,857 2,911,408 |
NET GAIN ON SECURITIES (Tables)
NET GAIN ON SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET GAIN ON SECURITIES | |
Schedule of components of net gain on securities | This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Net gain on the purchase and sale of securities 317,862 135,253 658,495 Net gain in associates (*) 79,844 72,254 49,268 Net gain on financial assets at fair value through profit or loss 147,582 33,333 54,019 Recovery of credit loss for investments at fair value through other comprehensive income, Note 6(b) 745 1,909 — Credit loss on investments available-for-sale — — (766) Others 781 80 (244) Total 546,814 242,829 760,772 (*) |
NET PREMIUMS EARNED (Tables)
NET PREMIUMS EARNED (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET PREMIUMS EARNED | |
Schedule of insurance premium revenue | a) This item consists of the following: Results of financial assets designated at fair Total gross Premiums ceded value through Total Net Gross written Technical reserve written to reinsurers and profit and loss, premiums premiums adjustment premiums (*) co-insurers, net (**) Note 8 earned S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2019 Life insurance 1,984,279 (738,421) 1,245,858 (119,310) 93,664 1,220,212 Health insurance 571,006 (22,843) 548,163 (12,828) — 535,335 General insurance 1,076,595 14,229 1,090,824 (427,022) — 663,802 Total 3,631,880 (747,035) 2,884,845 (559,160) 93,664 2,419,349 2018 Life insurance 1,821,867 (677,708) 1,144,159 (116,043) (53,935) 974,181 Health insurance 554,517 (18,383) 536,134 (10,257) — 525,877 General insurance 1,014,705 (52,051) 962,654 (371,346) — 591,308 Total 3,391,089 (748,142) 2,642,947 (497,646) (53,935) 2,091,366 2017 Life insurance 1,498,943 (611,621) 887,322 (106,652) 67,633 848,303 Health insurance 502,148 (5,147) 497,001 (15,294) — 481,707 General insurance 936,316 (12,496) 923,820 (377,857) — 545,963 Total 2,937,407 (629,264) 2,308,143 (499,803) 67,633 1,875,973 (*) (**) |
Schedule of summary of components of premiums ceded to reinsurers and coinsurers, net | 2019 2018 2017 S/(000) S/(000) S/(000) Premiums ceded for automatic contracts (mainly excess of loss), Note 9(b) (254,839) (243,427) (257,617) Premiums ceded for facultative contracts, Note 9(b) (289,386) (288,928) (263,378) Annual variation of reserve risk in progress of premiums ceded, Note 9(b) (14,935) 34,709 21,192 (559,160) (497,646) (499,803) |
Schedule of gross written premiums after adjustments by insurance types | b) Gross written premiums by insurance type are described below: 2019 2018 2017 S/(000) % S/(000) % S/(000) % Life insurance (i) 1,245,858 43.19 1,144,159 43.29 887,322 38.44 Health insurance (ii) 548,163 19.00 536,134 20.29 497,001 21.54 General insurance (iii) 1,090,824 37.81 962,654 36.42 923,820 40.02 Total 2,884,845 100.00 2,642,947 100.00 2,308,143 100.00 (i) The breakdown of life insurance gross written premiums is as follows: 2019 2018 2017 S/(000) % S/(000) % S/(000) % Credit life 536,091 43.03 507,496 44.36 436,443 49.19 Disability and survival (*) 470,066 37.73 272,144 23.79 237,559 26.77 Individual life (**) 60,705 4.87 203,662 17.80 69,647 7.85 Group life 128,656 10.33 113,273 9.90 117,580 13.25 Annuities 50,340 4.04 47,584 4.15 26,093 2.94 Total 1,245,858 100.00 1,144,159 100.00 887,322 100.00 (*) (**) (ii) Health insurance gross written premiums after adjustments include medical assistance which amounts to S/464.7 million at December 31, 2019 (S/420.5 and S/386.3 million at December 31, 2018 and 2017, respectively) and represents 84.78 percent of this line of business at December 31, 2019 (78.44 and 77.73 percent at December 31, 2018 and 2017,respectively). (iii) General insurance gross written premiums consist of the following: 2019 2018 2017 S/(000) % S/(000) % S/(000) % Automobile 357,796 32.80 340,236 35.34 308,910 33.44 Fire and allied lines 293,392 26.90 248,832 25.85 244,474 26.46 Theft and robbery 110,395 10.12 91,369 9.49 81,699 8.84 Technical lines (*) 70,364 6.45 64,141 6.66 62,973 6.82 Third party liability 50,024 4.59 49,421 5.13 44,536 4.82 Transport 44,368 4.07 49,441 5.14 46,534 5.04 SOAT (Mandatory automobile line) 41,068 3.76 32,015 3.33 24,573 2.66 Marine Hull 27,005 2.48 27,394 2.85 27,317 2.96 Aviation 42,191 3.87 16,173 1.68 25,185 2.73 Others 54,221 4.96 43,632 4.53 57,619 6.23 Total 1,090,824 100.00 962,654 100.00 923,820 100.00 (*) |
NET CLAIMS INCURRED FOR LIFE,_2
NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS | |
Schedule of claims and benefits incurred | This item consists of the following: 2019 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Gross claims, Note 16(b) 1,001,671 547,201 326,980 1,875,852 Ceded claims, Note 9(b) (100,432) (208,761) (12,182) (321,375) Net insurance claims 901,239 338,440 314,798 1,554,477 2018 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Gross claims, Note 16(b) 737,982 562,440 307,182 1,607,604 Ceded claims, Note 9(b) (101,115) (257,072) (9,782) (367,969) Net insurance claims 636,867 305,368 297,400 1,239,635 2017 Life General Health insurance insurance insurance Total S/(000) S/(000) S/(000) S/(000) Gross claims 646,026 661,108 294,557 1,601,691 Ceded claims, Note 9(b) (79,845) (391,263) (12,279) (483,387) Net insurance claims 566,181 269,845 282,278 1,118,304 |
SALARIES AND EMPLOYEES BENEFI_2
SALARIES AND EMPLOYEES BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SALARIES AND EMPLOYEES BENEFITS | |
Schedule of components of salraries and employees benefits | This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Salaries 1,816,939 1,738,913 1,662,327 Vacations, medical assistance and others 360,334 336,609 319,384 Bonuses 264,171 248,704 237,192 Workers’ profit sharing 252,850 228,786 220,967 Social security 200,935 184,489 205,714 Additional participation 243,787 233,146 188,870 Severance indemnities 151,945 142,363 132,396 Share-based payment plans 120,062 106,865 104,170 Total 3,411,023 3,219,875 3,071,020 |
ADMINISTRATIVE EXPENSES (Tables
ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ADMINISTRATIVE EXPENSES | |
Schedule of components of administrative expenses | This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Repair and maintenance 318,715 301,893 271,081 Publicity 380,147 336,203 304,119 Taxes and contributions 334,398 285,551 259,523 Rental (*) 63,047 226,388 230,257 Consulting and professional fees 261,144 223,239 206,224 Transport and communications 168,237 176,623 176,273 Sundry supplies 74,038 54,742 49,935 IBM services expenses 118,009 140,909 143,703 Services by third-party and others (**) 636,895 584,496 517,708 Total 2,354,630 2,330,044 2,158,823 (*) (**) |
OTHER INCOME AND EXPENSES (Tabl
OTHER INCOME AND EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER INCOME AND EXPENSES | |
Schedule of components of other income and expenses | This item consists of the following: 2019 2018 2017 S/(000) S/(000) S/(000) Other income Revenue from sale of loan portfolio 75,800 26,616 — Rental income 37,847 35,941 43,118 Net income from the sale of investments properties 23,629 12,541 15,837 Net income from the sale of property, furniture and equipment 16,869 54,952 36,970 Recoveries of other accounts receivable and other assets 13,796 79 14,824 Net gain from sale of seized and recovered assets — — 2,494 Others (*) 176,288 143,753 135,954 Total other income 344,229 273,882 249,197 2019 2018 2017 S/(000) S/(000) S/(000) Other expenses Losses due to operational risk 29,878 46,528 55,477 Expenses on improvements in building for rent 30,721 36,551 42,083 Provision for sundry risks, Note 13(f) 27,272 42,236 29,023 Association in participation 22,636 14,526 19,757 Provision for other accounts receivable 8,059 7,174 19,316 Net loss from sale adjudicated assets 9,617 3,411 — Administrative and tax penalties 2,659 4,301 8,387 Others 137,627 75,453 64,271 Total other expenses 268,469 230,180 238,314 (*) The balance mainly comprises liquidation for sale of Credicorp shares, penalty for breach of contract, commissions for recovery in civil and judicial lawsuits of Personal Credits and Credit Card products; also, collection of commission for relocation, vehicle taxes, municipal property taxes, fines and penalties to clients related to the Leasing product. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER SHARE | |
Schedule of detailed information about basic and diluted earnings per share | The net earnings per ordinary share were determined based on the net income attributable to equity holders of the Group as follows: 2019 2018 2017 Net income attributable to equity holders of Credicorp (in thousands of Soles) 4,265,304 3,983,865 4,091,753 Number of stock Ordinary stock, Note 18(a) 94,382,317 94,382,317 94,382,317 Less – opening balance of treasury stock (14,883,274) (14,902,008) (14,915,537) (Acquisition) sale of treasury stock, net (9,738) (3,015) 3,088 Weighted average number of ordinary shares for basic earnings 79,489,305 79,477,294 79,469,868 Plus - dilution effect - stock awards 194,213 209,128 220,296 Weighted average number of ordinary shares adjusted for the effect of dilution 79,683,518 79,686,422 79,690,164 Basic earnings per share (in Soles) 53.66 50.13 51.49 Diluted earnings per share (in Soles) 53.53 49.99 51.35 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OPERATING SEGMENTS | |
Schedule of breakdown of the group's total income, operating income and non-current assets form segemnt | (i) The following table presents information recorded in the results and for certain items of the assets corresponding to the Group’s reportable segments (in millions of soles) as of December 31, 2019, 2018 and 2017: Net interest, Provision for Additions of Income (*) similar Other credit losses Depreciation fixed asset, From other income and income, on loan and Income intangibles Total Total 2019 External segments (**) expenses net (***) portfolio amortization tax Net profit and goodwill assets liabilities Universal Banking Banco de Crédito del Perú 11,750 345 6,244 3,632 (1,558) (421) (1,160) 3,239 349 139,832 123,057 Banco de Crédito de Bolivia 736 4 329 117 (61) (19) (43) 79 16 10,481 9,744 Insurance and Pension funds Pacífico Seguros y subsidiarias 3,249 23 493 348 — (58) (6) 381 45 13,785 10,964 Prima AFP 457 3 (1) 457 — (20) (85) 197 8 909 211 Microfinance Mibanco 2,408 126 1,901 62 (472) (87) (168) 401 60 13,576 11,489 Banco Compartir S.A. 18 — 13 2 (2) (1) 1 (2) 1 1,046 888 Edyficar S.A.S. 50 — 43 2 (6) (1) (3) 5 1 141 80 Investment Banking and Wealth Management 968 6 69 885 — (22) (16) 230 236 9,423 7,950 Other segments 63 100 443 561 (1) (3) (143) (179) 87 2,998 992 Eliminations — — (443) (669) — — — — — (4,314) (4,245) Total consolidated 19,699 607 9,091 5,397 (2,100) (632) (1,623) 4,352 803 187,877 161,130 Net interest, Provision for Additions of Income (*) similar Other credit losses Depreciation fixed asset, From other income and income, on loan and Income intangibles Total Total 2018 External segments (**) expenses net (***) portfolio amortization tax Net profit and goodwill assets liabilities Universal Banking Banco de Crédito del Perú 10,757 381 5,616 3,275 (1,265) (277) (1,137) 2,927 397 132,880 117,803 Banco de Crédito de Bolivia 686 4 309 124 (55) (12) (45) 78 45 9,957 9,266 Insurance and Pension funds Pacífico Seguros y subsidiarias 2,730 21 446 669 — (51) (4) 353 85 12,224 9,591 Prima AFP 371 2 — 371 — (18) (58) 140 9 875 241 Microfinance Mibanco 2,468 88 1,956 156 (491) (49) (193) 462 50 13,220 11,322 Edyficar S.A.S. 44 — 40 1 (4) — (4) 5 — 119 62 Investment Banking and Wealth Management 886 (14) 98 634 — (21) (29) 146 8 9,665 8,190 Other segments 83 97 33 106 — (1) (51) (40) 7 2,862 950 Eliminations — — (9) (454) — — — — — (4,539) (4,428) Total consolidated 18,025 579 8,489 4,882 (1,815) (429) (1,521) 4,071 601 177,263 152,997 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and insurance underwriting result. Net interest, Provision for Additions of Income (*) similar Other credit losses Depreciation fixed asset, From other income and income, on loan and Income intangibles Total Total 2017 External segments (**) expenses net (***) portfolio amortization tax Net profit and goodwill assets liabilities Universal Banking Banco de Crédito del Perú 10,095 371 5,300 2,927 (1,515) (261) (996) 2,638 286 128,259 114,543 Banco de Crédito de Bolivia 616 2 315 119 (79) (11) (40) 75 10 9,118 8,482 Insurance and Pension funds Pacífico Seguros y subsidiarias 2,662 120 423 972 — (49) (28) 326 56 11,409 8,560 Prima AFP 388 3 1 387 — (23) (66) 140 10 883 264 Microfinance Mibanco 2,337 77 1,829 98 (457) (49) (146) 399 44 12,363 10,666 Edyficar S.A.S. 30 — 27 1 (5) (1) — (1) 1 92 37 Investment Banking and Wealth Management 906 (5) 135 658 — (25) (33) 252 7 10,389 8,730 Other segments 565 77 42 535 (1) (1) (84) 353 2 2,781 1,668 Eliminations — — (1) (516) — — — — — (4,822) (4,731) Total consolidated 17,599 645 8,071 5,181 (2,057) (420) (1,393) 4,182 416 170,472 148,219 (*) Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities. (**) Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. (***) Corresponds to other income (include income and expenses for commissions) and insurance underwriting result. (ii) The following table presents (in millions of soles) the distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location of the clients and assets, respectively, at December 31, 2019, 2018 and 2017: 2019 2018 2017 Total non Total non Total non Total Operating current Total Total Operating current Total Total Operating current Total income (*) income (**) assets (***) liabilities income (*) income (**) assets (***) liabilities income (*) income (**) assets (***) liabilities Peru 18,015 9,106 3,943 142,178 16,502 8,476 3,145 135,422 13,105 7,997 2,976 130,953 Bermuda 13 10 117 266 13 14 88 169 2,708 37 121 933 Panama — — — — 2 — — — — — — — Cayman Islands 354 88 20 5,008 285 134 3 5,465 512 183 5 5,250 Bolivia 809 368 93 9,815 750 344 78 9,317 813 338 102 8,490 Colombia 356 21 435 2,769 314 (2) 138 1,823 286 10 145 1,573 United States of America 10 (1) 3 6 6 — — 2 8 — — 2 Chile 142 (2) 209 1,088 153 (6) 84 799 167 (5) 139 1,018 Total consolidado 19,699 9,590 4,820 161,130 18,025 8,960 3,536 152,997 17,599 8,560 3,488 148,219 (*) Including total interest and similar income, other income and net premiums earned from insurance activities. (**) Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result. (***) Non- current assets consist of property, furniture and equipment (fixed assets), intangible assets and goodwill and right-for-use assets, net. |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TRANSACTIONS WITH RELATED PARTIES | |
Schedule of summary of main transactions with related parties | b) The following table presents the main transactions with related parties as of December 31, 2019 and 2018: 2019 2018 S/(000) S/(000) Statement of financial position - Direct loans 1,657,206 2,594,712 Investments 935,286 775,397 Deposits (751,990) (425,938) Derivatives at fair value 4,984 890 Statement of income Interest income related to loans 28,477 28,384 Interest expenses related to deposits (10,377) (9,573) Other income 9,698 8,088 Off-balance sheet Indirect loans 373,865 325,427 |
Schedule of summary of group's key executives compensation | e) The Group’s key executives’ compensation (including the related income taxes assumed by the Group) as of December 31, 2019 and 2018 was as follows: 2019 2018 2017 S/(000) S/(000) S/(000) Director’s compensation 6,766 5,665 5,318 Senior Management Compensation: Remuneration 32,218 34,118 27,133 Stock awards vested 27,157 27,313 26,572 Total 66,141 67,096 59,023 |
Schedule of funds in which group holds interests | f) At December 31, 2019 and 2018 the Group holds interests in various funds managed by certain of the Group’s subsidiaries. The details of the funds are presented below: 2019 2018 S/(000) S/(000) At fair value through profit or loss: Mutual funds, investment funds and hedge funds Bolivianos 126,722 104,596 Soles 59,934 18,394 U.S. Dollars 38,149 76,887 Colombian pesos 17,475 5,201 Chilean pesos 6,765 6,938 Total 249,045 212,016 Restricted mutual funds, Note 6(a)(ii) 460,086 407,350 |
FINANCIAL INSTRUMENTS CLASSIF_2
FINANCIAL INSTRUMENTS CLASSIFICATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL INSTRUMENTS CLASSIFICATION | |
Schedule of summary of carring amounts of financial assets and liabilities by categories defined under IFRS 9 and IAS 39 | The table below shows the carrying amounts of the financial assets and liabilities captions in the consolidated statement of financial position, by categories as defined under IFRS 9 as of December 31,2019 and IAS 39 as of December 31, 2018: At December 31, 2019 At December 31, 2018 Financial assets and Financial assets at fair value Financial Financial assets and Financial assets at fair value Financial liabilities at fair through other assets and liabilities at fair through other assets and value through profit or loss comprehensive income liabilities value through profit or loss comprehensive income liabilities Investments Investments measured at Investments Investments measured at Investments designated designated amortized Investments designated designated amortized and hedges at inception Investments at inception cost Total and hedges at inception Investments at inception cost 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) Assets Cash and due from banks — — — — 25,986,762 25,986,762 — — — — 22,168,516 22,168,516 Guarantee funds, reverse repurchase agreements and securities borrowings — — — — 4,288,524 4,288,524 — — — — 4,082,942 4,082,942 At fair value through profit or loss 3,850,762 — — — — 3,850,762 3,512,445 — — — — 3,512,445 Investments at fair value through other comprehensive income, Note 6(b) — — 25,623,934 578,789 — 26,202,723 — — 24,546,365 649,470 — 25,195,835 Amortized cost investments — — — — 3,477,046 3,477,046 — — — — 4,154,838 4,154,838 Loans, net — — — — 110,485,717 110,485,717 — — — — 105,806,998 105,806,998 Financial assets designated at fair value through profit or loss — 620,544 — — — 620,544 — 521,186 — — — 521,186 Premiums and other policies receivable — — — — 838,731 838,731 — — — — 887,273 887,273 Accounts receivable from reinsurers and coinsurers — — — — 791,704 791,704 — — — — 842,043 842,043 Due from customers on acceptances — — — — 535,222 535,222 — — — — 967,968 967,968 Other assets, Note 13(a) 1,092,107 — — — 1,700,861 2,792,968 766,317 — — — 2,306,460 3,072,777 4,942,869 620,544 25,623,934 578,789 148,104,567 179,870,703 4,278,762 521,186 24,546,365 649,470 141,217,038 171,212,821 Liabilities Deposits and obligations — — — — 112,005,385 112,005,385 — — — — 104,551,310 104,551,310 Payables from repurchase agreements and securities lending — — — — 7,678,016 7,678,016 — — — — 9,415,357 9,415,357 Due to banks and correspondents — — — — 8,841,732 8,841,732 — — — — 8,448,140 8,448,140 Bankers’ acceptances outstanding — — — — 535,222 535,222 — — — — 967,968 967,968 Accounts payable to reinsurers and coinsurers — — — — 216,734 216,734 — — — — 291,693 291,693 Lease liabilities — — — — 847,504 847,504 — — — — — — Financial liabilities at fair value through profit or loss 493,700 — — — — 493,700 362,310 — — — — 362,310 Bonds and notes issued — — — — 14,946,363 14,946,363 — — — — 15,457,540 15,457,540 Other liabilities, Note 13(a) 1,040,282 — — — 3,206,544 4,246,826 715,804 — — — 2,978,514 3,694,318 1,533,982 — — — 148,277,500 149,811,482 1,078,114 — — — 142,110,522 143,188,636 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial risk management [line Items] | |
Schedule of detailed information about impaired loans,fair value of collateral and allowance of loan losses | At December 31, 2019, the renegotiated credits amount to approximately S/1,186.3 million, of which S/118.6 million are classified as not past due nor impaired, S/160.3 million as past due but not impaired and S/907.4 million as impaired but not past due (S/1,281.5 million, S/339.6 million, S/270.3 million and S/671.5 million, respectively, at December 31, 2018). At December 31, 2019 At December 31, 2018 Residential Small and Residential Commercial mortgage microenterprise Consumer Commercial mortgage Microbusiness Consumer loans loans loans loans Total loans loans loans loans Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Impaired loans 2,812,011 994,479 1,253,969 758,836 5,819,295 2,321,335 959,033 1,254,526 702,561 5,237,455 Fair value of collateral 2,491,069 864,473 330,347 193,319 3,879,208 1,758,098 820,291 422,330 189,811 3,190,530 Allowance for loan losses 982,950 472,718 931,587 629,558 3,016,813 1,023,771 470,286 978,834 608,686 3,081,577 |
Schedule of financial assets that are either past due or impaired | 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. As of December 31, 2019 As of December 31, 2018 Loans with delays in Loans with delays in payments of one day payments of one day Current but or more but not Internal Total past Current but or more but not Internal Total past Current impaired considered internal overdue due under Current impaired considered internal overdue due under loans loans overdue loans loans Total IFRS 7 loans loans overdue loans loans Total 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 106,143,943 — — 103 106,144,046 103 101,602,442 — — 1,755 101,604,197 1,755 Past due but not impaired (30) — 2,569,349 275,296 2,844,615 2,844,645 — — 2,869,944 249,028 3,118,972 3,118,972 Impaired debt — 2,274,182 515,628 3,029,487 5,819,297 3,545,115 — 1,582,189 786,428 2,868,838 5,237,455 3,655,266 Total 106,143,913 2,274,182 3,084,977 3,304,886 114,807,958 6,389,863 101,602,442 1,582,189 3,656,372 3,119,621 109,960,624 6,775,993 |
Schedule of classification of loans by banking and maturity | The classification of loans by type of banking and maturity is as follows: As of December 31, 2019 As of December 31, 2018 Loans with delays in Loans with delays in payments of one day payments of one day Current but or more but not Internal Current but or more but not Internal Current impaired considered internal overdue Current impaired considered internal overdue loans loans overdue loans loans Total loans loans overdue loans loans Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Commercial loans 59,218,904 1,460,816 1,027,177 1,390,176 63,097,073 60,034,357 797,776 1,541,975 1,235,880 63,609,988 Residential mortgage loans 17,985,809 284,279 868,087 537,646 19,675,821 15,926,555 258,149 1,054,112 531,876 17,770,692 Small and microenterprise loans 14,898,270 247,076 635,436 973,043 16,753,825 13,472,223 253,735 526,023 1,001,474 15,253,455 Consumer loans 14,040,930 282,011 554,277 404,021 15,281,239 12,169,307 272,529 534,262 350,391 13,326,489 Total 106,143,913 2,274,182 3,084,977 3,304,886 114,807,958 101,602,442 1,582,189 3,656,372 3,119,621 109,960,624 |
Schedule of carring amount of allowances for direct and indirect loans losses and its estimation | The following table provides a comparison between the carrying amount of provision of credit loss for direct and indirect loan and its estimation under three scenarios: base, optimistic and pessimistic. Balance Balance at December 31, 2019 at December 31, 2018 S/(000) S/(000) Carrying amount 5,507,759 5,314,531 Scenarios: Optimistic 5,426,608 5,218,142 Base Case 5,509,729 5,308,346 Pessimistic 5,584,965 5,422,882 |
Schedule of risk rating analysis of investments | The following table shows the analysis of the risk-rating of the investments, provided by the institutions referred to above: At December 31, 2019 At December 31, 2018 S/(000) % S/(000) % Instruments rated in Peru: AAA 1,621,270 4.80 1,219,451 3.70 AA- to AA+ 1,853,042 5.50 1,483,063 4.50 A- to A+ 8,970,590 26.80 6,809,865 20.70 BBB- to BBB+ 1,874,556 5.60 2,282,714 6.90 BB- to BB+ 517,146 1.50 459,249 1.40 Lower and equal to +B — — 7,397 — Unrated: BCRP certificates of deposit 8,665,272 25.80 9,829,584 29.90 Listed and unlisted securities 573,485 1.70 650,507 2.00 Restricted mutual funds 460,086 1.40 407,350 1.20 Investment funds 102,085 0.30 66,932 0.20 Mutual funds 291,024 0.90 16,811 0.10 Other instruments 264,497 0.80 727,713 2.20 Subtotal 25,193,053 75.10 23,960,636 72.80 At December 31, 2019 At December 31, 2018 S/(000) % S/(000) % Instruments rated abroad: AAA 657,787 2.00 286,417 0.90 AA- to AA+ 854,501 2.50 513,577 1.60 A- to A+ 1,581,995 4.70 1,265,390 3.90 BBB- to BBB+ 2,974,639 8.90 4,064,725 12.40 BB- to BB+ 996,917 3.00 1,383,960 4.20 Lower and equal to +B 54,316 0.20 81,627 0.20 Unrated: Listed and unlisted securities 88,799 0.30 100,031 0.30 Participations of RAL funds 300,398 0.90 445,039 1.40 Mutual funds 302,528 0.90 381,107 1.20 Investment funds 294,158 0.90 168,870 0.50 Hedge funds 33,223 0.10 44,335 0.10 Other instruments 198,217 0.50 167,404 0.50 Subtotal 8,337,478 24.90 8,902,482 27.20 Total 33,530,531 100.00 32,863,118 100.00 |
Schedule of economic sectors considered for distributing financial instruments with exposure to credit risk | As of December 31, 2019 and 2018, financial instruments with exposure to credit risk were distributed considering the following economic sectors: 2019 2018 At fair value At fair value through profit for loss At fair value through profit for loss At fair value Held for Financial through other Held for Financial through other trading, assets at comprehensive trading, assets at comprehensive hedging and Designated amortized income hedging and Designated amortized income others (*) at inception cost investments Total others (*) at inception cost 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 Peru — — 21,166,346 8,665,272 29,831,618 — — 16,307,372 9,829,584 26,136,956 Financial services 2,856,512 237,240 13,281,408 2,883,301 19,258,461 1,640,578 161,498 13,237,970 2,462,343 17,502,389 Manufacturing 202,554 36,686 15,608,834 1,225,118 17,073,192 97,425 38,586 16,840,385 1,337,907 18,314,303 Mortgage loans — — 18,985,407 — 18,985,407 — — 16,997,464 — 16,997,464 Consumer loans — — 14,809,503 — 14,809,503 — — 13,384,611 — 13,384,611 Micro-business loans — — 13,902,760 — 13,902,760 — — 13,150,811 — 13,150,811 Commerce 21,228 12,468 12,636,843 452,214 13,122,753 27,021 11,377 12,752,836 330,492 13,121,726 Government and public administration 1,581,527 12,994 3,985,158 7,170,624 12,750,303 1,790,176 41,060 4,768,891 5,547,253 12,147,380 Electricity, gas and water 91,055 50,929 3,014,319 2,286,932 5,443,235 101,939 42,705 4,312,044 1,940,604 6,397,292 Community services — — 4,858,427 5,798 4,864,225 — — 4,459,532 7,391 4,466,923 Communications, storage and transportation 17,306 59,392 4,421,095 1,071,335 5,569,128 24,678 36,794 4,377,933 1,279,371 5,718,776 Mining 41,687 27,875 3,195,049 146,362 3,410,973 31,094 5,749 2,661,615 154,188 2,852,646 Construction 20,847 3,967 2,089,164 322,864 2,436,842 15,068 1,913 1,848,063 372,827 2,237,871 Agriculture 1,963 — 3,050,141 17,887 3,069,991 13,440 — 2,546,889 45,425 2,605,754 Insurance 5,100 — 123,771 986 129,857 19,106 — 1,862,688 — 1,881,794 Education, health and others 4,543 53,792 1,364,542 644,143 2,067,020 5,419 21,518 1,296,293 399,752 1,722,982 Real estate and leasing 43,203 125,201 7,158,667 1,276,941 8,604,012 62,597 159,986 6,423,262 1,455,551 8,101,396 Fishing 321 — 417,067 — 417,388 3,416 — 445,603 — 449,019 Others 55,023 — 4,036,066 32,946 4,124,035 446,805 — 3,542,776 33,147 4,022,728 Total 4,942,869 620,544 148,104,567 26,202,723 179,870,703 4,278,762 521,186 141,217,038 25,195,835 171,212,821 (*) |
Schedule of summary of financial assets subject to offsetting | Financial assets subject to offsetting, enforceable master offsetting agreements and similar agreements: As of December 31, 2019 Gross amounts of recognized financial assets Related amounts not offset in the and offset in the Net of financial consolidated statement of consolidated assets presented financial position Gross amounts statement of in the consolidated Cash recognized financial statements of Financial collateral Details financial assets positions financial position instruments received Net amount S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Receivables from derivatives 1,092,107 — 1,092,107 (122,557) (144,175) 825,375 Cash collateral, reverse repurchase agreements and securities borrowing 4,288,524 — 4,288,524 (151,538) (2,893,723) 1,243,263 Investments at fair value through other comprehensive income and amortized cost pledged as collateral 3,157,981 — 3,157,981 (3,208,973) — (50,992) Total 8,538,612 — 8,538,612 (3,483,068) (3,037,898) 2,017,646 As of December 31, 2018 Gross amounts of recognized financial assets Related amounts not offset in the and offset in the Net of financial consolidated statement of consolidated assets presented financial position Gross amounts statement of in the consolidated Cash recognized financial statements of Financial collateral Details financial assets positions financial position instruments received Net amount S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Receivables from derivatives 766,317 — 766,317 (44,159) (28,906) 693,252 Cash collateral, reverse repurchase agreements and securities borrowing 4,082,942 — 4,082,942 (35,008) (3,319,949) 727,985 Available-for-sale and held-to-maturity investments pledged as collateral 5,001,516 — 5,001,516 (3,123,930) — 1,877,586 Total 9,850,775 — 9,850,775 (3,203,097) (3,348,855) 3,298,823 |
Schedule of summary of financial liabilities subject to offsetting | Financial liabilities subject to offsetting, enforceable offsetting master agreements and similar agreements: As of December 31, 2019 Net amounts of Gross amounts of financial liabilities recognized presented in the Related amounts not offset in the liabilities and offset consolidated consolidated statement of Gross amounts of in the consolidated statement of financial position recognized statement of financial Financial Cash collateral Details financial liabilities financial position position instruments pledged Net amount S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Payables on derivatives 1,040,282 — 1,040,282 122,557 (186,384) 976,455 Payables on repurchase agreements and securites lending 7,678,016 — 7,678,016 (3,208,973) (3,293,837) 1,175,206 Total 8,718,298 — 8,718,298 (3,086,416) (3,480,221) 2,151,661 As of December 31, 2018 Net amounts of Gross amounts of financial liabilities recognized presented in the Related amounts not offset in the liabilities and offset consolidated consolidated statement of Gross amounts of in the consolidated statement of financial position recognized statement of financial Financial Cash collateral Details financial liabilities financial position position instruments pledged Net amount S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Payables on derivatives 715,804 — 715,804 (44,159) (190,212) 481,433 Payables on repurchase agreements and securites lending 9,415,357 — 9,415,357 (3,123,930) (3,409,890) 2,881,537 Total 10,131,161 — 10,131,161 (3,168,089) (3,600,102) 3,362,970 |
Schedule of VAR by risk type | As of December 31, 2019 and 2018, the Group’s VaR by risk type is as follows: 2019 2018 S/(000) S/(000) Interest rate risk 9,274 9,527 Price risk 7,809 4,476 Volatility risk 463 10 Diversification effect (6,245) (3,587) Consolidated VaR by type of risk 11,301 10,426 |
Schedule of detailed information about assets and liabilities by currencies | Foreign currency transactions are made at the free market exchange rates of the countries where Credicorp’s Subsidiaries are established. As of December 31, 2019 and 2018, the Group’s assets and liabilities by currencies were as follows: At December 31, 2019 At December 31, 2018 Other Other Soles U.S. Dollars currencies Total Soles U.S. Dollars currencies Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Monetary assets Cash and due from banks 3,960,190 20,762,648 1,263,924 25,986,762 3,582,390 17,117,551 1,468,575 22,168,516 Cash collateral, reverse repurchase agreements and securities borrowing 150,009 3,389,090 749,425 4,288,524 6,654 3,362,285 714,003 4,082,942 Investments: — — — — — — — At fair value through profit or loss 800,370 1,053,925 1,996,467 3,850,762 541,649 733,801 2,236,995 3,512,445 At fair value through other comprehensive income 18,221,102 6,869,840 532,582 25,623,524 16,757,917 7,057,303 731,145 24,546,365 At amortized cost 3,355,579 100,299 21,168 3,477,046 3,239,330 915,508 — 4,154,838 Loans, net 66,737,870 35,598,141 8,149,706 110,485,717 61,665,634 37,032,752 7,108,612 105,806,998 Financial assets designated at fair value through profit or loss 44,223 576,321 — 620,544 44,109 477,077 — 521,186 Other assets 2,072,867 2,142,237 678,111 4,893,215 2,561,684 2,765,000 408,913 5,735,597 Total monetary assets 95,342,210 70,492,501 13,391,383 179,226,094 88,399,367 69,461,277 12,668,243 170,528,887 Monetary liabilities Deposits and obligations (56,769,748) (46,319,179) (8,916,458) (112,005,385) (51,559,266) (44,122,875) (8,869,169) (104,551,310) Payables from repurchase agreements and securities lending (5,068,896) (734,441) (1,874,679) (7,678,016) (5,914,736) (1,860,424) (1,640,197) (9,415,357) Due to bank and correspondents (3,798,717) (4,709,610) (333,405) (8,841,732) (3,442,620) (4,751,314) (254,206) (8,448,140) Lease liabilities (162,103) (605,036) (80,365) (847,504) — — — — Financial liabilities at fair value through profit or loss — (94,475) (399,225) (493,700) (35,220) (58,031) (269,059) (362,310) Technical reserves for claims and insurance (5,642,772) (4,301,468) (5,993) (9,950,233) (4,318,973) (4,131,263) (2,435) (8,452,671) Bonds and notes issued (4,028,893) (10,660,989) (256,481) (14,946,363) (3,599,610) (11,752,328) (105,602) (15,457,540) Other liabilities (3,541,350) (1,951,682) (874,416) (6,367,448) (3,452,975) (2,208,427) (648,395) (6,309,797) Total monetary liabilities (79,012,479) (69,376,880) (12,741,022) (161,130,381) (72,323,400) (68,884,662) (11,789,063) (152,997,125) 16,329,731 1,115,621 650,361 18,095,713 16,075,967 576,615 879,180 17,531,762 Forwards position, net 1,534,948 (1,351,414) (116,899) 66,635 1,820,527 (1,719,788) (101,048) (309) Currency swaps position, net 281,672 (281,672) — — (199,746) 199,512 234 — Cross currency swaps position, net (787,355) 692,525 (57,715) (152,545) (1,833,236) 1,918,994 (85,758) — Options, net 25,071 (25,071) — — (23,414) 23,414 — — Net monetary position 17,384,067 149,989 475,747 18,009,803 15,840,098 998,747 692,608 17,531,453 |
Schedule of detailed information about cash flows associated with the 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: 2019 2018 Up to a From 1 to From 3 to From 1 to Over 5 Up to a From 1 to From 3 to From 1 to Over 5 month 3 months 12 months 5 years Year Total month 3 months 12 months 5 years 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 35,352,840 22,105,919 49,635,736 63,189,798 42,676,791 212,961,084 29,543,745 26,446,311 42,823,710 65,551,209 36,941,247 201,306,222 Financial liabilities by type - Deposits and obligations 33,056,293 10,879,383 22,008,052 42,265,306 9,820,049 118,029,083 30,659,602 10,717,381 20,100,704 38,903,924 8,663,463 109,045,074 Payables from reverse purchase agreements and security lendings and due to banks and correspondents 3,880,781 1,810,265 1,118,503 1,933,857 7,624,058 16,367,464 2,920,477 3,995,758 4,976,816 4,639,124 6,878,937 23,411,112 Accounts payable to reinsurers and coinsurers 45,702 132,581 25,590 10,784 — 214,657 9,087 290,214 5,088 2,144 — 306,533 Financial liabilities designated at fair value through profit or loss 493,700 — — — — 493,700 362,310 — — — — 362,310 Bonds and notes issued 549,434 149,009 2,138,869 11,255,465 2,709,880 16,802,657 71,272 133,642 3,062,572 13,316,127 473,092 17,056,705 Lease liabilities 10,857 21,751 96,013 434,797 468,213 1,031,631 — — — — — — Other liabilities 2,719,050 285,956 347,590 217,701 1,200,736 4,771,033 1,989,185 332,555 421,685 6,013 1,315,576 4,065,014 Total liabilities 40,755,817 13,278,945 25,734,617 56,117,910 21,822,936 157,710,225 36,011,933 15,469,550 28,566,865 56,867,332 17,331,068 154,246,748 Derivative financial liabilities - Contractual amounts receivable (Inflows) 921,774 722,448 1,244,120 966,488 966,870 4,821,700 1,537,102 1,267,858 1,155,340 1,663,518 1,058,385 6,682,203 Contractual amounts payable (outflows) 501,611 435,484 787,985 1,224,424 983,394 3,932,898 556,987 274,168 1,116,070 1,882,494 1,104,179 4,933,898 Total liabilities 420,163 286,964 456,135 (257,936) (16,524) 888,802 980,115 993,690 39,270 (218,976) (45,794) 1,748,305 |
Schedule of summary of the direct credits classified into three important groups and their respective allowance for each of the types of loans | The following is a summary of the direct credits classified into three important groups and their respective allowance for each of the types of loans: At December 31,2019 At December 31,2018 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 56,270,934 2,948,066 — 59,219,000 55,085,853 4,950,181 — 60,036,034 Past due but not impaired 815,751 250,311 — 1,066,062 998,105 254,514 — 1,252,619 Impaired — — 2,812,011 2,812,011 — — 2,321,335 2,321,335 Gross 57,086,685 3,198,377 2,812,011 63,097,073 56,083,958 5,204,695 2,321,335 63,609,988 Less: Allowance for loan losses 416,692 161,190 982,950 1,560,832 287,961 146,455 1,023,771 1,458,187 Total, net 56,669,993 3,037,187 1,829,061 61,536,241 55,795,997 5,058,240 1,297,564 62,151,801 At December 31,2019 At December 31,2018 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 17,477,899 507,910 — 17,985,809 15,431,424 495,131 — 15,926,555 Past due but not impaired 424,741 270,792 — 695,533 617,686 267,418 — 885,104 Impaired — — 994,479 994,479 — — 959,033 959,033 Gross 17,902,640 778,702 994,479 19,675,821 16,049,110 762,549 959,033 17,770,692 Less: Allowance for loan losses 43,217 25,710 472,718 541,645 31,479 22,404 470,286 524,169 Total, net 17,859,423 752,992 521,761 19,134,176 16,017,631 740,145 488,747 17,246,523 At December 31,2019 At December 31,2018 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 13,363,213 1,535,064 — 14,898,277 11,845,358 1,626,944 — 13,472,302 Past due but not impaired 301,879 299,700 — 601,579 192,588 334,039 — 526,627 Impaired — — 1,253,969 1,253,969 — — 1,254,526 1,254,526 Gross 13,665,092 1,834,764 1,253,969 16,753,825 12,037,946 1,960,983 1,254,526 15,253,455 Less: Allowance for loan losses 515,662 249,457 931,587 1,696,706 340,576 262,777 978,834 1,582,187 Total, net 13,149,430 1,585,307 322,382 15,057,119 11,697,370 1,698,206 275,692 13,671,268 At December 31,2019 At December 31,2018 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 12,108,752 1,932,209 — 14,040,961 10,516,815 1,652,491 — 12,169,306 Past due but not impaired 203,147 278,295 — 481,442 218,995 235,627 — 454,622 Impaired — — 758,836 758,836 — — 702,561 702,561 Gross 12,311,899 2,210,504 758,836 15,281,239 10,735,810 1,888,118 702,561 13,326,489 Less: Allowance for loan losses 263,788 431,433 629,558 1,324,779 284,207 494,956 608,686 1,387,849 Total, net 12,048,111 1,779,071 129,278 13,956,460 10,451,603 1,393,162 93,875 11,938,640 At December 31,2019 At December 31,2018 Consolidated of credits 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 credits, Note 7(a) 100,966,316 8,022,347 5,819,295 114,807,958 94,906,824 9,816,345 5,237,455 109,960,624 Total allowance for loan losses, Note 7(a) 1,239,359 867,790 3,016,813 5,123,962 944,223 926,592 3,081,577 4,952,392 Total net direct credits 99,726,957 7,154,557 2,802,482 109,683,996 93,962,601 8,889,753 2,155,878 105,008,232 |
Schedule of summary of 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: As of December 31, 2019 As of December 31, 2018 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 — 411,656 — 411,656 — 354,432 — 354,432 Interest rate swaps — 269,219 — 269,219 — 165,172 — 165,172 Foreign currency forwards — 306,148 — 306,148 — 124,124 — 124,124 Cross currency swaps — 98,585 — 98,585 — 120,744 — 120,744 Foreign exchange options — 6,489 — 6,489 — 1,281 — 1,281 Futures — 10 — 10 — 564 — 564 13(b) — 1,092,107 — 1,092,107 — 766,317 — 766,317 Investments at fair value through profit of loss 6(a) 2,320,141 786,477 744,144 3,850,762 1,690,430 1,012,801 809,214 3,512,445 Financial assets at fair value through profit of loss 8 558,471 62,073 — 620,544 470,112 51,074 — 521,186 Investments at fair value through other comprehensive income: Debt Instruments Corporate bonds 3,171,451 5,621,363 939 8,793,753 1,487,110 6,924,129 5,279 8,416,518 Certificates of deposit BCRP — 8,665,272 — 8,665,272 — 9,829,584 — 9,829,584 Government treasury bonds 6,194,116 620,465 — 6,814,581 4,587,264 681,282 — 5,268,546 Securitization instruments — 629,818 — 629,818 — 521,452 — 521,452 Negotiable certificates of deposit — 377,296 — 377,296 — 289,148 — 289,148 Subordinated bonds 29,778 135,609 — 165,387 9,972 157,508 — 167,480 Other instruments — 177,417 — 177,417 — 53,637 — 53,637 Equity instruments 239,555 320,579 19,065 579,199 235,566 396,523 17,381 649,470 6(b) 9,634,900 16,547,819 20,004 26,202,723 6,319,912 18,853,263 22,660 25,195,835 Total financial assets 12,513,512 18,488,476 764,148 31,766,136 8,480,454 20,683,455 831,874 29,995,783 Financial liabilities Derivatives financial instruments: Interest rate swaps — 365,774 — 365,774 — 153,560 — 153,560 Currency swaps — 366,545 — 366,545 — 401,856 — 401,856 Foreign currency forwards — 246,960 — 246,960 — 101,548 — 101,548 Cross currency swaps — 54,775 — 54,775 — 55,454 — 55,454 Foreign exchange options — 6,089 — 6,089 — 728 — 728 Futures — 139 — 139 — 2,658 — 2,658 13(b) — 1,040,282 — 1,040,282 — 715,804 — 715,804 Financial liabilities at fair value through profit or loss — 493,700 — 493,700 — 362,310 — 362,310 Total financial liabilities — 1,533,982 — 1,533,982 — 1,078,114 — 1,078,114 |
Schedule of summary of value of the net assets under administration off the balance sheet | As of December 31, 2019 and 2018, the value of the net assets under administration off the balance sheet (in millions of soles) is as follows: 2019 2018 Pension funds 53,912 47,452 Investment funds and mutual funds 43,635 40,186 Equity managed 18,387 15,397 Bank trusts 4,834 4,608 Total 120,768 107,643 |
Schedule of summary of results of the sensitivity analysis regarding changes in interest rates | The results of the sensitivity analysis regarding changes in interest rates at December 31, 2019 and 2018 are presented below: 2019 Changes in Sensitivity of net Sensitivity of Net Currency basis points profit Economic Value S/(000) S/(000) Soles +/- 50 -/+ 7,696 -/+ 520,389 Soles +/- 75 -/+ 11,544 -/+ 780,584 Soles +/- 100 -/+ 15,392 -/+ 1,040,778 Soles +/- 150 -/+ 23,088 -/+ 1,561,167 U.S. Dollar +/- 50 +/- 52,276 -/+ 50,253 U.S. Dollar +/- 75 +/- 78,413 -/+ 75,379 U.S. Dollar +/- 100 +/- 104,551 -/+ 100,506 U.S. Dollar +/- 150 +/- 156,827 -/+ 150,759 2018 Changes in Sensitivity of net Sensitivity of Net Currency basis points profit Economic Value S/(000) S/(000) Soles +/- 50 -/+ 10,463 -/+ 439,964 Soles +/- 75 -/+ 15,695 -/+ 659,946 Soles +/- 100 -/+ 20,926 -/+ 879,928 Soles +/- 150 -/+ 31,389 -/+ 1,319,893 U.S. Dollar +/- 50 +/- 48,325 -/+ 6,718 U.S. Dollar +/- 75 +/- 72,487 -/+ 10,078 U.S. Dollar +/- 100 +/- 96,650 -/+ 13,437 U.S. Dollar +/- 150 +/- 144,975 -/+ 20,155 |
Schedule of summary of sensitivity analysis of the U.S. Dollar | Change in Currency rate sensitivity currency rates 2019 2018 % S/000 S/000 Depreciation - Soles in relation to U.S. Dollar 5 7,142 47,559 Soles in relation to U.S. Dollar 10 13,635 90,795 Appreciation - Soles in relation to U.S. Dollar 5 (7,894) (52,566) Soles in relation to U.S. Dollar 10 (16,665) (110,972) |
Schedule of comparision between the carrying amounts and fair values of the financial instruments which are not measured at fair value, presented in consoliadted financial statemnets of financial positions by level of fair value hierarchy | 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: As of December 31, 2019 As of December 31, 2018 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 — 25,986,762 — 25,986,762 25,986,762 — 22,168,516 — 22,168,516 22,168,516 Cash collateral, reverse repurchase agreements and securities borrowing — 4,288,524 — 4,288,524 4,288,524 — 4,082,942 — 4,082,942 4,082,942 Investments at amortized cost 3,772,509 124,222 — 3,896,731 3,477,046 3,815,301 337,821 — 4,153,122 4,154,838 Loans, net — 110,485,717 — 110,485,717 110,485,717 — 105,806,998 — 105,806,998 105,806,998 Premiums and other policies receivable — 838,731 — 838,731 838,731 — 887,273 — 887,273 887,273 Accounts receivable from reinsurers and coinsurers — 791,704 — 791,704 791,704 — 842,043 — 842,043 842,043 Due from customers on acceptances — 535,222 — 535,222 535,222 — 967,968 — 967,968 967,968 Other assets — 1,700,861 — 1,700,861 1,700,861 — 2,306,460 — 2,306,460 2,306,460 Total 3,772,509 144,751,743 — 148,524,252 148,104,567 3,815,301 137,400,021 — 141,215,322 141,217,038 Liabilities Deposits and obligations — 112,005,385 — 112,005,385 112,005,385 — 104,551,310 — 104,551,310 104,551,310 Payables on repurchase agreements and securities lending — 7,678,016 — 7,678,016 7,678,016 — 9,415,357 — 9,415,357 9,415,357 Due to Banks and correspondents and other entities — 9,032,177 — 9,032,177 8,841,732 — 8,520,401 — 8,520,401 8,448,140 Banker’s acceptances outstanding — 535,222 — 535,222 535,222 — 967,968 — 967,968 967,968 Payable to reinsurers and coinsurers — 216,734 — 216,734 216,734 — 291,693 — 291,693 291,693 Lease liabilities — 847,504 — 847,504 847,504 — — — — — Bond and notes issued — 15,638,835 — 15,638,835 14,946,363 — 15,928,607 — 15,928,607 15,457,540 Other liabilities — 3,206,544 — 3,206,544 3,206,544 — 2,978,514 — 2,978,514 2,978,514 Total — 149,160,417 — 149,160,417 148,277,500 — 142,653,850 — 142,653,850 142,110,522 |
Credit Risk Geographical Areawise [Member] | |
Disclosure of financial risk management [line Items] | |
Schedule of economic sectors considered for distributing financial instruments with exposure to credit risk | As of December 31, 2019 and 2018 financial instruments with exposure to credit risk were distributed by the following geographical areas: 2019 2018 At fair value At fair value through profit for loss At fair value through profit for loss At fair value Held for Financial through other Held for Financial through other trading, assets at comprehensive trading, assets at comprehensive hedging and Designated amortized income hedging and Designated amortized income others (*) at inception cost investments Total others (*) at inception cost investments Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Peru 688,099 138,293 130,436,702 20,674,142 151,937,236 839,713 121,725 124,349,120 19,640,847 144,951,405 United States of America 568,588 275,991 982,944 2,770,903 4,598,426 476,593 241,743 1,538,853 2,616,120 4,873,309 Bolivia 494,547 — 9,218,219 555,028 10,267,794 716,740 — 8,531,311 514,845 9,762,896 Colombia 1,346,042 21,289 2,627,353 385,794 4,380,478 1,450,342 23,274 2,214,653 492,121 4,180,390 Panama — — 905,675 91,571 997,246 5,406 — 663,326 56,780 725,512 Chile 683,822 34,606 2,047,951 450,382 3,216,761 306,299 41,290 1,868,149 677,740 2,893,478 Brazil 6,023 5,867 485,594 40,472 537,956 7,773 — 436,580 17,074 461,427 Mexico 28,846 18,093 5,962 247,713 300,614 51,091 12,206 147,632 286,235 497,164 Canada 29,976 — 109,233 108,494 247,703 9,478 — 30,537 91,832 131,847 Europe: United Kingdom 189,658 14,950 273,477 80,965 559,050 192,141 18,451 116,262 126,811 453,665 Others in Europe 127,915 17,184 83,979 46,331 275,409 54,252 15,244 115,467 103,970 288,933 France 227,823 8,850 27,244 169,632 433,549 119,572 — 7,961 63,855 191,388 Spain 11,105 — 32,836 32,366 76,307 8,960 — 22,060 1,322 32,342 Switzerland 514 — 980 26,136 27,630 1,315 — 91,029 23,785 116,129 Netherlands — — 26,024 108,343 134,367 — 15,390 989 — 16,379 Others 539,911 85,421 840,394 414,451 1,880,177 39,087 31,863 1,083,109 482,498 1,636,557 Total 4,942,869 620,544 148,104,567 26,202,723 179,870,703 4,278,762 521,186 141,217,038 25,195,835 171,212,821 (*) |
Market price change risk [Member] | |
Disclosure of financial risk management [line Items] | |
Schedule of summary of results of the sensitivity analysis regarding changes in interest rates | The market price sensitivity tests as of December 31, 2019 and 2018 are presented below: Equity securities Measured at fair value through other comprehensive Change in income market prices 2019 2018 % S/(000) S/(000) Equity securities +/- 10 57,920 64,947 Equity securities +/- 25 144,800 162,368 Equity securities +/- 30 173,760 194,841 Funds Measured at fair value Change in through profit or loss market prices 2019 2018 % S/(000) S/(000) Participation in mutual funds +/- 10 59,127 25,687 Participation in mutual funds +/- 25 147,818 64,219 Participation in mutual funds +/- 30 177,381 77,062 Restricted mutual funds +/- 10 46,009 40,735 Restricted mutual funds +/- 25 115,022 101,838 Restricted mutual funds +/- 30 138,026 122,205 Participation in RAL funds +/- 10 30,040 44,504 Participation in RAL funds +/- 25 75,100 111,260 Participation in RAL funds +/- 30 90,119 133,512 Investment funds +/- 10 30,576 32,346 Investment funds +/- 25 76,440 80,864 Investment funds +/- 30 91,728 97,037 Hedge funds +/- 10 3,364 4,434 Hedge funds +/- 25 8,410 11,084 Hedge funds +/- 30 10,092 13,301 Exchange Trade Funds +/- 10 1,360 2,556 Exchange Trade Funds +/- 25 3,399 6,391 Exchange Trade Funds +/- 30 4,079 7,669 |
Interest Rate Risk [Member] | |
Disclosure of financial risk management [line Items] | |
Schedule of economic sectors considered for distributing financial instruments with exposure 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: At December 31, 2019 Up to 1 1 to 3 3 to 12 1 to 5 More than Non-interest month months months years 5 years 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 12,702,384 1,841,425 3,683,141 5,351,933 125,088 6,571,315 30,275,286 Investments 1,462,956 1,346,028 7,786,732 5,876,624 12,628,641 578,788 29,679,769 Loans, net 14,595,317 17,107,120 28,291,817 35,086,667 15,737,689 (332,893) 110,485,717 Financial assets designated at fair value through profit or loss — — — — — 620,544 620,544 Premiums and other policies receivable 802,558 22,866 8,496 4,811 — — 838,731 Accounts receivable from reinsurers and coinsurers 734 120,600 668,551 1,348 471 — 791,704 Other assets (*) 273,338 38,841 8 — — 2,023,067 2,335,254 Total assets 29,837,287 20,476,880 40,438,745 46,321,383 28,491,889 9,460,821 175,027,005 Liabilities Deposits and obligations 29,478,976 9,711,623 19,010,084 43,285,525 7,339,092 3,180,085 112,005,385 Payables from repurchase agreements and securities lending 3,742,155 3,269,341 4,969,337 1,784,133 2,528,985 225,797 16,519,748 Accounts payable to reinsurers and coinsurers 46,144 133,864 25,838 10,888 — — 216,734 Technical reserves for claims and insurance premiums 266,556 703,337 1,166,055 2,703,092 5,056,900 54,293 9,950,233 Financial liabilities at fair value through profit or loss — — — — — 493,700 493,700 Bonds and Notes issued 180,311 252,316 1,683,166 10,060,986 2,753,679 15,905 14,946,363 Other liabilities (**) 437,529 361,087 3,765 — — 3,008,995 3,811,376 Equity — — — — — 26,746,310 26,746,310 Total liabilities and equity 34,151,671 14,431,568 26,858,245 57,844,624 17,678,656 33,725,085 184,689,849 Off-balance-sheet accounts Derivative financial assets 2,806,693 2,849,046 454,349 272,223 165,700 — 6,548,011 Derivative financial liabilities 323,360 821,872 3,798,631 1,110,774 406,320 — 6,460,957 2,483,333 2,027,174 (3,344,282) (838,551) (240,620) — 87,054 Marginal gap (1,831,051) 8,072,486 10,236,218 (12,361,792) 10,572,613 (24,264,264) (9,575,790) Accumulated gap (1,831,051) 6,241,435 16,477,653 4,115,861 14,688,474 (9,575,790) — (*) (**) 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. At December 31, 2018 Up to 1 1 to 3 3 to 12 1 to 5 More than Non-interest month months months years 5 years 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 8,348,880 2,192,245 2,644,313 4,973,228 94,925 7,997,867 26,251,458 Investment 1,024,895 4,143,332 6,231,197 5,288,235 12,014,435 648,579 29,350,673 Loans, net 12,671,779 17,663,723 25,826,794 36,908,775 13,581,585 (845,658) 105,806,998 Financial assets designated at fair value through profit or loss — — — — — 521,186 521,186 Premiums and other policies receivable 848,662 24,303 9,124 5,184 — — 887,273 Accounts receivable from reinsurers and coinsurers 89 106,421 734,043 1,104 386 — 842,043 Other assets (*) 42,057 46 498 1,735 (1,763) 2,408,072 2,450,645 Total assets 22,936,362 24,130,070 35,445,969 47,178,261 25,689,568 10,730,046 166,110,276 Liabilities Deposits and obligations 27,696,282 9,545,250 17,413,186 39,389,207 6,724,393 3,782,992 104,551,310 Payables from repurchase agreements and securities lending 1,825,899 3,895,312 5,128,527 3,811,941 1,609,500 1,592,318 17,863,497 Accounts payable to reinsurers and coinsurers 5,504 281,808 3,082 1,299 — — 291,693 Technical reserves for claims and insurance premiums 217,240 600,927 1,007,817 2,327,437 4,247,236 52,014 8,452,671 Financial liabilities at fair value through profit or loss — — — — — 362,310 362,310 Bonds and Notes issued 27 1,934 2,499,807 12,441,149 445,350 69,273 15,457,540 Other liabilities (**) 175,892 247,175 2,739 — — 2,613,602 3,039,408 Equity — — — — — 24,266,076 24,266,076 Total liabilities and equity 29,920,844 14,572,406 26,055,158 57,971,033 13,026,479 32,738,585 174,284,505 Off-balance-sheet accounts Derivative financial assets 3,393,623 2,736,835 1,204,498 347,883 72,826 — 7,755,665 Derivative financial liabilities 823,012 819,882 3,728,800 1,754,972 534,259 — 7,660,925 2,570,611 1,916,953 (2,524,302) (1,407,089) (461,433) — 94,740 Marginal gap (4,413,871) 11,474,617 6,866,509 (12,199,861) 12,201,656 (22,008,539) (8,079,489) Accumulated gap (4,413,871) 7,060,746 13,927,255 1,727,394 13,929,050 (8,079,489) — (*) (**) |
MERGER AND ACQUISITIONS - Acqui
MERGER AND ACQUISITIONS - Acquisitions (Details) S/ in Millions, $ in Millions, $ in Millions | Dec. 01, 2019COP ($) | Dec. 01, 2019PEN (S/) | Nov. 01, 2019COP ($) | Nov. 01, 2019PEN (S/) | Jul. 31, 2019 | Jun. 28, 2019 | Mar. 27, 2019USD ($) | Mar. 27, 2019PEN (S/) | Jan. 31, 2019USD ($) | Jan. 31, 2019PEN (S/) |
Disclosure of detailed information about business combination [line items] | ||||||||||
Consideration paid | S/ | S/ 255.7 | |||||||||
Credicorp Holding Colombia S.A.S | Bancompartir | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of share capital acquired | 77.46% | 77.46% | 2.97% | 74.49% | ||||||
Consideration paid | $ | $ 265,251.7 | |||||||||
Credicorp Holding Colombia S.A.S | Ultraserfinco S.A. | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of share capital acquired | 84.20% | 84.20% | ||||||||
Consideration paid | $ 118,251 | S/ 116.8 | ||||||||
Credicorp Capital Fiduciaria S.A | Ultraserfinco S.A. | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of share capital acquired | 15.80% | 15.80% | ||||||||
Consideration paid | $ 22,312 | S/ 22.1 | ||||||||
Krealo SpA | Multicaja S.A | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of share capital acquired | 100.00% | 100.00% | ||||||||
Consideration paid | $ 6.1 | S/ 19.6 | ||||||||
Krealo SpA | Tenpo SpA | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Consideration paid | $ 12.5 | S/ 41.1 | ||||||||
Grupo Crdito S.A | Culqi | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Percentage of share capital acquired | 100.00% | 100.00% | ||||||||
Consideration paid | $ 4 | S/ 13.3 |
MERGER AND ACQUISITIONS - Summa
MERGER AND ACQUISITIONS - Summary of book value and fair value of the identified assets and liabilities of the entities purchased (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Nov. 01, 2019 | Jun. 28, 2019 | Mar. 27, 2019 | Jan. 31, 2019 |
Assets | |||||
Cash | S/ 92,732 | ||||
Investments | 177,927 | ||||
Loans, net | 651,856 | ||||
Right-of-use assets, net | 11,784 | ||||
Property, furniture and equipment, net, Note 10(a) | 10,594 | ||||
Intangible, Note 11 | |||||
Software and licenses | 76,061 | ||||
Brand "Culqi" | 1,164 | ||||
Brand "Recarga" | 2,790 | ||||
Client relationships | 18,462 | ||||
PayPal Contract | 7,504 | ||||
Fund manager contract | 4,298 | ||||
Anti-competition contract | 12,745 | ||||
Deferred tax assets | 18,783 | ||||
Other assets | 78,262 | ||||
Liabilities | |||||
Deposits and obligations | 794,893 | ||||
Due to banks and correspondents | 50,659 | ||||
Lease liabilities | 12,554 | ||||
Deferred tax liabilities | 18,940 | ||||
Other liabilities | 41,431 | ||||
Total net assets identified at fair value | 246,485 | ||||
Non-controlling interest | (74,392) | ||||
Goodwill arising on acquisition | 296,591 | ||||
Total purchase consideration | S/ 468,684 | ||||
Bancompartir | Book value | |||||
Assets | |||||
Cash | S/ 30,985 | ||||
Investments | 153,188 | ||||
Loans, net | 706,621 | ||||
Right-of-use assets, net | 6,578 | ||||
Property, furniture and equipment, net, Note 10(a) | 5,969 | ||||
Intangible, Note 11 | |||||
Software and licenses | 60,450 | ||||
Other assets | 58,557 | ||||
Liabilities | |||||
Deposits and obligations | 794,893 | ||||
Due to banks and correspondents | 50,659 | ||||
Lease liabilities | 6,874 | ||||
Deferred tax liabilities | 139 | ||||
Other liabilities | 16,101 | ||||
Total net assets identified at fair value | 153,682 | ||||
Bancompartir | Fair value adjustments | |||||
Assets | |||||
Loans, net | (54,765) | ||||
Property, furniture and equipment, net, Note 10(a) | 374 | ||||
Intangible, Note 11 | |||||
Anti-competition contract | 5,454 | ||||
Deferred tax assets | 18,242 | ||||
Liabilities | |||||
Deferred tax liabilities | 1,895 | ||||
Total net assets identified at fair value | (32,590) | ||||
Bancompartir | Fair value recognized on acquisition | |||||
Assets | |||||
Cash | 30,985 | ||||
Investments | 153,188 | ||||
Loans, net | 651,856 | ||||
Right-of-use assets, net | 6,578 | ||||
Property, furniture and equipment, net, Note 10(a) | 6,343 | ||||
Intangible, Note 11 | |||||
Software and licenses | 60,450 | ||||
Anti-competition contract | 5,454 | ||||
Deferred tax assets | 18,242 | ||||
Other assets | 58,557 | ||||
Liabilities | |||||
Deposits and obligations | 794,893 | ||||
Due to banks and correspondents | 50,659 | ||||
Lease liabilities | 6,874 | ||||
Deferred tax liabilities | 2,034 | ||||
Other liabilities | 16,101 | ||||
Total net assets identified at fair value | 121,092 | ||||
Non-controlling interest | (74,392) | ||||
Goodwill arising on acquisition | 209,003 | ||||
Total purchase consideration | S/ 255,703 | ||||
Ultraserfinco S.A. | Book value | |||||
Assets | |||||
Cash | S/ 55,160 | ||||
Investments | 24,739 | ||||
Right-of-use assets, net | 5,206 | ||||
Property, furniture and equipment, net, Note 10(a) | 3,385 | ||||
Intangible, Note 11 | |||||
Other assets | 17,784 | ||||
Liabilities | |||||
Lease liabilities | 5,680 | ||||
Other liabilities | 24,041 | ||||
Total net assets identified at fair value | 76,553 | ||||
Ultraserfinco S.A. | Fair value adjustments | |||||
Assets | |||||
Property, furniture and equipment, net, Note 10(a) | 688 | ||||
Intangible, Note 11 | |||||
Client relationships | 13,376 | ||||
Fund manager contract | 4,298 | ||||
Anti-competition contract | 7,291 | ||||
Liabilities | |||||
Deferred tax liabilities | 7,924 | ||||
Total net assets identified at fair value | 17,729 | ||||
Ultraserfinco S.A. | Fair value recognized on acquisition | |||||
Assets | |||||
Cash | 55,160 | ||||
Investments | 24,739 | ||||
Right-of-use assets, net | 5,206 | ||||
Property, furniture and equipment, net, Note 10(a) | 4,073 | ||||
Intangible, Note 11 | |||||
Client relationships | 13,376 | ||||
Fund manager contract | 4,298 | ||||
Anti-competition contract | 7,291 | ||||
Other assets | 17,784 | ||||
Liabilities | |||||
Lease liabilities | 5,680 | ||||
Deferred tax liabilities | 7,924 | ||||
Other liabilities | 24,041 | ||||
Total net assets identified at fair value | 94,282 | ||||
Goodwill arising on acquisition | 44,628 | ||||
Total purchase consideration | S/ 138,910 | ||||
Multicaja S.A | Book value | |||||
Assets | |||||
Cash | S/ 3,633 | ||||
Property, furniture and equipment, net, Note 10(a) | 34 | ||||
Intangible, Note 11 | |||||
Other assets | 17 | ||||
Liabilities | |||||
Other liabilities | 192 | ||||
Total net assets identified at fair value | 3,492 | ||||
Multicaja S.A | Fair value adjustments | |||||
Intangible, Note 11 | |||||
Software and licenses | 2,647 | ||||
Liabilities | |||||
Deferred tax liabilities | 715 | ||||
Total net assets identified at fair value | 1,932 | ||||
Multicaja S.A | Fair value recognized on acquisition | |||||
Assets | |||||
Cash | 3,633 | ||||
Property, furniture and equipment, net, Note 10(a) | 34 | ||||
Intangible, Note 11 | |||||
Software and licenses | 2,647 | ||||
Other assets | 17 | ||||
Liabilities | |||||
Deferred tax liabilities | 715 | ||||
Other liabilities | 192 | ||||
Total net assets identified at fair value | 5,424 | ||||
Goodwill arising on acquisition | 14,182 | ||||
Total purchase consideration | 19,606 | ||||
Tenpo SpA | Book value | |||||
Assets | |||||
Cash | 1,938 | ||||
Property, furniture and equipment, net, Note 10(a) | 112 | ||||
Intangible, Note 11 | |||||
Other assets | 1,204 | ||||
Liabilities | |||||
Other liabilities | 142 | ||||
Total net assets identified at fair value | 3,112 | ||||
Tenpo SpA | Fair value adjustments | |||||
Intangible, Note 11 | |||||
Software and licenses | 4,640 | ||||
Brand "Recarga" | 2,790 | ||||
Client relationships | 2,536 | ||||
PayPal Contract | 7,504 | ||||
Liabilities | |||||
Deferred tax liabilities | 4,717 | ||||
Total net assets identified at fair value | 12,753 | ||||
Tenpo SpA | Fair value recognized on acquisition | |||||
Assets | |||||
Cash | 1,938 | ||||
Property, furniture and equipment, net, Note 10(a) | 112 | ||||
Intangible, Note 11 | |||||
Software and licenses | 4,640 | ||||
Brand "Recarga" | 2,790 | ||||
Client relationships | 2,536 | ||||
PayPal Contract | 7,504 | ||||
Other assets | 1,204 | ||||
Liabilities | |||||
Deferred tax liabilities | 4,717 | ||||
Other liabilities | 142 | ||||
Total net assets identified at fair value | 15,865 | ||||
Goodwill arising on acquisition | 25,260 | ||||
Total purchase consideration | S/ 41,125 | ||||
Culqi | Book value | |||||
Assets | |||||
Cash | S/ 1,016 | ||||
Property, furniture and equipment, net, Note 10(a) | 32 | ||||
Intangible, Note 11 | |||||
Software and licenses | 2 | ||||
Other assets | 1,100 | ||||
Liabilities | |||||
Other liabilities | 955 | ||||
Total net assets identified at fair value | 1,195 | ||||
Culqi | Fair value adjustments | |||||
Intangible, Note 11 | |||||
Software and licenses | 8,322 | ||||
Brand "Culqi" | 1,164 | ||||
Client relationships | 2,550 | ||||
Deferred tax assets | 541 | ||||
Other assets | (400) | ||||
Liabilities | |||||
Deferred tax liabilities | 3,550 | ||||
Total net assets identified at fair value | 8,627 | ||||
Culqi | Fair value recognized on acquisition | |||||
Assets | |||||
Cash | 1,016 | ||||
Property, furniture and equipment, net, Note 10(a) | 32 | ||||
Intangible, Note 11 | |||||
Software and licenses | 8,324 | ||||
Brand "Culqi" | 1,164 | ||||
Client relationships | 2,550 | ||||
Deferred tax assets | 541 | ||||
Other assets | 700 | ||||
Liabilities | |||||
Deferred tax liabilities | 3,550 | ||||
Other liabilities | 955 | ||||
Total net assets identified at fair value | 9,822 | ||||
Goodwill arising on acquisition | 3,518 | ||||
Total purchase consideration | S/ 13,340 |
MERGER AND ACQUISITIONS - Acq_2
MERGER AND ACQUISITIONS - Acquisitions costs and pro forma details (Details) S/ in Millions, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019PEN (S/) | Dec. 31, 2019CLP ($) | Dec. 31, 2019COP ($) | Dec. 31, 2019PEN (S/) | |
Bancompartir | ||||
Disclosure of detailed information about business combination [line items] | ||||
Acquisition costs | $ 2,040.2 | S/ 2.0 | ||
Interest and similar income | S/ 16.5 | |||
Interest and similar income if the combination had taken place at the beginning of the year | 198.7 | |||
Increase in interest and similar income if the combination had taken place at the beginning of the year | 182.2 | |||
Ultraserfinco S.A. | ||||
Disclosure of detailed information about business combination [line items] | ||||
Acquisition costs | $ 2,040.2 | 2 | ||
Multicaja S.A | ||||
Disclosure of detailed information about business combination [line items] | ||||
Acquisition costs | $ 50.6 | 0.2 | ||
Tenpo SpA | ||||
Disclosure of detailed information about business combination [line items] | ||||
Acquisition costs | $ 50.6 | 0.2 | ||
Culqi | ||||
Disclosure of detailed information about business combination [line items] | ||||
Acquisition costs | S/ 0.1 |
MERGER AND ACQUISITIONS - Acq_3
MERGER AND ACQUISITIONS - Acquisition of non-controlling interest of Mibanco, Banco de la Microempresa S.A. (Mibanco) (Details) - PEN (S/) S/ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 01, 2019 | May 23, 2018 | May 22, 2018 | Apr. 18, 2018 | |
Disclosure of detailed information about business combination [line items] | |||||
Consideration paid | S/ 255.7 | ||||
Mibanco [Member] | Grupo Crdito S.A | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of share capital acquired | 3.23% | ||||
Consideration paid | S/ 129.0 | ||||
Mibanco [Member] | Banco de Crdito del Per S.A. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of share capital acquired | 0.05% | 1.22% | 0.06% | ||
Consideration paid | S/ 1.9 | S/ 47.3 | S/ 2.4 | ||
Bottom of range [member] | Mibanco [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Ownership interest held | 93.18% | ||||
Top of range [member] | Mibanco [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Ownership interest held | 97.74% |
MERGER AND ACQUISITIONS - Merge
MERGER AND ACQUISITIONS - Merger by absorption between Credicorp Capital Holding Chile S.A. and Inversiones IMT S.A. (Details) - Inversiones IMT S.A. - Credicorp Capital Holding Chile S.A | Feb. 21, 2018shares |
Disclosure of detailed information about business combination [line items] | |
Number of shares in acquiree held by acquirer immediately before acquisition date | 11 |
Ownership interest held | 100.00% |
Number of days of uninterrupted period | 10 days |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Measurement categories and the carrying value of the financial instruments under IAS 39 and IFRS 9 (Details) - PEN (S/) S/ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | |||
Cash and due from banks | S/ 25,986,762 | S/ 22,168,516 | |
Guarantee funds, reverse repurchase agreements and securities borrowings | S/ 7,480,420 | 4,288,524 | 4,082,942 |
Loans, net | 91,481,200 | 86,898,040 | |
Accounts receivable from reinsurers and coinsurers | 715,553 | ||
Other Assets | 1,759,125 | 5,458,470 | 5,123,036 |
Total financial assets | (164,228,539) | ||
Total financial liabilities | 139,747,905 | ||
IAS 39 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Guarantee funds, reverse repurchase agreements and securities borrowings | 7,480,420 | ||
Accounts receivable from reinsurers and coinsurers | 715,695 | ||
Other Assets | 1,759,125 | ||
Total financial assets | (164,444,879) | ||
Total financial liabilities | 139,633,721 | ||
Effect of overlay approach reclassification [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total financial assets | (164,228,539) | ||
Loans and receivables [member] | IAS 39 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and due from banks | 23,221,987 | ||
Guarantee funds, reverse repurchase agreements and securities borrowings | 7,480,420 | ||
Loans, net | 95,977,277 | ||
Premium and other policies receivable | 656,829 | ||
Accounts receivable from reinsurers and coinsurers | 715,695 | ||
Due from customers on acceptance | 532,034 | ||
Other Assets | 1,759,125 | ||
At fair value through profit or loss | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total financial assets | (3,845,791) | (3,507,576) | |
At fair value through profit or loss | IAS 39 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Investments | 4,024,737 | ||
Financial assets designated at fair value through profit or loss | 537,685 | ||
At fair value through profit or loss | Effect of overlay approach reclassification [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Investments | 5,613,356 | ||
Held to maturity [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total financial assets | (4,069,015) | ||
Held to maturity [Member] | IAS 39 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Investments | 4,413,373 | ||
Available for sale [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total financial assets | S/ (24,981,013) | ||
Available for sale [Member] | IAS 39 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Investments | 24,423,891 | ||
Financial liabilities at fair value, class [member] | IAS 39 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Liabilities | 8,791,390 | ||
Financial liabilities at fair value, class [member] | Effect of overlay approach reclassification [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Liabilities | 8,791,390 | ||
Fair value hedges [member] | IAS 39 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivatives receivable | 701,826 | ||
Fair value hedges [member] | Effect of overlay approach reclassification [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivatives receivable | 701,826 | ||
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Effect of overlay approach reclassification [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets designated at fair value through profit or loss | 537,685 | ||
Amortized cost [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total financial assets | S/ (3,399,133) | ||
Amortized cost [Member] | IAS 39 [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Liabilities | 130,842,331 | ||
Amortized cost [Member] | Effect of overlay approach reclassification [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and due from banks | 23,221,987 | ||
Guarantee funds, reverse repurchase agreements and securities borrowings | 7,480,420 | ||
Investments | 4,411,637 | ||
Loans, net | 95,770,509 | ||
Premium and other policies receivable | 649,135 | ||
Accounts receivable from reinsurers and coinsurers | 715,553 | ||
Due from customers on acceptance | 532,034 | ||
Other Assets | 1,759,125 | ||
Liabilities | 130,956,515 | ||
At fair value through other comprehensive income (Debt instruments) | Effect of overlay approach reclassification [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Investments | 22,181,733 | ||
At fair value through other comprehensive income (Designated equity instruments) | Effect of overlay approach reclassification [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Investments | S/ 653,539 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of balances of financial assets under IAS 39 to IFRS 9 (Details) - PEN (S/) S/ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Significant Accounting Policies [Line Items] | |||
Cash and due from banks | S/ 23,221,987 | ||
Cash collateral, reverse repurchase agreements and securities borrowings | 7,480,420 | S/ 4,288,524 | S/ 4,082,942 |
At fair value through profit or loss : | |||
Opening balance under IAS 39 | 5,613,356 | ||
Addition: From investments available for sale | 25,370,413 | 24,331,543 | |
At fair value through other comprehensive income (debt): | |||
Opening balance under IAS 39 | 22,181,733 | ||
At fair value through other comprehensive income (Designated equity instruments) | 653,539 | 48,800 | |
Available for sale: | |||
Opening balance under IAS 39 | 0 | ||
Amortized cost: | |||
Opening balance under IAS 39 | 4,411,637 | ||
Held-to-maturity: | |||
Opening balance under IAS 39 | 0 | ||
Loans, net | (95,770,509) | ||
Financial assets designated at fair value through profit or loss | 537,685 | ||
Premiums and other policies receivable | 649,135 | ||
Accounts receivable from reinsurers and coinsurers | 715,553 | ||
Due from customers on acceptances | 532,034 | ||
Derivative receivables | 701,826 | 1,092,107 | 766,317 |
Other assets | 1,759,125 | S/ 5,458,470 | 5,123,036 |
Total financial assets | 164,228,539 | ||
Financial assets impaired [member] | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Cash and due from banks | 0 | ||
Cash collateral, reverse repurchase agreements and securities borrowings | 0 | ||
At fair value through other comprehensive income (debt): | |||
At fair value through other comprehensive income (Designated equity instruments) | 0 | ||
Amortized cost: | |||
Remeasurement: Expected loss (IFRS 9) | (1,736) | ||
Held-to-maturity: | |||
Loans, net | (206,768) | ||
Financial assets designated at fair value through profit or loss | 0 | ||
Premiums and other policies receivable | (7,694) | ||
Accounts receivable from reinsurers and coinsurers | 142 | ||
Due from customers on acceptances | 0 | ||
Derivative receivables | 0 | ||
Other assets | 0 | ||
Total financial assets | 216,340 | ||
Change of category [Member] | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Cash and due from banks | 0 | ||
Cash collateral, reverse repurchase agreements and securities borrowings | 0 | ||
At fair value through profit or loss : | |||
Addition: From investments available for sale | 1,588,619 | ||
At fair value through other comprehensive income (debt): | |||
Addition: From investments available for sale | 22,181,733 | ||
At fair value through other comprehensive income (Designated equity instruments) | 653,539 | ||
Available for sale: | |||
Subtraction: Reclassification to investments at fair value through profit or loss | (1,588,619) | ||
Subtraction: Reclassification to investments at fair value through other comprehensive income (debt) | (22,181,733) | ||
Subtraction: Reclassification to investments at fair value through other comprehensive income (Designated - equity) | (653,539) | ||
Held-to-maturity: | |||
Subtraction: Reclassification to investments at amortized cost | (4,413,373) | ||
Loans, net | 0 | ||
Financial assets designated at fair value through profit or loss | 0 | ||
Premiums and other policies receivable | 0 | ||
Accounts receivable from reinsurers and coinsurers | 0 | ||
Due from customers on acceptances | 0 | ||
Derivative receivables | 0 | ||
Other assets | 0 | ||
Total financial assets | 0 | ||
Held to maturity [Member] | |||
Held-to-maturity: | |||
Total financial assets | S/ 4,069,015 | ||
In accordance with IFRS 9 [member] | |||
Held-to-maturity: | |||
Premiums and other policies receivable | 19,949 | ||
Total financial assets | 4,737,808 | ||
IAS 39 [Member] | |||
Disclosure Of Significant Accounting Policies [Line Items] | |||
Cash and due from banks | 23,221,987 | ||
Cash collateral, reverse repurchase agreements and securities borrowings | 7,480,420 | ||
At fair value through profit or loss : | |||
Closing balance under IFRS 9 | 4,024,737 | ||
At fair value through other comprehensive income (debt): | |||
Closing balance under IFRS 9 | 0 | ||
At fair value through other comprehensive income (Designated equity instruments) | 0 | ||
Available for sale: | |||
Closing balance under IFRS 9 | 24,423,891 | ||
Amortized cost: | |||
Closing balance under IFRS 9 | 0 | ||
Held-to-maturity: | |||
Closing balance under IFRS 9 | 4,413,373 | ||
Loans, net | (95,977,277) | ||
Financial assets designated at fair value through profit or loss | 537,685 | ||
Premiums and other policies receivable | 656,829 | ||
Accounts receivable from reinsurers and coinsurers | 715,695 | ||
Due from customers on acceptances | 532,034 | ||
Derivative receivables | 701,826 | ||
Other assets | 1,759,125 | ||
Total financial assets | 164,444,879 | ||
IAS 39 [Member] | Held to maturity [Member] | |||
Amortized cost: | |||
Investments | S/ 4,413,373 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of the balances of the provision for impairment under IAS 39 and IFRS 9 (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Financial asset: | |||
Loans | S/ 110,485,717 | S/ 105,806,998 | |
Premiums and other policies receivable | S/ 649,135 | ||
Accounts receivable from reinsurers and coinsurers | S/ 1,657,206 | 2,594,712 | |
Total investments | 164,228,539 | ||
Financial liabilities: | |||
Total financial liabilities | 139,747,905 | ||
IAS 39 [Member] | |||
Financial asset: | |||
Investment at amortized cost | 0 | ||
Loans | 4,500,498 | ||
Premiums and other policies receivable | S/ 7,694 | 12,255 | |
Accounts receivable from reinsurers and coinsurers | 8,715 | ||
Total investments | 4,521,468 | ||
Financial liabilities: | |||
Provision for credit losses on indirect loans | 442,510 | ||
Total financial liabilities | 442,510 | ||
In accordance with IFRS 9 [member] | |||
Financial asset: | |||
Investment at amortized cost | 1,736 | ||
Loans | 4,707,266 | ||
Premiums and other policies receivable | 19,949 | ||
Accounts receivable from reinsurers and coinsurers | 8,857 | ||
Total investments | 4,737,808 | ||
Financial liabilities: | |||
Provision for credit losses on indirect loans | 556,694 | ||
Total financial liabilities | 556,694 | ||
Financial liability [Member] | IAS 39 [Member] | |||
Financial liabilities: | |||
Provision for credit losses on indirect loans | 114,184 | ||
Total financial liabilities | 114,184 | ||
Financial assets impaired [member] | |||
Financial asset: | |||
Premiums and other policies receivable | (7,694) | ||
Total investments | 216,340 | ||
Financial assets impaired [member] | IAS 39 [Member] | |||
Financial asset: | |||
Investment at amortized cost | 1,736 | ||
Loans | 206,768 | ||
Accounts receivable from reinsurers and coinsurers | 142 | ||
Total investments | S/ 216,340 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Financial statements in accordance with IFRS and before eliminations for consolidation purposes, except for the elimination of Credicorp's treasury shares and its related dividends (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Assets | S/ 187,876,691 | S/ 177,263,201 | S/ 170,472,000 | ||
Liabilities | 161,130,381 | 152,997,125 | 148,219,000 | ||
Equity | 26,746,310 | 24,266,076 | 22,253,703 | S/ 20,116,511 | |
Net income (loss) | S/ 4,352,331 | S/ 4,071,305 | S/ 4,181,648 | ||
Grupo Crdito S.A. and Subsidiaries | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | [1],[2] | Holding, Peru | |||
Percentage of interest (direct and indirect) | [1],[2] | 100.00% | 100.00% | ||
Assets | S/ 165,072,249 | S/ 156,578,928 | |||
Liabilities | 142,514,228 | 136,996,483 | |||
Equity | 22,558,021 | 19,582,445 | |||
Net income (loss) | S/ 3,638,334 | S/ 2,544,847 | |||
Pacfico Compaa de Seguros y Reaseguros S.A.and Subsidiaries | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | [2],[3] | Insurance, Peru | |||
Percentage of interest (direct and indirect) | [2],[3] | 98.79% | 98.79% | ||
Assets | S/ 13,783,515 | S/ 12,222,763 | |||
Liabilities | 10,963,533 | 9,590,768 | |||
Equity | 2,819,982 | 2,631,995 | |||
Net income (loss) | S/ 381,492 | S/ 353,292 | |||
Banco de Credito del Peru and Subsidiaries [Member] | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | Banking, Peru | ||||
Percentage of interest (direct and indirect) | 97.71% | 97.71% | |||
Assets | S/ 152,426,848 | S/ 144,768,951 | |||
Liabilities | 133,456,760 | 127,683,654 | |||
Equity | 18,970,088 | 17,085,297 | |||
Net income (loss) | S/ 3,641,935 | S/ 3,391,015 | |||
Inversiones Credicorp Bolivia S.A. and Subsidiaries [Member] | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | Banking, Bolivia | ||||
Percentage of interest (direct and indirect) | 99.96% | 99.96% | |||
Assets | S/ 10,552,154 | S/ 10,020,148 | |||
Liabilities | 9,773,372 | 9,239,568 | |||
Equity | 778,782 | 780,580 | |||
Net income (loss) | S/ 94,666 | S/ 99,402 | |||
Atlantic Security Holding Corporation and Subsidiaries [Member] | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | [2],[4] | Capital Markets, Cayman Islands | |||
Percentage of interest (direct and indirect) | [2],[4] | 100.00% | 100.00% | ||
Assets | S/ 6,076,928 | S/ 6,607,494 | |||
Liabilities | 4,986,657 | 5,395,262 | |||
Equity | 1,090,271 | 1,212,232 | |||
Net income (loss) | S/ 601,629 | S/ 351,425 | |||
Credicorp Capital Ltd. and Subsidiaries [Member] | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | [2] | Capital Markets and asset management, Bermuda | |||
Percentage of interest (direct and indirect) | [2] | 100.00% | 100.00% | ||
Assets | S/ 4,807,905 | S/ 3,393,325 | |||
Liabilities | 3,832,287 | 2,695,499 | |||
Equity | 975,618 | 697,826 | |||
Net income (loss) | S/ 41,634 | S/ 35,191 | |||
CCR Inc [Member] | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | [2] | Special purpose Entity, Bahamas | |||
Percentage of interest (direct and indirect) | [2] | 100.00% | 100.00% | ||
Assets | S/ 386,146 | S/ 543,113 | |||
Liabilities | 385,253 | 543,896 | |||
Equity | 893 | (783) | |||
Net income (loss) | S/ 1,676 | S/ 2,179 | |||
Prima AFP S.A [Member] | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | Private pension fund administrator, Peru | ||||
Percentage of interest (direct and indirect) | 100.00% | 100.00% | |||
Assets | S/ 982,591 | S/ 874,649 | |||
Liabilities | 284,643 | 241,307 | |||
Equity | 697,948 | 633,342 | |||
Net income (loss) | S/ 196,590 | S/ 139,586 | |||
Krealo SpA and Subsidiaries | |||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||
Activity and country of incorporation | Holding, Chile | ||||
Percentage of interest (direct and indirect) | 100.00% | ||||
Assets | S/ 72,847 | ||||
Liabilities | 41,765 | ||||
Equity | 31,082 | ||||
Net income (loss) | S/ (6,476) | ||||
[1] | BCP was established in 1889 and its activities are regulated by the Superintendency of Banks, Insurance and Pension Funds -Perú (the authority that regulates banking, insurance and pension funds activities in Perú, hereinafter “the SBS").Its main Subsidiary is Mibanco, Banco de la Microempresa S.A. (hereinafter “MiBanco”), a banking entity in Peru oriented towards the micro and small business sector. At December 31, 2019, the assets, liabilities, equity and net income of Mibanco amount to approximately S/13,741.7 million, S/11,655.7 million, S/2,086.0 million and S/401.0 million, respectively (S/13,220.3 million, S/11,321.8 million, S/1,898.5 million, and S/462.1 million, respectively at December 31, 2018). | ||||
[2] | CCR Inc. was incorporated in 2000, its main activity is to manage loans granted to BCP by foreign financial entities, See Note 17(a)(iii). These loans are collateralized by transactions performed by BCP. | ||||
[3] | Pacífico Seguros is an entity regulated by the SBS and its activities comprise the contracting and management of all types of general risk and life insurance, reinsurance and property investment and financial operations. Its Subsidiaries are Crediseguro Seguros Personales and Crediseguro Seguros Generales, and it has Pacífico EPS as an associate, which are dynamic participants in the business of multiple and health insurance, respectively.Its most important Subsidiary is Atlantic Security Bank (ASB), which is incorporated in the Cayman Islands and operates through branches and offices in Grand Cayman and the Republic of Panama; its main activities are private and institutional banking services and trustee administration, mainly for BCP’s Peruvian customers. | ||||
[4] | Credicorp Capital Ltd. was formed in 2012, and its main subsidiaries are Credicorp Capital Holding Peru (owner of Credicorp Capital Perú S.A.A.), Credicorp Capital Holding Colombia (owner of Credicorp Capital Colombia), and Credicorp Capital Holding Chile (owner of Credicorp Capital Chile), which carry out their activities in Peru, Colombia and Chile, respectively. Credicorp Capital Perú has the principal function of a holding company of shares, participations, and securities in general, provision of financial and corporate advisory services, and property investment. At December 31, 2019 and 2018, Credicorp Capital Peru holds as Subsidiaries, Credicorp Capital Sociedad Agente de Bolsa S.A., Credicorp Capital S.A. Sociedad Administradora de Fondos, Credicorp Capital Servicios Financieros S.A. and Credicorp Capital Sociedad Titulizadora S.A., member companies of the Investment Banking Group in Peru. |
SIGNIFICANT ACOUNTING POLICIES
SIGNIFICANT ACOUNTING POLICIES - Individual or consolidated financial statements in accordance with IFRS and before eliminations for consolidation purposes (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Assets | S/ 187,876,691 | S/ 177,263,201 | S/ 170,472,000 | |
Liabilities | 161,130,381 | 152,997,125 | 148,219,000 | |
Equity | 26,746,310 | 24,266,076 | 22,253,703 | S/ 20,116,511 |
Net income (loss) | S/ 4,352,331 | S/ 4,071,305 | S/ 4,181,648 | |
Credicorp Capital Holding Per S.A. and Subsidiaries [Member] | ||||
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Percentage of interest (direct and indirect) | 100.00% | 100.00% | ||
Assets | S/ 3,400,683 | S/ 2,037,411 | ||
Liabilities | 2,692,520 | 1,761,112 | ||
Equity | 708,163 | 276,299 | ||
Net income (loss) | S/ 22,964 | S/ 19,945 | ||
Credicorp Capital Chile [Member] | ||||
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Percentage of interest (direct and indirect) | 100.00% | 100.00% | ||
Assets | S/ 228,421 | S/ 339,220 | ||
Liabilities | 114,913 | 141,943 | ||
Equity | 113,508 | 197,277 | ||
Net income (loss) | S/ 24,452 | S/ 42,684 | ||
Credicorp Capital Colombia [Member] | ||||
Disclosure Of Significant Accounting Policies [Line Items] | ||||
Percentage of interest (direct and indirect) | 100.00% | 100.00% | ||
Assets | S/ 1,161,991 | S/ 933,822 | ||
Liabilities | 1,017,072 | 762,192 | ||
Equity | 144,919 | 171,630 | ||
Net income (loss) | S/ (5,222) | S/ (36,663) |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Depreciation using straight-line method over the estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 33 years |
Installations [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 10 years |
Furniture and fixtures [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 10 years |
Vehicles and equipment [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 years |
Computer hardware [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 4 years |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [member] | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Top of range [member] | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Client relationship - Prima AFP (AFP Unin Vida) | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 20 years |
Client relationship - Credicorp Capital Holding Chile (Inversiones IMT) | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 22 years |
Client relationship - Edyficar Peru | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Client relationship - Mibanco | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 7 years |
Client relationship - Ultraserfinco | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 9 years 2 months 12 days |
Brand - Mibanco | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 25 years |
Brand - Credicorp Capital Colombia | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Fund manager contract - Credicorp Capital Colombia | Bottom of range [member] | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 20 years |
Fund manager contract - Credicorp Capital Colombia | Top of range [member] | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 28 years |
Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) | Bottom of range [member] | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 11 years |
Fund manager contract - Credicorp Capital Holding Chile (Inversiones IMT) | Top of range [member] | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 24 years |
Fund manager contract - Ultraserfinco | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 23 years |
Core deposits - Mibanco | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 6 years |
Other Intangible Assets [Member] | Bottom of range [member] | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Other Intangible Assets [Member] | Top of range [member] | |
Disclosure Of Significants Accounting Policies [Line Items] | |
Useful life measured as period of time, intangible assets other than goodwill | 7 years 6 months |
SIGNIFICANT ACCOUNTING POLIC_10
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) S/ in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | Dec. 31, 2017PEN (S/) | Jan. 01, 2019USD ($) | Jan. 01, 2019PEN (S/) | Jan. 01, 2018PEN (S/) | Dec. 31, 2016PEN (S/) | |
Disclosure Of Significant Accounting Policies [Line Items] | |||||||
Assets | S/ 187,876,691 | S/ 177,263,201 | S/ 170,472,000 | ||||
Liabilities | 161,130,381 | 152,997,125 | 148,219,000 | ||||
Equity | 26,746,310 | 24,266,076 | 22,253,703 | S/ 20,116,511 | |||
Profit (loss) | 4,352,331 | 4,071,305 | 4,181,648 | ||||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | 114,200 | S/ 2,057,478 | |||||
Unrealised Gains Losses On reclassified Cash Flow Hedges Net Of Tax | 314,400 | ||||||
Investments in equity instruments designated at fair value through other comprehensive income | 48,800 | S/ 653,539 | |||||
Right-of-use assets | 839,086 | 0 | S/ 855,500 | ||||
Lease liabilities | S/ 847,504 | 0 | S/ 852,800 | ||||
Deferred charges prepayments | $ | $ 2.7 | ||||||
Bottom of range [member] | |||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 3 years | ||||||
Top of range [member] | |||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 5 years | ||||||
Investment property [member] | |||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||
Useful life measured as period of time, intangible assets other than goodwill | 33 years | ||||||
Mibanco [Member] | |||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||
Assets | S/ 13,741,700 | 13,220,300 | |||||
Liabilities | 11,655,700 | 11,321,800 | |||||
Equity | 2,086,000 | 1,898,500 | |||||
Profit (loss) | 401,000 | 462,100 | |||||
Banco De Credito De Bolivia [Member] | |||||||
Disclosure Of Significant Accounting Policies [Line Items] | |||||||
Assets | 10,480,900 | 9,956,900 | |||||
Liabilities | 9,743,900 | 9,265,800 | |||||
Equity | 737,000 | 691,100 | |||||
Profit (loss) | S/ 79,000 | S/ 78,300 |
CASH AND DUE FROM BANKS (Detail
CASH AND DUE FROM BANKS (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and clearing | S/ 6,177,356 | S/ 7,435,807 | ||
Interbank funds | 19,809,406 | 14,732,709 | ||
Total cash and cash equivalents | 25,974,042 | 22,160,803 | S/ 23,212,197 | S/ 16,633,196 |
Total cash | 25,986,762 | 22,168,516 | ||
cash and deposits with banks [Member] | ||||
Cash and clearing | 4,917,674 | 6,169,795 | ||
Deposits with Central Reserve Bank of Peru (BCRP) | 18,367,651 | 13,206,885 | ||
Deposits with Central Bank of Bolivia | 646,865 | 791,083 | ||
Deposits with foreign banks | 1,408,117 | 1,219,006 | ||
Deposits with local banks | 481,412 | 499,431 | ||
Interbank funds | 137,722 | 253,970 | ||
Accrued interest | 14,601 | 20,633 | ||
Total cash and cash equivalents | 25,974,042 | 22,160,803 | ||
Restricted funds | 12,720 | 7,713 | ||
Total cash | S/ 25,986,762 | S/ 22,168,516 |
CASH AND DUE FROM BANKS - The c
CASH AND DUE FROM BANKS - The composition of the funds (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Legal cash requirements | ||
Deposits with Central Reserve Bank of Peru | S/ 13,727,222 | S/ 11,769,043 |
Cash in vaults of Bank | 4,132,347 | 5,591,168 |
Total legal cash requirements | 17,859,569 | 17,360,211 |
Additional funds | ||
Overnight deposits with Central Reserve Bank of Peru (ii) | 4,640,429 | 1,437,842 |
Cash in vaults of Bank and others | 785,327 | 578,627 |
Total additional funds | 5,425,756 | 2,016,469 |
Total | S/ 23,285,325 | S/ 19,376,680 |
CASH AND DUE FROM BANKS - Addit
CASH AND DUE FROM BANKS - Additional Information (Details) S/ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Implicit interest rate, domestic | 5.01% | 5.01% | 5.01% | 5.01% |
Implicit interest rate, foreign | 35.06% | 35.12% | 35.06% | 35.12% |
Overnight deposit one | S/ | S/ 4,280.4 | S/ 1,437.8 | ||
Interest rate on overnight deposits | 1.57% | 1.57% | ||
Description of maturity of overnight deposits | maturities at 2 days | maturities at 2 days | ||
US Dollars [Member] | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Overnight deposit one | $ 426.3 | S/ 360.0 | ||
Overnight deposit two | $ | $ 1,291.6 | |||
Interest rate on overnight deposits | 1.00% | 2.43% | 1.00% | 2.43% |
CASH COLLATERAL, REVERSE REPU_3
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING - Composition of cash collateral, reverse repurchase agreements and securities borrowing (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Reverse repurchase agreements and cash collateral on securities borrowed | S/ 4,288,524 | S/ 4,082,942 | S/ 7,480,420 |
Cash collateral on repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Reverse repurchase agreements and cash collateral on securities borrowed | 3,293,837 | 3,409,890 | |
Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Reverse repurchase agreements and cash collateral on securities borrowed | 899,435 | 659,380 | |
Receivables for short sales [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Reverse repurchase agreements and cash collateral on securities borrowed | S/ 95,252 | S/ 13,672 |
CASH COLLATERAL, REVERSE REPU_4
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING - Details of the collateral transactions (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | S/ 164,228,539 | ||
Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | S/ 899,435 | S/ 659,380 | |
Financial assets, at fair value | S/ 901,377 | S/ 654,788 | |
Instruments issued by the Colombian Government [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Description of presentation currency | Colombian pesos | ||
Reverse repurchase agreements and cash collateral on securities borrowed, interest rate | 5.61% | 6.60% | |
Financial assets | S/ 550,186 | S/ 449,452 | |
Financial assets, at fair value | S/ 550,579 | S/ 443,386 | |
Instruments issued by the Chilean Government [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Description of presentation currency | Chilean pesos | ||
Reverse repurchase agreements and cash collateral on securities borrowed, interest rate | 0.34% | 0.27% | |
Financial assets | S/ 22,507 | S/ 24,624 | |
Financial assets, at fair value | S/ 22,507 | S/ 24,628 | |
Other instruments [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Reverse repurchase agreements and cash collateral on securities borrowed, interest rate | 4.44% | 3.76% | |
Financial assets | S/ 326,742 | S/ 185,304 | |
Financial assets, at fair value | 328,291 | 186,774 | |
Not later than three days [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 261,718 | 36,637 | |
Not later than three days [Member] | Instruments issued by the Colombian Government [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 97,747 | 0 | |
Not later than three days [Member] | Instruments issued by the Chilean Government [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 7,002 | 24,624 | |
Not later than three days [Member] | Other instruments [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 156,969 | 12,013 | |
Later than three and not later than thirty days [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 522,480 | 559,451 | |
Later than three and not later than thirty days [Member] | Instruments issued by the Colombian Government [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 376,043 | 401,580 | |
Later than three and not later than thirty days [Member] | Instruments issued by the Chilean Government [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 15,505 | 0 | |
Later than three and not later than thirty days [Member] | Other instruments [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 130,932 | 157,871 | |
Later than thirty days [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 115,237 | 63,292 | |
Later than thirty days [Member] | Instruments issued by the Colombian Government [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 76,396 | 47,872 | |
Later than thirty days [Member] | Instruments issued by the Chilean Government [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | 0 | 0 | |
Later than thirty days [Member] | Other instruments [Member] | Reverse repurchase agreement and security borrowings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial assets | S/ 38,841 | S/ 15,420 |
CASH COLLATERAL, REVERSE REPU_5
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING - Payables on repurchase agreements and securities lending (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | S/ 139,747,905 | ||
Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | S/ 7,678,016 | S/ 9,415,357 | |
Financial liabilities, at fair value | 8,067,239 | 10,049,889 | |
Debt instruments [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 6,331,465 | 7,944,790 | |
Debt instruments [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 6,331,465 | 7,944,790 | |
Financial liabilities, at fair value | S/ 6,709,182 | S/ 8,572,837 | |
Instruments issued by the Colombian Government [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Description of presentation currency | Colombian pesos | ||
Borrowings, interest rate | 5.49% | 5.97% | |
Financial liabilities | S/ 1,077,428 | S/ 1,234,763 | |
Financial liabilities, at fair value | S/ 1,077,917 | S/ 1,235,472 | |
Instruments issued by the Chilean Government [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Description of presentation currency | Chilean pesos | ||
Borrowings, interest rate | 0.20% | 0.26% | |
Financial liabilities | S/ 174,962 | S/ 24,912 | |
Financial liabilities, at fair value | S/ 175,054 | S/ 27,529 | |
Other instruments [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Borrowings, interest rate | 2.07% | 1.88% | |
Financial liabilities | S/ 94,161 | S/ 210,892 | |
Financial liabilities, at fair value | 105,086 | 214,051 | |
Not later than three days [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 402,445 | 329,150 | |
Not later than three days [Member] | Debt instruments [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 64,900 | 159,570 | |
Not later than three days [Member] | Instruments issued by the Colombian Government [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 135,997 | 0 | |
Not later than three days [Member] | Instruments issued by the Chilean Government [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 130,551 | 24,912 | |
Not later than three days [Member] | Other instruments [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 70,997 | 144,668 | |
Later than three and not later than thirty days [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 1,028,350 | 1,663,064 | |
Later than three and not later than thirty days [Member] | Debt instruments [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 25,699 | 365,201 | |
Later than three and not later than thirty days [Member] | Instruments issued by the Colombian Government [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 941,431 | 1,231,639 | |
Later than three and not later than thirty days [Member] | Instruments issued by the Chilean Government [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 44,411 | 0 | |
Later than three and not later than thirty days [Member] | Other instruments [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 16,809 | 66,224 | |
Later than thirty days [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 6,247,221 | 7,423,143 | |
Later than thirty days [Member] | Debt instruments [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 6,240,866 | 7,420,019 | |
Later than thirty days [Member] | Instruments issued by the Colombian Government [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 0 | 3,124 | |
Later than thirty days [Member] | Instruments issued by the Chilean Government [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | 0 | 0 | |
Later than thirty days [Member] | Other instruments [Member] | Payables from repurchase agreements and security lendings [Member] | |||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||
Financial liabilities | S/ 6,355 | S/ 0 |
CASH COLLATERAL, REVERSE REPU_6
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING - Repurchase agreements (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | ||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Financial liabilities | S/ 139,747,905 | |||
Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Financial liabilities | S/ 6,331,465 | S/ 7,944,790 | ||
BCRP one [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | Soles | |||
Borrowings, maturity | February 2020 / October 2020 | January 2019 / November 2019 | ||
Financial liabilities | S/ 2,800,400 | S/ 2,948,500 | ||
Description of collateral held as security and other credit enhancements | Cash with BCRP | Cash with BCRP | ||
BCRP two [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | Soles | |||
Borrowings, maturity | June 2020 / November 2020 | January 2019 / November 2020 | ||
Financial liabilities | S/ 1,504,088 | S/ 2,220,265 | ||
Description of collateral held as security and other credit enhancements | Investments | Investments | ||
Natixis SA one [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | Soles | |||
Borrowings, maturity | August 2020 / August 2028 | August 2020 / August 2028 | ||
Financial liabilities | S/ 570,000 | S/ 570,000 | ||
Description of collateral held as security and other credit enhancements | Investments | Investments | ||
Banco Central de Bolivia [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | Bolivianos | |||
Borrowings, maturity | May 2020 / February 2021 | May 2019 | ||
Financial liabilities | S/ 398,586 | S/ 89,941 | ||
Description of collateral held as security and other credit enhancements | Cash | Cash | ||
Nomura International PLC two [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | [1] | U.S. Dollar | ||
Borrowings, maturity | [1] | August 2020 | August 2020 | |
Financial liabilities | [1] | S/ 265,120 | S/ 269,840 | |
Description of collateral held as security and other credit enhancements | [1] | Investments and cash | Investments and cash | |
Nomura International PLC three [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | U.S. Dollar | |||
Borrowings, maturity | August 2020 | August 2020 | ||
Financial liabilities | S/ 231,980 | S/ 236,110 | ||
Description of collateral held as security and other credit enhancements | Investments and cash | Investments and cash | ||
Citigroup Global Markets Limited one [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | U.S. Dollar | |||
Borrowings, maturity | August 2026 | August 2026 | ||
Financial liabilities | S/ 149,130 | S/ 151,785 | ||
Description of collateral held as security and other credit enhancements | Investments | Investments | ||
Citigroup Global Markets Limited two [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | Soles | |||
Borrowings, maturity | August 2020 | August 2020 | ||
Financial liabilities | S/ 100,000 | S/ 100,000 | ||
Description of collateral held as security and other credit enhancements | Investments | Investments | ||
Natixis S.A Five [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | U.S. Dollar | |||
Borrowings, maturity | August 2026 | August 2026 | ||
Financial liabilities | S/ 82,850 | S/ 84,325 | ||
Description of collateral held as security and other credit enhancements | Investments | Investments | ||
Banco De Le Republica [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | Colombian pesos | |||
Borrowings, maturity | January 2020 | January 2019 | ||
Financial liabilities | S/ 64,540 | S/ 42,607 | ||
Description of collateral held as security and other credit enhancements | Investments | Investments | ||
Nomura International PLC five [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | U.S. Dollar | |||
Borrowings, maturity | - | March 2019 / December 2019 | ||
Financial liabilities | S/ 505,950 | |||
Description of collateral held as security and other credit enhancements | - | Investments | ||
Natixis [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | U.S. Dollar | |||
Borrowings, maturity | - | January 2019 / March 2019 | ||
Financial liabilities | S/ 566,962 | |||
Description of collateral held as security and other credit enhancements | - | Investments | ||
Others | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Description of presentation currency | - | |||
Borrowings, maturity | January 2020 / April 2033 | January 2019 / October 2033 | ||
Financial liabilities | S/ 64,970 | S/ 70,298 | ||
Description of collateral held as security and other credit enhancements | Investments | Investments | ||
Accrued Interest [Member] | Debt instruments [Member] | ||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | ||||
Financial liabilities | S/ 99,801 | S/ 88,207 | ||
[1] | (i) At December 31, 2019, the Group maintains an IRS and a CCS which were together designated as a cash flow hedge of a repurchase agreement in U.S. Dollars at variable rate for a notional amount of US$80.0 million, equivalent to S/265.1 million (approximately US$80.0 million, equivalent to S/269.8 million, at December 31, 2018). By means of the IRS and the CCS, said repurchase agreement was economically converted to soles at fixed interest rate; see note 13(b). |
CASH COLLATERAL, REVERSE REPU_7
CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWING AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITIES LENDING - Additional Information (Details) S/ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | Jan. 01, 2018PEN (S/) | |
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||||
Reverse repurchase agreements and cash collateral on securities borrowed | S/ 4,288,524 | S/ 4,082,942 | S/ 7,480,420 | ||
Credit derivative, nominal amount | 69,720,506 | 56,935,229 | |||
Central Reserve Bank of Peru [Member] | US Dollars [Member] | |||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||||
Reverse repurchase agreements and cash collateral on securities borrowed | $ 844.5 | $ 919.2 | 2,798,700 | 3,100,500 | |
Borrowings | 2,800,400 | 2,948,500 | |||
Repurchase Agreements [Member] | |||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||||
Borrowings, interest rate basis | At December 31, 2019, said operations accrue interest at fixed and variable rates between 2.6 percent and 7.20 percent and between Libor 3M + 0.80 percent and Libor 6M + 1.90 percent, respectively, | between 0.09 percent and 7.20 percent and between Libor 3M + 0.35 percent and Libor 6M + 1.90 percent, respectively, at December 31, 2018 | |||
Cash flow hedges | Interest rate swap contract seven [Member] | |||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||||
Credit derivative, nominal amount | $ 150 | 506,000 | |||
Cash flow hedges | Cross currency swap contract one [Member] | |||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||||
Credit derivative, nominal amount | $ 70 | 70 | 232,000 | 236,100 | |
Cash flow hedges | Cross currency swap contract two [Member] | |||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||||
Credit derivative, nominal amount | 45 | 45 | 149,100 | 151,800 | |
Cash flow hedges | Cross currency swap contract three [Member] | |||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||||
Credit derivative, nominal amount | 25 | 25 | 82,900 | 84,300 | |
Cash flow hedges | Cross currency swap and interest rate swap contract [Member] | |||||
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lendings [Line Items] | |||||
Credit derivative, nominal amount | $ 80 | $ 80 | S/ 265,100 | S/ 269,800 |
INVESTMENTS - Investment at fai
INVESTMENTS - Investment at fair value (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | S/ 3,850,762 | S/ 3,512,445 |
Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 1,276,573 | 1,318,311 |
Colombian Treasury bonds | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 1,102,865 | 1,259,516 |
Peruvian treasury bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 95,308 | 58,795 |
U.S. treasury and federal agency bonds | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 78,400 | |
Mutual funds | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 593,552 | 397,918 |
Restricted mutual funds [Member] | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 460,086 | 407,350 |
Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 326,673 | 160,006 |
Investment funds | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 327,659 | 179,015 |
Participation in RAL Fund [Member] | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 300,398 | 445,039 |
Central Bank of Chile bonds | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 182,540 | 30,382 |
Shares | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 83,085 | 101,068 |
Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 80,084 | 94,413 |
Royalty Pharma | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 68,584 | 56,787 |
Multilateral organization bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 53,353 | 193,395 |
Others | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 93,204 | 123,892 |
Accrued interest | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | 4,971 | 4,869 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | ||
Disclosure of Investments [Line Items] | ||
Non-current financial assets at fair value through profit or loss | S/ 3,845,791 | S/ 3,507,576 |
INVESTMENTS - Investments avail
INVESTMENTS - Investments available-for-sale (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of Investments [Line Items] | ||
Financial assets at amortised cost | S/ 23,900,597 | S/ 24,080,220 |
Shares At Amortised Cost | 171,977 | 179,632 |
Financial assets at amortised cost before accrued interest | 24,072,574 | 24,259,852 |
Gains on available-for-sale financial assets | 1,487,995 | 499,150 |
Gains on shares | 410,707 | 473,235 |
Gains on financial assets before adjusting interest | 1,898,702 | 972,385 |
Losses on available-for-sale financial assets | (18,179) | (247,827) |
Losses on shares | (3,485) | (3,397) |
Losses on financial assets before adjusting interest | (21,664) | (251,224) |
Financial assets available-for-sale | 25,370,413 | 24,331,543 |
Shares at estimated fair value | 579,199 | 649,470 |
Financial assets at estimated fair value before accrued interest | 25,949,612 | 24,981,013 |
Interest income on financial assets | 253,111 | 214,822 |
Financial assets at fair value through other comprehensive income | 26,202,723 | 25,195,835 |
Alicorp S.A.A [Member] | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 12,198 | 12,198 |
Gains on shares | 201,567 | 218,994 |
Losses on shares | 0 | |
Shares at estimated fair value | 213,765 | 231,192 |
Inversiones Centenario S.A.A [Member] | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 112,647 | 112,647 |
Gains on shares | 195,305 | 236,063 |
Losses on shares | 0 | |
Shares at estimated fair value | 307,952 | 348,710 |
Bolsa de Valores de Lima [Member] | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 19,423 | 19,698 |
Gains on shares | 2,115 | 9,363 |
Losses on shares | 0 | |
Shares at estimated fair value | 21,538 | 29,061 |
Bolsa de Comercio de Santiago [Member] | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 4,964 | 8,808 |
Gains on shares | 5,688 | 5,360 |
Losses on shares | 0 | |
Shares at estimated fair value | 10,652 | 14,168 |
Compania Universal Textil S.A. [Member] | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 9,597 | 9,597 |
Gains on shares | 248 | 248 |
Losses on shares | (3,432) | (3,397) |
Shares at estimated fair value | 6,413 | 6,448 |
Pagos Digitales Peruanos S.A. | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 5,197 | 4,717 |
Gains on shares | 0 | |
Losses on shares | 0 | |
Shares at estimated fair value | 5,197 | 4,717 |
Corporacin Andina de Fomento | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 4,441 | 4,428 |
Gains on shares | 181 | 57 |
Losses on shares | 0 | |
Shares at estimated fair value | 4,622 | 4,485 |
Bolsa de Valores de Colombiaa [Member] | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 872 | 4,681 |
Gains on shares | 4,070 | 1,958 |
Losses on shares | (53) | 0 |
Shares at estimated fair value | 4,889 | 6,639 |
Other [Member] | ||
Disclosure of Investments [Line Items] | ||
Shares At Amortised Cost | 2,638 | 2,858 |
Gains on shares | 1,533 | 1,192 |
Losses on shares | 0 | |
Shares at estimated fair value | 4,171 | 4,050 |
Corporate, leasing and subordinated bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at amortised cost | 7,974,080 | 8,263,943 |
Gains on available-for-sale financial assets | 706,394 | 208,409 |
Losses on available-for-sale financial assets | (8,322) | (182,479) |
Financial assets available-for-sale | 8,672,152 | 8,289,873 |
Certificates of deposit BCRP [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at amortised cost | 8,649,885 | 9,833,776 |
Gains on available-for-sale financial assets | 15,388 | 189 |
Losses on available-for-sale financial assets | (1) | (4,381) |
Financial assets available-for-sale | 8,665,272 | 9,829,584 |
Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at amortised cost | 6,009,137 | 4,977,422 |
Gains on available-for-sale financial assets | 690,048 | 260,939 |
Losses on available-for-sale financial assets | (1,109) | (47,613) |
Financial assets available-for-sale | 6,698,076 | 5,190,748 |
Securitization instruments [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at amortised cost | 580,778 | 505,976 |
Gains on available-for-sale financial assets | 53,328 | 22,492 |
Losses on available-for-sale financial assets | (8,344) | (9,980) |
Financial assets available-for-sale | 625,762 | 518,488 |
Negotiable certificates of deposit [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at amortised cost | 369,016 | 280,828 |
Gains on available-for-sale financial assets | 856 | 2,981 |
Losses on available-for-sale financial assets | (303) | (250) |
Financial assets available-for-sale | 369,569 | 283,559 |
Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Financial assets at amortised cost | 150,172 | 163,891 |
Gains on available-for-sale financial assets | 14,085 | 3,900 |
Losses on available-for-sale financial assets | (100) | (2,443) |
Financial assets available-for-sale | 164,157 | 165,348 |
Others | ||
Disclosure of Investments [Line Items] | ||
Financial assets at amortised cost | 167,529 | 54,384 |
Gains on available-for-sale financial assets | 7,896 | 240 |
Losses on available-for-sale financial assets | (681) | |
Financial assets available-for-sale | S/ 175,425 | S/ 53,943 |
INVESTMENTS - The maturities an
INVESTMENTS - The maturities and annual market rates of investments at fair value (Details ) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Description Of Maturity Of Financial Assets Classified Out Of Availableforsale Financial Assets | Jan-2020 / Feb-2065 | Jan-2019 / Feb-2065 |
Certificates of deposit BCRP [Member] | ||
Disclosure of Investments [Line Items] | ||
Description Of Maturity Of Financial Assets Classified Out Of Availableforsale Financial Assets | Jan-2020 / Jul-2021 | Jan-2019 / Jun-2020 |
Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Description Of Maturity Of Financial Assets Classified Out Of Availableforsale Financial Assets | Jan-2020 / Feb-2055 | Jan-2019 / Feb-2055 |
Securitization instruments [Member] | ||
Disclosure of Investments [Line Items] | ||
Description Of Maturity Of Financial Assets Classified Out Of Availableforsale Financial Assets | May-2020 / Sep-2045 | Jun-2019 / Sep-2045 |
Negotiable certificates of deposits [Member] | ||
Disclosure of Investments [Line Items] | ||
Description Of Maturity Of Financial Assets Classified Out Of Availableforsale Financial Assets | Jan-2020 / Dec 2026 | Jan-2019 / Dec-2026 |
Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Description Of Maturity Of Financial Assets Classified Out Of Availableforsale Financial Assets | Apr-2022 / Aug-2045 | Jan-2021 / Feb-2057 |
Others | ||
Disclosure of Investments [Line Items] | ||
Description Of Maturity Of Financial Assets Classified Out Of Availableforsale Financial Assets | Jan-2020 / Jan-2028 | Oct-2019 / Jun-2021 |
The Soles [Member] | Bottom of range [member] | Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 1.09% | 1.49% |
The Soles [Member] | Bottom of range [member] | Certificates of deposit BCRP [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 2.02% | 2.59% |
The Soles [Member] | Bottom of range [member] | Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.55% | 2.37% |
The Soles [Member] | Bottom of range [member] | Securitization instruments [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 2.46% | 3.40% |
The Soles [Member] | Bottom of range [member] | Negotiable certificates of deposits [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 3.27% | 4.54% |
The Soles [Member] | Bottom of range [member] | Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 1.21% | 3.21% |
The Soles [Member] | Bottom of range [member] | Others | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 1.95% | 4.24% |
The Soles [Member] | Top of range [member] | Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 8.16% | 11.90% |
The Soles [Member] | Top of range [member] | Certificates of deposit BCRP [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 2.35% | 3.04% |
The Soles [Member] | Top of range [member] | Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 5.31% | 6.50% |
The Soles [Member] | Top of range [member] | Securitization instruments [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 13.26% | 14.81% |
The Soles [Member] | Top of range [member] | Negotiable certificates of deposits [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 4.01% | 4.54% |
The Soles [Member] | Top of range [member] | Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 5.52% | 7.41% |
The Soles [Member] | Top of range [member] | Others | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 3.73% | 6.14% |
US Dollars [Member] | Bottom of range [member] | Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.47% | 1.16% |
US Dollars [Member] | Bottom of range [member] | Certificates of deposit BCRP [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.00% | 0.00% |
US Dollars [Member] | Bottom of range [member] | Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 1.11% | 1.22% |
US Dollars [Member] | Bottom of range [member] | Securitization instruments [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 3.08% | 4.56% |
US Dollars [Member] | Bottom of range [member] | Negotiable certificates of deposits [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 2.48% | 0.00% |
US Dollars [Member] | Bottom of range [member] | Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 3.27% | 3.60% |
US Dollars [Member] | Bottom of range [member] | Others | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 4.73% | 0.00% |
US Dollars [Member] | Top of range [member] | Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 8.25% | 11.39% |
US Dollars [Member] | Top of range [member] | Certificates of deposit BCRP [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.00% | 0.00% |
US Dollars [Member] | Top of range [member] | Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 4.61% | 7.07% |
US Dollars [Member] | Top of range [member] | Securitization instruments [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 9.14% | 6.85% |
US Dollars [Member] | Top of range [member] | Negotiable certificates of deposits [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 2.68% | 0.00% |
US Dollars [Member] | Top of range [member] | Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 5.23% | 7.26% |
US Dollars [Member] | Top of range [member] | Others | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 6.92% | 0.00% |
Other [Member] | Bottom of range [member] | Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.62% | 0.94% |
Other [Member] | Bottom of range [member] | Certificates of deposit BCRP [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.00% | 0.00% |
Other [Member] | Bottom of range [member] | Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.43% | 0.60% |
Other [Member] | Bottom of range [member] | Securitization instruments [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 1.68% | 1.68% |
Other [Member] | Bottom of range [member] | Negotiable certificates of deposits [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 1.00% | 1.40% |
Other [Member] | Bottom of range [member] | Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 1.53% | 2.52% |
Other [Member] | Bottom of range [member] | Others | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.00% | 0.00% |
Other [Member] | Top of range [member] | Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 6.55% | 8.39% |
Other [Member] | Top of range [member] | Certificates of deposit BCRP [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.00% | 0.00% |
Other [Member] | Top of range [member] | Government Treasury Bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.82% | 0.60% |
Other [Member] | Top of range [member] | Securitization instruments [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 6.00% | 6.00% |
Other [Member] | Top of range [member] | Negotiable certificates of deposits [Member] | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 4.98% | 4.98% |
Other [Member] | Top of range [member] | Subordinated bonds | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 1.53% | 2.52% |
Other [Member] | Top of range [member] | Others | ||
Disclosure of Investments [Line Items] | ||
Effective Interest Rate Of Financial Assets Classified Out Of Availableforsale Financial Assets | 0.00% | 0.00% |
INVESTMENTS - Government Treasu
INVESTMENTS - Government Treasury Bonds (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | S/ 625,762 | S/ 518,488 |
Available-for-sale investments [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 6,698,076 | 5,190,748 |
Peruvian sovereign bonds [Member] | Available-for-sale investments [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 5,959,066 | 4,706,121 |
Bolivian sovereign bonds [Member] | Available-for-sale investments [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 72,516 | 90,370 |
Colombian sovereign bonds [Member] | Available-for-sale investments [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 61,009 | 137,936 |
U.S. Federal agency bonds [Member] | Available-for-sale investments [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 391,475 | 82,477 |
Other bonds [Member] | Available-for-sale investments [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 40,646 | 54,327 |
Chilean sovereign bonds [Member] | Available-for-sale investments [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | S/ 173,364 | S/ 119,517 |
INVESTMENTS - Securitization in
INVESTMENTS - Securitization instruments (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | S/ 625,762 | S/ 518,488 |
Inmuebles Panamericana [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 169,959 | 153,953 |
Abengoa Transmision del Norte [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 87,377 | 80,948 |
Others | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 301,107 | 202,836 |
Industrias de Aceite SA [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | 32,050 | 48,231 |
Homecenters Peruanos SA [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets at fair value through profit or loss, classified as held for trading | S/ 35,269 | S/ 32,520 |
INVESTMENTS - Amortized cost in
INVESTMENTS - Amortized cost investments (Details ) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Investments [Line Items] | ||
Financial assets held to maturity before accrued interest | S/ 78,180 | S/ 4,069,015 |
Financial assets held to maturity, accrued interest | 87,357 | |
Held-to-maturity investments | 3,477,313 | 4,156,372 |
Provision for credit losses | (267) | (1,534) |
Total investments at amortized cost, net | 3,477,046 | 4,154,838 |
Financial assets held to maturity at fair value before accrued interest | 78,180 | 4,068,100 |
Financial assets held to maturity at fair value, accrued interest | 87,357 | |
Total financial assets held to maturity at fair value | 3,896,994 | 4,155,457 |
Provision for credit losses at fair value | (267) | (1,534) |
Total investments, net at fair value | 3,896,727 | 4,153,923 |
Peruvian sovereign bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets held to maturity before accrued interest | 3,277,667 | 3,167,666 |
Financial assets held to maturity at fair value before accrued interest | 3,694,631 | 3,169,229 |
Bonds of foreign governements [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets held to maturity before accrued interest | 21,168 | 347,824 |
Financial assets held to maturity at fair value before accrued interest | 21,168 | 347,502 |
Peruvian treasury bonds [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets held to maturity before accrued interest | 215,769 | |
Financial assets held to maturity at fair value before accrued interest | 215,787 | |
Corporate bonds | ||
Disclosure of Investments [Line Items] | ||
Financial assets held to maturity before accrued interest | 3,399,133 | 220,583 |
Financial assets held to maturity at fair value before accrued interest | 3,818,814 | 218,373 |
Certificates of payment on work progress [Member] | ||
Disclosure of Investments [Line Items] | ||
Financial assets held to maturity before accrued interest | 100,298 | 117,173 |
Financial assets held to maturity at fair value before accrued interest | S/ 103,015 | S/ 117,209 |
INVESTMENTS - Balance of invest
INVESTMENTS - Balance of investments, by maturity groupings (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | S/ 164,228,539 | ||
At fair value through profit or loss | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | S/ 3,845,791 | S/ 3,507,576 | |
At fair value through other comprehensive income [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 25,949,612 | ||
Amortized cost [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 3,399,133 | ||
Available for sale [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 24,981,013 | ||
Held to maturity [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 4,069,015 | ||
Overdue 90 days [Member] | At fair value through profit or loss | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 237,624 | 318,648 | |
Overdue 90 days [Member] | At fair value through other comprehensive income [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 2,420,464 | ||
Overdue 90 days [Member] | Amortized cost [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 9,969 | ||
Overdue 90 days [Member] | Available for sale [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 4,280,152 | ||
Overdue 90 days [Member] | Held to maturity [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 372,525 | ||
From 3 months to 1 year [Member] | At fair value through profit or loss | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 269,199 | 197,829 | |
From 3 months to 1 year [Member] | At fair value through other comprehensive income [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 6,694,486 | ||
From 3 months to 1 year [Member] | Amortized cost [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 908,271 | ||
From 3 months to 1 year [Member] | Available for sale [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 5,842,026 | ||
From 3 months to 1 year [Member] | Held to maturity [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 208,812 | ||
From 1 to 3 years [Member] | At fair value through profit or loss | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 472,215 | 485,333 | |
From 1 to 3 years [Member] | At fair value through other comprehensive income [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 2,155,053 | ||
From 1 to 3 years [Member] | Amortized cost [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 42,440 | ||
From 1 to 3 years [Member] | Available for sale [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 2,145,494 | ||
From 1 to 3 years [Member] | Held to maturity [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 1,094,660 | ||
From 3 to 5 years [Member] | At fair value through profit or loss | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 289,393 | 152,083 | |
From 3 to 5 years [Member] | At fair value through other comprehensive income [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 2,961,767 | ||
From 3 to 5 years [Member] | Amortized cost [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 690,289 | ||
From 3 to 5 years [Member] | Available for sale [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 1,722,051 | ||
From 3 to 5 years [Member] | Held to maturity [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 273,343 | ||
More than 5 years [Member] | At fair value through profit or loss | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 1,029,883 | 871,020 | |
More than 5 years [Member] | At fair value through other comprehensive income [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 11,138,643 | ||
More than 5 years [Member] | Amortized cost [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 1,748,164 | ||
More than 5 years [Member] | Available for sale [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 10,341,820 | ||
More than 5 years [Member] | Held to maturity [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 2,119,675 | ||
Without maturity [Member] | At fair value through profit or loss | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 1,547,477 | 1,482,663 | |
Without maturity [Member] | At fair value through other comprehensive income [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 579,199 | ||
Without maturity [Member] | Amortized cost [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | S/ 0 | ||
Without maturity [Member] | Available for sale [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | 649,470 | ||
Without maturity [Member] | Held to maturity [Member] | |||
Financial assets at fair value through profit or loss [abstract] | |||
Financial assets | S/ 0 |
INVESTMENTS - Additional Inform
INVESTMENTS - Additional Information (Details) S/ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019PEN (S/)item | Dec. 31, 2018PEN (S/)item | Dec. 31, 2017PEN (S/) | Jul. 30, 2019USD ($) | Jan. 01, 2018PEN (S/) | |
Disclosure of Investments [Line Items] | |||||
Losses on disposals of investments | S/ 1,500 | S/ 8,200 | |||
Credit derivative, nominal amount | 69,720,506 | 56,935,229 | |||
Financial assets available-for-sale | 25,370,413 | 24,331,543 | |||
Dividends received | 3,610,700 | 3,689,400 | |||
Gains on disposals of investments | 546,814 | 242,829 | S/ 760,772 | ||
Financial assets at amortised cost | 1,907,738 | 1,292,203 | |||
Investments in equity instruments designated at fair value through other comprehensive income | 48,800 | S/ 653,539 | |||
Unrealized Gain Loss on Listed Securities | 700 | S/ 1,900 | |||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | S/ 13,000 | ||||
Financial Assets Maturity Date Description | January 2020 and April 2026 | January 2019 and April 2026 | |||
Repurchase Agreement [Member] | |||||
Disclosure of Investments [Line Items] | |||||
Investments in equity instruments designated at fair value through other comprehensive income | S/ 1,588,700 | S/ 2,138,900 | |||
Cash flow hedges | |||||
Disclosure of Investments [Line Items] | |||||
Financial assets available-for-sale | 43,800 | ||||
Cross currency swap contract four [Member] | Cash flow hedges | |||||
Disclosure of Investments [Line Items] | |||||
Credit derivative, nominal amount | S/ 107,400 | S/ 136,100 | |||
Certificates of payment on work progress [Member] | Bottom of range [member] | |||||
Disclosure of Investments [Line Items] | |||||
Annual effective interest rate of held to maturity investments | 3.74% | 4.72% | |||
Certificates of payment on work progress [Member] | Top of range [member] | |||||
Disclosure of Investments [Line Items] | |||||
Annual effective interest rate of held to maturity investments | 4.67% | 6.02% | |||
Financial assets at amortised cost, class [member] | |||||
Disclosure of Investments [Line Items] | |||||
Notional amount | $ | $ 2,117,500 | ||||
Financial assets at amortised cost | $ | 73,030,400 | ||||
Financial assets, at fair value | S/ 1,569,300 | S/ 2,953,300 | 75,147,900 | ||
Credit exposure | $ | $ 82,400 | ||||
The Soles [Member] | Bottom of range [member] | |||||
Disclosure of Investments [Line Items] | |||||
Annual effective interest rate of held to maturity investments | 2.14% | 3.15% | |||
The Soles [Member] | Top of range [member] | |||||
Disclosure of Investments [Line Items] | |||||
Annual effective interest rate of held to maturity investments | 5.28% | 6.24% | |||
US Dollars [Member] | Bottom of range [member] | |||||
Disclosure of Investments [Line Items] | |||||
Annual effective interest rate of held to maturity investments | 0.45% | 1.22% | |||
US Dollars [Member] | Top of range [member] | |||||
Disclosure of Investments [Line Items] | |||||
Annual effective interest rate of held to maturity investments | 2.53% | 5.56% | |||
US Dollars [Member] | Participation in RAL Fund [Member] | |||||
Disclosure of Investments [Line Items] | |||||
Financial assets available-for-sale | S/ 133,500 | S/ 270,700 | |||
Bolivianos [Member] | Participation in RAL Fund [Member] | |||||
Disclosure of Investments [Line Items] | |||||
Financial assets available-for-sale | S/ 166,900 | S/ 174,300 | |||
Certificates of deposit BCRP [Member] | |||||
Disclosure of Investments [Line Items] | |||||
Number of instruments or interests issued or issuable | item | 87,530 | 99,587 | |||
Financial assets available-for-sale | S/ 8,665,272 | S/ 9,829,584 | |||
Government Treasury Bonds [Member] | |||||
Disclosure of Investments [Line Items] | |||||
Financial assets available-for-sale | 6,698,076 | 5,190,748 | |||
Government Treasury Bonds [Member] | Interest rate swap contract six [Member] | Cash flow hedges | |||||
Disclosure of Investments [Line Items] | |||||
Credit derivative, nominal amount | 77,800 | ||||
Derivatives held as hedges [Member] | |||||
Disclosure of Investments [Line Items] | |||||
Credit derivative, nominal amount | 6,270,638 | 6,939,413 | |||
Derivatives held as hedges [Member] | Cross currency swap contract four [Member] | Cash flow hedges | |||||
Disclosure of Investments [Line Items] | |||||
Credit derivative, nominal amount | 0 | 77,822 | |||
Derivatives held as hedges [Member] | Cross currency swap contract five [Member] | Cash flow hedges | |||||
Disclosure of Investments [Line Items] | |||||
Credit derivative, nominal amount | 331,400 | 337,300 | |||
Derivatives held as hedges [Member] | Cross currency swap contract five [Member] | Fair value hedges [member] | |||||
Disclosure of Investments [Line Items] | |||||
Credit derivative, nominal amount | 618,800 | 923,900 | |||
Derivatives held as hedges [Member] | Interest rate swap contract six [Member] | Cash flow hedges | |||||
Disclosure of Investments [Line Items] | |||||
Credit derivative, nominal amount | S/ 331,400 | S/ 0 |
LOANS, NET (Details)
LOANS, NET (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Direct loans - | ||
Loans | S/ 91,481,200 | S/ 86,898,040 |
Leasing receivables | 5,978,421 | 6,322,477 |
Credit cards | 8,479,355 | 7,847,038 |
Discounted notes | 2,200,142 | 2,313,478 |
Factoring receivables | 2,015,513 | 1,923,456 |
Advances and overdrafts in current account | 162,149 | 255,027 |
Refinanced loans | 1,186,167 | 1,281,360 |
Restructured loans | 125 | 127 |
Total direct loans | 111,503,072 | 106,841,003 |
Internal overdue loans and under legal collection loans | 3,304,886 | 3,119,621 |
Direct loans including internal overdue loans and under legal collection loans | 114,807,958 | 109,960,624 |
Accrued interest | 870,410 | 865,168 |
Unearned interest | (68,689) | (66,402) |
Total direct loans | 115,609,679 | 110,759,390 |
Allowance for loan losses | (5,123,962) | (4,952,392) |
Total direct loans, net | 110,485,717 | 105,806,998 |
Indirect loans, Note 20 | S/ 21,081,035 | S/ 20,774,271 |
LOANS, NET - Composition of the
LOANS, NET - Composition of the gross credit balance (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
LOANS, NET | ||
Direct loans | S/ 114,807,958 | S/ 109,960,624 |
Indirect loans, Note 21(a) | 21,081,035 | 20,774,271 |
Banker's acceptances outstanding | 535,222 | 967,968 |
Total | S/ 136,424,215 | S/ 131,702,863 |
LOANS, NET - Gross balance of l
LOANS, NET - Gross balance of loan portfolio (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | S/ 109,960,624 | ||
Write-offs | S/ (1,426,201) | ||
Balances at the end of the period | 114,807,958 | S/ 109,960,624 | |
Stage 1 [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 961,784 | ||
Transfer to Stage 2 | (54,290) | ||
Transfer to Stage 3 | (140,366) | ||
Transfer from Stage 2 | 197,124 | ||
Transfer from Stage 3 | 42,132 | ||
Transfers between classes of loans | 0 | ||
Change in PDs, LGDs, EADs | 206,702 | ||
New loans, liquidation and write-offs, net | (125,447) | ||
Sale of loan portfolio | 0 | ||
Exchange differences and others | (15,259) | ||
Acquisition of business | 28,387 | ||
Balances at the end of the period | 1,100,767 | 961,784 | |
Stage 1 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 113,208,189 | 105,552,681 | |
Transfer to Stage 2 | (2,698,325) | (3,900,592) | |
Transfer to Stage 3 | (1,451,648) | (876,697) | |
Transfer from Stage 2 | 2,846,034 | 1,825,529 | |
Transfer from Stage 3 | 57,325 | 65,218 | |
Transfers between classes of loans | 0 | 0 | |
New loans, liquidation and write-offs, net | 7,522,298 | 9,671,447 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (386,694) | 870,603 | |
Acquisition of business | 649,278 | ||
Balances at the end of the period | 119,746,457 | 113,208,189 | 105,552,681 |
Stage 2 [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 938,531 | ||
Transfer to Stage 1 | (197,124) | ||
Transfer to Stage 3 | (112,694) | ||
Transfer from Stage 1 | 54,290 | ||
Transfer from Stage 3 | 36,108 | ||
Change in PDs, LGDs, EADs | 501,077 | ||
New loans, liquidation and write-offs, net | (276,853) | ||
Exchange differences and others | (567) | ||
Acquisition of business | 12,442 | ||
Balances at the end of the period | 955,210 | 938,531 | |
Stage 2 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 12,177,920 | 7,870,109 | |
Transfer to Stage 1 | (2,846,034) | (1,825,529) | |
Transfer to Stage 3 | (899,533) | (834,918) | |
Transfer from Stage 1 | 2,698,325 | 3,900,592 | |
Transfer from Stage 3 | 42,861 | 56,100 | |
Transfers between classes of loans | 0 | ||
New loans, liquidation and write-offs, net | (1,473,674) | 2,917,428 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (21,777) | 94,138 | |
Acquisition of business | 33,754 | ||
Balances at the end of the period | 9,711,842 | 12,177,920 | 7,870,109 |
Stage 3 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 6,316,754 | 6,243,717 | |
Transfer to Stage 1 | (57,325) | (65,218) | |
Transfer to Stage 2 | (42,861) | (56,100) | |
Transfer from Stage 1 | 1,451,648 | 876,697 | |
Transfer from Stage 2 | 899,533 | 834,918 | |
Transfers between classes of loans | 0 | 0 | |
New loans, liquidation and write-offs, net | (1,512,779) | (1,373,426) | |
Sale of loan portfolio | (151,781) | (197,623) | |
Exchange differences and others | (24,200) | 53,789 | |
Acquisition of business | 86,927 | ||
Balances at the end of the period | 6,965,916 | 6,316,754 | 6,243,717 |
Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 3,414,216 | ||
Transfer to Stage 1 | (42,132) | ||
Transfer to Stage 2 | (36,108) | ||
Transfer from Stage 1 | 140,366 | ||
Transfer from Stage 2 | 112,694 | ||
Change in PDs, LGDs, EADs | 1,060,640 | ||
New loans, liquidation and write-offs, net | (1,088,947) | ||
Sale of loan portfolio | (111,312) | ||
Exchange differences and others | (74,909) | ||
Acquisition of business | 77,274 | ||
Balances at the end of the period | 3,451,782 | 3,414,216 | |
Consolidated 3 Stages [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 5,314,531 | ||
New loans and liquidation, net | 331,672 | ||
Change in PDs, LGDs, EADs | 1,768,419 | ||
Write-offs | (1,822,919) | ||
Sale of loan portfolio | (111,312) | ||
Exchange differences and others | (90,735) | ||
Acquisition of business | 118,103 | ||
Balances at the end of the period | 5,507,759 | 5,314,531 | |
Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 131,702,863 | 119,666,507 | |
Transfers between classes of loans | 0 | ||
New loans and liquidation, net | 6,359,302 | 12,756,614 | |
Write-offs | (1,823,457) | (1,541,165) | |
Sale of loan portfolio | (151,781) | (197,623) | |
Exchange differences and others | (432,671) | 1,018,530 | |
Acquisition of business | 769,959 | ||
Balances at the end of the period | 136,424,215 | 131,702,863 | 119,666,507 |
Commercial loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 63,609,988 | ||
Write-offs | (217,160) | ||
Balances at the end of the period | 63,097,073 | 63,609,988 | |
Commercial loans [Member] | Stage 1 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 74,210,068 | 70,538,767 | |
Transfer to Stage 2 | (1,157,585) | (2,216,860) | |
Transfer to Stage 3 | (569,032) | (187,558) | |
Transfer from Stage 2 | 1,511,304 | 807,179 | |
Transfer from Stage 3 | 13,724 | 18,884 | |
Transfers between classes of loans | 370,433 | 379,440 | |
New loans, liquidation and write-offs, net | 1,608,096 | 4,176,547 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (312,259) | 693,669 | |
Acquisition of business | 163,499 | ||
Balances at the end of the period | 75,838,248 | 74,210,068 | 70,538,767 |
Commercial loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 311,767 | ||
Transfer to Stage 2 | (11,258) | ||
Transfer to Stage 3 | (9,281) | ||
Transfer from Stage 2 | 41,033 | ||
Transfer from Stage 3 | 9,492 | ||
Transfers between classes of loans | 4,886 | ||
Change in PDs, LGDs, EADs | 10,982 | ||
New loans, liquidation and write-offs, net | 36,768 | ||
Sale of loan portfolio | 0 | ||
Exchange differences and others | (8,834) | ||
Acquisition of business | 3,130 | ||
Balances at the end of the period | 388,685 | 311,767 | |
Commercial loans [Member] | Stage 2 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 7,530,106 | 3,549,605 | |
Transfer to Stage 1 | (1,511,304) | (807,179) | |
Transfer to Stage 3 | (381,261) | (306,268) | |
Transfer from Stage 1 | 1,157,585 | 2,216,860 | |
Transfer from Stage 3 | 8,894 | 16,587 | |
Transfers between classes of loans | 54,299 | 45,734 | |
New loans, liquidation and write-offs, net | (1,960,025) | 2,764,890 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (20,022) | 49,877 | |
Acquisition of business | 4,767 | ||
Balances at the end of the period | 4,883,039 | 7,530,106 | 3,549,605 |
Commercial loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 151,999 | ||
Transfer to Stage 1 | (41,033) | ||
Transfer to Stage 3 | (21,988) | ||
Transfer from Stage 1 | 11,258 | ||
Transfer from Stage 3 | 6,102 | ||
Transfers between classes of loans | 994 | ||
Change in PDs, LGDs, EADs | 62,277 | ||
New loans, liquidation and write-offs, net | (4,601) | ||
Exchange differences and others | (511) | ||
Acquisition of business | 1,638 | ||
Balances at the end of the period | 166,135 | 151,999 | |
Commercial loans [Member] | Stage 3 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 3,398,900 | 3,253,560 | |
Transfer to Stage 1 | (13,724) | (18,884) | |
Transfer to Stage 2 | (8,894) | (16,587) | |
Transfer from Stage 1 | 569,032 | 187,558 | |
Transfer from Stage 2 | 381,261 | 306,268 | |
Transfers between classes of loans | (33,193) | (33,127) | |
New loans, liquidation and write-offs, net | (446,188) | (258,918) | |
Sale of loan portfolio | (72,219) | (57,956) | |
Exchange differences and others | (18,719) | 36,986 | |
Acquisition of business | 15,161 | ||
Balances at the end of the period | 3,771,417 | 3,398,900 | 3,253,560 |
Commercial loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,355,363 | ||
Transfer to Stage 1 | (9,492) | ||
Transfer to Stage 2 | (6,102) | ||
Transfer from Stage 1 | 9,281 | ||
Transfer from Stage 2 | 21,988 | ||
Transfers between classes of loans | (33,973) | ||
Change in PDs, LGDs, EADs | 301,493 | ||
New loans, liquidation and write-offs, net | (275,028) | ||
Sale of loan portfolio | (55,783) | ||
Exchange differences and others | (6,348) | ||
Acquisition of business | 13,828 | ||
Balances at the end of the period | 1,315,227 | 1,355,363 | |
Commercial loans [Member] | Consolidated 3 Stages [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,819,129 | ||
Transfers between classes of loans | (28,093) | ||
New loans and liquidation, net | (61,341) | ||
Change in PDs, LGDs, EADs | 374,752 | ||
Write-offs | (181,520) | ||
Sale of loan portfolio | (55,783) | ||
Exchange differences and others | (15,693) | ||
Acquisition of business | 18,596 | ||
Balances at the end of the period | 1,870,047 | 1,819,129 | |
Commercial loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 85,139,074 | 77,341,932 | |
Transfers between classes of loans | 391,539 | 392,047 | |
New loans and liquidation, net | (622,356) | 6,797,559 | |
Write-offs | (175,761) | (115,040) | |
Sale of loan portfolio | (72,219) | (57,956) | |
Exchange differences and others | (351,000) | 780,532 | |
Acquisition of business | 183,427 | ||
Balances at the end of the period | 84,492,704 | 85,139,074 | 77,341,932 |
Residential mortgage loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Write-offs | (10,662) | ||
Residential mortgage loans [Member] | Stage 1 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 16,049,110 | 14,119,221 | |
Transfer to Stage 2 | (411,622) | (416,937) | |
Transfer to Stage 3 | (135,231) | (159,561) | |
Transfer from Stage 2 | 315,586 | 151,660 | |
Transfer from Stage 3 | 12,980 | 11,333 | |
Transfers between classes of loans | 2,633 | 14,782 | |
New loans, liquidation and write-offs, net | 2,108,051 | 2,216,316 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (64,077) | 112,296 | |
Acquisition of business | 25,598 | ||
Balances at the end of the period | 17,903,028 | 16,049,110 | 14,119,221 |
Residential mortgage loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 31,479 | ||
Transfer to Stage 2 | (2,069) | ||
Transfer to Stage 3 | (726) | ||
Transfer from Stage 2 | 7,857 | ||
Transfer from Stage 3 | 6,178 | ||
Transfers between classes of loans | 134 | ||
Change in PDs, LGDs, EADs | (11,675) | ||
New loans, liquidation and write-offs, net | 6,850 | ||
Sale of loan portfolio | 0 | ||
Exchange differences and others | (490) | ||
Acquisition of business | 547 | ||
Balances at the end of the period | 38,085 | 31,479 | |
Residential mortgage loans [Member] | Stage 2 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 762,549 | 569,685 | |
Transfer to Stage 1 | (315,586) | (151,660) | |
Transfer to Stage 3 | (142,954) | (123,255) | |
Transfer from Stage 1 | 411,622 | 416,937 | |
Transfer from Stage 3 | 4,840 | 6,586 | |
Transfers between classes of loans | 155 | 240 | |
New loans, liquidation and write-offs, net | 59,553 | 942 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (1,813) | 43,074 | |
Acquisition of business | 336 | ||
Balances at the end of the period | 778,702 | 762,549 | 569,685 |
Residential mortgage loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 22,404 | ||
Transfer to Stage 1 | (7,857) | ||
Transfer to Stage 3 | (4,562) | ||
Transfer from Stage 1 | 2,069 | ||
Transfer from Stage 3 | 2,434 | ||
Transfers between classes of loans | 42 | ||
Change in PDs, LGDs, EADs | 8,409 | ||
New loans, liquidation and write-offs, net | 2,780 | ||
Exchange differences and others | (100) | ||
Acquisition of business | 65 | ||
Balances at the end of the period | 25,684 | 22,404 | |
Residential mortgage loans [Member] | Stage 3 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 959,033 | 862,645 | |
Transfer to Stage 1 | (12,980) | (11,333) | |
Transfer to Stage 2 | (4,840) | (6,586) | |
Transfer from Stage 1 | 135,231 | 159,561 | |
Transfer from Stage 2 | 142,954 | 123,255 | |
Transfers between classes of loans | 0 | 353 | |
New loans, liquidation and write-offs, net | (179,012) | (128,110) | |
Sale of loan portfolio | (41,080) | (49,908) | |
Exchange differences and others | (4,634) | 9,156 | |
Acquisition of business | 319 | ||
Balances at the end of the period | 994,991 | 959,033 | 862,645 |
Residential mortgage loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 470,286 | ||
Transfer to Stage 1 | (6,178) | ||
Transfer to Stage 2 | (2,434) | ||
Transfer from Stage 1 | 726 | ||
Transfer from Stage 2 | 4,562 | ||
Change in PDs, LGDs, EADs | 146,860 | ||
New loans, liquidation and write-offs, net | (101,740) | ||
Sale of loan portfolio | (24,319) | ||
Exchange differences and others | (15,245) | ||
Acquisition of business | 193 | ||
Balances at the end of the period | 472,711 | 470,286 | |
Residential mortgage loans [Member] | Consolidated 3 Stages [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 524,169 | ||
Transfers between classes of loans | 176 | ||
New loans and liquidation, net | (49,190) | ||
Change in PDs, LGDs, EADs | 143,594 | ||
Write-offs | (42,920) | ||
Sale of loan portfolio | (24,319) | ||
Exchange differences and others | (15,835) | ||
Acquisition of business | 805 | ||
Balances at the end of the period | 536,480 | 524,169 | |
Residential mortgage loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 17,770,692 | 15,551,551 | |
Transfers between classes of loans | 2,788 | 15,375 | |
New loans and liquidation, net | 2,028,601 | 2,100,819 | |
Write-offs | (40,009) | (11,671) | |
Sale of loan portfolio | (41,080) | (49,908) | |
Exchange differences and others | (70,524) | 164,526 | |
Acquisition of business | 26,253 | ||
Balances at the end of the period | 19,676,721 | 17,770,692 | 15,551,551 |
Micro-business loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Write-offs | (437,594) | ||
Micro-business loans [Member] | Stage 1 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 12,236,140 | 11,561,250 | |
Transfer to Stage 2 | (504,971) | (612,647) | |
Transfer to Stage 3 | (440,088) | (325,773) | |
Transfer from Stage 2 | 491,781 | 412,930 | |
Transfer from Stage 3 | 12,896 | 13,543 | |
Transfers between classes of loans | (355,466) | (360,158) | |
New loans, liquidation and write-offs, net | 1,973,561 | 1,512,206 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (462) | 34,789 | |
Acquisition of business | 368,932 | ||
Balances at the end of the period | 13,782,323 | 12,236,140 | 11,561,250 |
Micro-business loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 342,519 | ||
Transfer to Stage 2 | (22,272) | ||
Transfer to Stage 3 | (49,368) | ||
Transfer from Stage 2 | 57,319 | ||
Transfer from Stage 3 | 9,631 | ||
Transfers between classes of loans | (6,511) | ||
Change in PDs, LGDs, EADs | 149,468 | ||
New loans, liquidation and write-offs, net | (71,852) | ||
Sale of loan portfolio | 0 | ||
Exchange differences and others | (5,759) | ||
Acquisition of business | 22,467 | ||
Balances at the end of the period | 425,642 | 342,519 | |
Micro-business loans [Member] | Stage 2 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,965,061 | 1,986,325 | |
Transfer to Stage 1 | (491,781) | (412,930) | |
Transfer to Stage 3 | (208,610) | (205,492) | |
Transfer from Stage 1 | 504,971 | 612,647 | |
Transfer from Stage 3 | 6,320 | 8,582 | |
Transfers between classes of loans | (53,193) | (45,172) | |
New loans, liquidation and write-offs, net | 95,835 | 20,395 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (311) | 706 | |
Acquisition of business | 21,305 | ||
Balances at the end of the period | 1,839,597 | 1,965,061 | 1,986,325 |
Micro-business loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 263,593 | ||
Transfer to Stage 1 | (57,319) | ||
Transfer to Stage 3 | (43,113) | ||
Transfer from Stage 1 | 22,272 | ||
Transfer from Stage 3 | 5,576 | ||
Transfers between classes of loans | (956) | ||
Change in PDs, LGDs, EADs | 172,546 | ||
New loans, liquidation and write-offs, net | (121,662) | ||
Exchange differences and others | 63 | ||
Acquisition of business | 8,960 | ||
Balances at the end of the period | 249,960 | 263,593 | |
Micro-business loans [Member] | Stage 3 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,257,956 | 1,295,025 | |
Transfer to Stage 1 | (12,896) | (13,543) | |
Transfer to Stage 2 | (6,320) | (8,582) | |
Transfer from Stage 1 | 440,088 | 325,773 | |
Transfer from Stage 2 | 208,610 | 205,492 | |
Transfers between classes of loans | 32,745 | 32,923 | |
New loans, liquidation and write-offs, net | (591,241) | (509,009) | |
Sale of loan portfolio | (33,262) | (75,916) | |
Exchange differences and others | (366) | 5,793 | |
Acquisition of business | 55,544 | ||
Balances at the end of the period | 1,350,858 | 1,257,956 | 1,295,025 |
Micro-business loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 979,292 | ||
Transfer to Stage 1 | (9,631) | ||
Transfer to Stage 2 | (5,576) | ||
Transfer from Stage 1 | 49,368 | ||
Transfer from Stage 2 | 43,113 | ||
Transfers between classes of loans | 32,878 | ||
Change in PDs, LGDs, EADs | 327,884 | ||
New loans, liquidation and write-offs, net | (457,093) | ||
Sale of loan portfolio | (27,267) | ||
Exchange differences and others | (22,688) | ||
Acquisition of business | 50,605 | ||
Balances at the end of the period | 960,885 | 979,292 | |
Micro-business loans [Member] | Consolidated 3 Stages [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,585,404 | ||
Transfers between classes of loans | 25,411 | ||
New loans and liquidation, net | 166,279 | ||
Change in PDs, LGDs, EADs | 649,898 | ||
Write-offs | (816,886) | ||
Sale of loan portfolio | (27,267) | ||
Exchange differences and others | (28,384) | ||
Acquisition of business | 82,032 | ||
Balances at the end of the period | 1,636,487 | 1,585,404 | |
Micro-business loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 15,459,157 | 14,842,600 | |
Transfers between classes of loans | (375,914) | (372,407) | |
New loans and liquidation, net | 2,295,045 | 1,690,098 | |
Write-offs | (816,890) | (666,506) | |
Sale of loan portfolio | (33,262) | (75,916) | |
Exchange differences and others | (1,139) | 41,288 | |
Acquisition of business | 445,781 | ||
Balances at the end of the period | 16,972,778 | 15,459,157 | 14,842,600 |
Consumer loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 13,326,489 | ||
Write-offs | (760,785) | ||
Balances at the end of the period | 15,281,239 | 13,326,489 | |
Consumer loans [Member] | Stage 1 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 10,712,871 | 9,333,443 | |
Transfer to Stage 2 | (624,147) | (654,148) | |
Transfer to Stage 3 | (307,297) | (203,805) | |
Transfer from Stage 2 | 527,363 | 453,760 | |
Transfer from Stage 3 | 17,725 | 21,458 | |
Transfers between classes of loans | (17,600) | (34,064) | |
New loans, liquidation and write-offs, net | 1,832,590 | 1,766,378 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | (9,896) | 29,849 | |
Acquisition of business | 91,249 | ||
Balances at the end of the period | 12,222,858 | 10,712,871 | 9,333,443 |
Consumer loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 276,019 | ||
Transfer to Stage 2 | (18,691) | ||
Transfer to Stage 3 | (80,991) | ||
Transfer from Stage 2 | 90,915 | ||
Transfer from Stage 3 | 16,831 | ||
Transfers between classes of loans | 1,491 | ||
Change in PDs, LGDs, EADs | 57,927 | ||
New loans, liquidation and write-offs, net | (97,213) | ||
Sale of loan portfolio | 0 | ||
Exchange differences and others | (176) | ||
Acquisition of business | 2,243 | ||
Balances at the end of the period | 248,355 | 276,019 | |
Consumer loans [Member] | Stage 2 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,920,204 | 1,764,494 | |
Transfer to Stage 1 | (527,363) | (453,760) | |
Transfer to Stage 3 | (166,708) | (199,903) | |
Transfer from Stage 1 | 624,147 | 654,148 | |
Transfer from Stage 3 | 22,807 | 24,345 | |
Transfers between classes of loans | (1,261) | (802) | |
New loans, liquidation and write-offs, net | 330,963 | 131,201 | |
Sale of loan portfolio | 0 | 0 | |
Exchange differences and others | 369 | 481 | |
Acquisition of business | 7,346 | ||
Balances at the end of the period | 2,210,504 | 1,920,204 | 1,764,494 |
Consumer loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 500,535 | ||
Transfer to Stage 1 | (90,915) | ||
Transfer to Stage 3 | (43,031) | ||
Transfer from Stage 1 | 18,691 | ||
Transfer from Stage 3 | 21,996 | ||
Transfers between classes of loans | (80) | ||
Change in PDs, LGDs, EADs | 257,845 | ||
New loans, liquidation and write-offs, net | (153,370) | ||
Exchange differences and others | (19) | ||
Acquisition of business | 1,779 | ||
Balances at the end of the period | 513,431 | 500,535 | |
Consumer loans [Member] | Stage 3 [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 700,865 | 832,487 | |
Transfer to Stage 1 | (17,725) | (21,458) | |
Transfer to Stage 2 | (22,807) | (24,345) | |
Transfer from Stage 1 | 307,297 | 203,805 | |
Transfer from Stage 2 | 166,708 | 199,903 | |
Transfers between classes of loans | 448 | (149) | |
New loans, liquidation and write-offs, net | (296,338) | (477,389) | |
Sale of loan portfolio | (5,220) | (13,843) | |
Exchange differences and others | (481) | 1,854 | |
Acquisition of business | 15,903 | ||
Balances at the end of the period | 848,650 | 700,865 | 832,487 |
Consumer loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 609,275 | ||
Transfer to Stage 1 | (16,831) | ||
Transfer to Stage 2 | (21,996) | ||
Transfer from Stage 1 | 80,991 | ||
Transfer from Stage 2 | 43,031 | ||
Transfers between classes of loans | 1,095 | ||
Change in PDs, LGDs, EADs | 284,403 | ||
New loans, liquidation and write-offs, net | (255,086) | ||
Sale of loan portfolio | (3,943) | ||
Exchange differences and others | (30,628) | ||
Acquisition of business | 12,648 | ||
Balances at the end of the period | 702,959 | 609,275 | |
Consumer loans [Member] | Consolidated 3 Stages [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,385,829 | ||
Transfers between classes of loans | 2,506 | ||
New loans and liquidation, net | 275,924 | ||
Change in PDs, LGDs, EADs | 600,175 | ||
Write-offs | (781,593) | ||
Sale of loan portfolio | (3,943) | ||
Exchange differences and others | (30,823) | ||
Acquisition of business | 16,670 | ||
Balances at the end of the period | 1,464,745 | 1,385,829 | |
Consumer loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct Loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 13,333,940 | 11,930,424 | |
Transfers between classes of loans | (18,413) | (35,015) | |
New loans and liquidation, net | 2,658,012 | 2,168,138 | |
Write-offs | (790,797) | (747,948) | |
Sale of loan portfolio | (5,220) | (13,843) | |
Exchange differences and others | (10,008) | 32,184 | |
Acquisition of business | 114,498 | ||
Balances at the end of the period | S/ 15,282,012 | S/ 13,333,940 | S/ 11,930,424 |
LOANS, NET - Loan losses for di
LOANS, NET - Loan losses for direct and indirect loans (Details) - PEN (S/) S/ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | S/ 4,943,008 | S/ 5,314,531 | S/ 4,943,008 | S/ 4,416,692 |
Write-offs | (1,426,201) | |||
Balances at the end of the period | 5,507,759 | 5,314,531 | 4,943,008 | |
Stage 1 [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 2 | (54,290) | |||
Transfer to Stage 3 | (140,366) | |||
Transfer from Stage 2 | 197,124 | |||
Transfer from Stage 3 | 42,132 | |||
Transfers between classes of loans | 0 | |||
New loans, liquidation and write-offs, net | (125,447) | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | (15,259) | |||
Acquisition of business | 28,387 | |||
Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,005,897 | 961,784 | 1,005,897 | |
Transfer to Stage 2 | (71,550) | |||
Transfer to Stage 3 | (34,270) | |||
Transfer from Stage 2 | 157,520 | |||
Transfer from Stage 3 | 49,333 | |||
Transfers between classes of loans | 0 | |||
New loans, liquidation and write-offs, net | (191,639) | |||
Changes in PDs, LGDs, EADs | 37,753 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 8,740 | |||
Balances at the end of the period | 961,784 | 1,005,897 | ||
Stage 2 [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (197,124) | |||
Transfer to Stage 3 | (112,694) | |||
Transfer from Stage 1 | 54,290 | |||
Transfer from Stage 3 | 36,108 | |||
New loans, liquidation and write-offs, net | (276,853) | |||
Exchange differences and others | (567) | |||
Acquisition of business | 12,442 | |||
Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 901,704 | 938,531 | 901,704 | |
Transfer to Stage 1 | (157,520) | |||
Transfer to Stage 3 | (120,735) | |||
Transfer from Stage 1 | 71,550 | |||
Transfer from Stage 3 | 47,548 | |||
Transfers between classes of loans | 0 | |||
New loans, liquidation and write-offs, net | (249,001) | |||
Changes in PDs, LGDs, EADs | 441,341 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 3,644 | |||
Balances at the end of the period | 938,531 | 901,704 | ||
Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (42,132) | |||
Transfer to Stage 2 | (36,108) | |||
Transfer from Stage 1 | 140,366 | |||
Transfer from Stage 2 | 112,694 | |||
New loans, liquidation and write-offs, net | (1,088,947) | |||
Sale of loan portfolio | (111,312) | |||
Exchange differences and others | (74,909) | |||
Acquisition of business | 77,274 | |||
Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 3,356,359 | 3,414,216 | 3,356,359 | |
Transfer to Stage 1 | (49,333) | |||
Transfer to Stage 2 | (47,548) | |||
Transfer from Stage 1 | 34,270 | |||
Transfer from Stage 2 | 120,735 | |||
New loans, liquidation and write-offs, net | (834,104) | |||
Changes in PDs, LGDs, EADs | 1,028,352 | |||
Sale of loan portfolio | (158,551) | |||
Exchange differences and others | (35,964) | |||
Balances at the end of the period | 3,414,216 | 3,356,359 | ||
Consolidated 3 Stages [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
New loans and liquidation, net | 331,672 | |||
Write-offs | (1,822,919) | |||
Sale of loan portfolio | (111,312) | |||
Exchange differences and others | (90,735) | |||
Acquisition of business | 118,103 | |||
Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 4,943,008 | 4,943,008 | ||
Effect of adopting IFRS 9 | 320,952 | |||
Balances at the end of the period | 4,943,008 | |||
Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 5,263,960 | 5,314,531 | 5,263,960 | |
New loans and liquidation, net | 307,452 | |||
Changes in PDs, LGDs, EADs | 1,507,446 | |||
Write-offs | (1,582,196) | |||
Sale of loan portfolio | (158,551) | |||
Exchange differences and others | (23,580) | |||
Balances at the end of the period | 5,314,531 | 5,263,960 | ||
Commercial loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,680,126 | 1,680,126 | 1,235,970 | |
Write-offs | (217,160) | |||
Balances at the end of the period | 1,680,126 | |||
Commercial loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 2 | (11,258) | |||
Transfer to Stage 3 | (9,281) | |||
Transfer from Stage 2 | 41,033 | |||
Transfer from Stage 3 | 9,492 | |||
Transfers between classes of loans | 4,886 | |||
New loans, liquidation and write-offs, net | 36,768 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | (8,834) | |||
Acquisition of business | 3,130 | |||
Commercial loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 280,211 | 311,767 | 280,211 | |
Transfer to Stage 2 | (13,311) | |||
Transfer to Stage 3 | (6,647) | |||
Transfer from Stage 2 | 16,464 | |||
Transfer from Stage 3 | 10,864 | |||
Transfers between classes of loans | 5,238 | |||
New loans, liquidation and write-offs, net | 22,404 | |||
Changes in PDs, LGDs, EADs | (5,007) | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 1,551 | |||
Balances at the end of the period | 311,767 | 280,211 | ||
Commercial loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (41,033) | |||
Transfer to Stage 3 | (21,988) | |||
Transfer from Stage 1 | 11,258 | |||
Transfer from Stage 3 | 6,102 | |||
Transfers between classes of loans | 994 | |||
New loans, liquidation and write-offs, net | (4,601) | |||
Exchange differences and others | (511) | |||
Acquisition of business | 1,638 | |||
Commercial loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 99,004 | 151,999 | 99,004 | |
Transfer to Stage 1 | (16,464) | |||
Transfer to Stage 3 | (20,602) | |||
Transfer from Stage 1 | 13,311 | |||
Transfer from Stage 3 | 13,696 | |||
Transfers between classes of loans | (254) | |||
New loans, liquidation and write-offs, net | 29,284 | |||
Changes in PDs, LGDs, EADs | 33,375 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 649 | |||
Balances at the end of the period | 151,999 | 99,004 | ||
Commercial loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (9,492) | |||
Transfer to Stage 2 | (6,102) | |||
Transfer from Stage 1 | 9,281 | |||
Transfer from Stage 2 | 21,988 | |||
Transfers between classes of loans | (33,973) | |||
New loans, liquidation and write-offs, net | (275,028) | |||
Sale of loan portfolio | (55,783) | |||
Exchange differences and others | (6,348) | |||
Acquisition of business | 13,828 | |||
Commercial loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,259,258 | 1,355,363 | 1,259,258 | |
Transfer to Stage 1 | (10,864) | |||
Transfer to Stage 2 | (13,696) | |||
Transfer from Stage 1 | 6,647 | |||
Transfer from Stage 2 | 20,602 | |||
Transfers between classes of loans | (34,932) | |||
New loans, liquidation and write-offs, net | (64,741) | |||
Changes in PDs, LGDs, EADs | 294,960 | |||
Sale of loan portfolio | (48,442) | |||
Exchange differences and others | (53,429) | |||
Balances at the end of the period | 1,355,363 | 1,259,258 | ||
Commercial loans [Member] | Consolidated 3 Stages [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfers between classes of loans | (28,093) | |||
New loans and liquidation, net | (61,341) | |||
Write-offs | (181,520) | |||
Sale of loan portfolio | (55,783) | |||
Exchange differences and others | (15,693) | |||
Acquisition of business | 18,596 | |||
Commercial loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,680,126 | 1,680,126 | ||
Effect of adopting IFRS 9 | (41,653) | |||
Balances at the end of the period | 1,680,126 | |||
Commercial loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,638,473 | 1,819,129 | 1,638,473 | |
Transfers between classes of loans | (29,948) | |||
New loans and liquidation, net | 102,313 | |||
Changes in PDs, LGDs, EADs | 323,328 | |||
Write-offs | (115,366) | |||
Sale of loan portfolio | (48,442) | |||
Exchange differences and others | (51,229) | |||
Balances at the end of the period | 1,819,129 | 1,638,473 | ||
Residential mortgage loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 228,287 | 228,287 | 193,385 | |
Write-offs | (10,662) | |||
Balances at the end of the period | 228,287 | |||
Residential mortgage loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 2 | (2,069) | |||
Transfer to Stage 3 | (726) | |||
Transfer from Stage 2 | 7,857 | |||
Transfer from Stage 3 | 6,178 | |||
Transfers between classes of loans | 134 | |||
New loans, liquidation and write-offs, net | 6,850 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | (490) | |||
Acquisition of business | 547 | |||
Residential mortgage loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 18,614 | 31,479 | 18,614 | |
Transfer to Stage 2 | (1,716) | |||
Transfer to Stage 3 | (817) | |||
Transfer from Stage 2 | 2,565 | |||
Transfer from Stage 3 | 5,556 | |||
Transfers between classes of loans | 449 | |||
New loans, liquidation and write-offs, net | 7,532 | |||
Changes in PDs, LGDs, EADs | (1,114) | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 410 | |||
Balances at the end of the period | 31,479 | 18,614 | ||
Residential mortgage loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (7,857) | |||
Transfer to Stage 3 | (4,562) | |||
Transfer from Stage 1 | 2,069 | |||
Transfer from Stage 3 | 2,434 | |||
Transfers between classes of loans | 42 | |||
New loans, liquidation and write-offs, net | 2,780 | |||
Exchange differences and others | (100) | |||
Acquisition of business | 65 | |||
Residential mortgage loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 13,747 | 22,404 | 13,747 | |
Transfer to Stage 1 | (2,565) | |||
Transfer to Stage 3 | (2,945) | |||
Transfer from Stage 1 | 1,716 | |||
Transfer from Stage 3 | 3,201 | |||
Transfers between classes of loans | 7 | |||
New loans, liquidation and write-offs, net | 1,617 | |||
Changes in PDs, LGDs, EADs | 7,296 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 330 | |||
Balances at the end of the period | 22,404 | 13,747 | ||
Residential mortgage loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (6,178) | |||
Transfer to Stage 2 | (2,434) | |||
Transfer from Stage 1 | 726 | |||
Transfer from Stage 2 | 4,562 | |||
New loans, liquidation and write-offs, net | (101,740) | |||
Sale of loan portfolio | (24,319) | |||
Exchange differences and others | (15,245) | |||
Acquisition of business | 193 | |||
Residential mortgage loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 411,087 | 470,286 | 411,087 | |
Transfer to Stage 1 | (5,556) | |||
Transfer to Stage 2 | (3,201) | |||
Transfer from Stage 1 | 817 | |||
Transfer from Stage 2 | 2,945 | |||
Transfers between classes of loans | 302 | |||
New loans, liquidation and write-offs, net | (56,676) | |||
Changes in PDs, LGDs, EADs | 142,064 | |||
Sale of loan portfolio | (32,089) | |||
Exchange differences and others | 10,593 | |||
Balances at the end of the period | 470,286 | 411,087 | ||
Residential mortgage loans [Member] | Consolidated 3 Stages [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfers between classes of loans | 176 | |||
New loans and liquidation, net | (49,190) | |||
Write-offs | (42,920) | |||
Sale of loan portfolio | (24,319) | |||
Exchange differences and others | (15,835) | |||
Acquisition of business | 805 | |||
Residential mortgage loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 228,287 | 228,287 | ||
Effect of adopting IFRS 9 | 215,161 | |||
Balances at the end of the period | 228,287 | |||
Residential mortgage loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 443,448 | 524,169 | 443,448 | |
Transfers between classes of loans | 758 | |||
New loans and liquidation, net | (35,763) | |||
Changes in PDs, LGDs, EADs | 148,246 | |||
Write-offs | (11,764) | |||
Sale of loan portfolio | (32,089) | |||
Exchange differences and others | 11,333 | |||
Balances at the end of the period | 524,169 | 443,448 | ||
Micro-business loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,476,578 | 1,476,578 | 1,353,168 | |
Write-offs | (437,594) | |||
Balances at the end of the period | 1,476,578 | |||
Micro-business loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 2 | (22,272) | |||
Transfer to Stage 3 | (49,368) | |||
Transfer from Stage 2 | 57,319 | |||
Transfer from Stage 3 | 9,631 | |||
Transfers between classes of loans | (6,511) | |||
New loans, liquidation and write-offs, net | (71,852) | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | (5,759) | |||
Acquisition of business | 22,467 | |||
Micro-business loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 350,134 | 342,519 | 350,134 | |
Transfer to Stage 2 | (27,116) | |||
Transfer to Stage 3 | (17,238) | |||
Transfer from Stage 2 | 46,522 | |||
Transfer from Stage 3 | 13,148 | |||
Transfers between classes of loans | (5,634) | |||
New loans, liquidation and write-offs, net | (110,425) | |||
Changes in PDs, LGDs, EADs | 86,904 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 6,224 | |||
Balances at the end of the period | 342,519 | 350,134 | ||
Micro-business loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (57,319) | |||
Transfer to Stage 3 | (43,113) | |||
Transfer from Stage 1 | 22,272 | |||
Transfer from Stage 3 | 5,576 | |||
Transfers between classes of loans | (956) | |||
New loans, liquidation and write-offs, net | (121,662) | |||
Exchange differences and others | 63 | |||
Acquisition of business | 8,960 | |||
Micro-business loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 281,227 | 263,593 | 281,227 | |
Transfer to Stage 1 | (46,522) | |||
Transfer to Stage 3 | (43,715) | |||
Transfer from Stage 1 | 27,116 | |||
Transfer from Stage 3 | 7,817 | |||
Transfers between classes of loans | 378 | |||
New loans, liquidation and write-offs, net | (134,037) | |||
Changes in PDs, LGDs, EADs | 168,748 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 2,581 | |||
Balances at the end of the period | 263,593 | 281,227 | ||
Micro-business loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (9,631) | |||
Transfer to Stage 2 | (5,576) | |||
Transfer from Stage 1 | 49,368 | |||
Transfer from Stage 2 | 43,113 | |||
Transfers between classes of loans | 32,878 | |||
New loans, liquidation and write-offs, net | (457,093) | |||
Sale of loan portfolio | (27,267) | |||
Exchange differences and others | (22,688) | |||
Acquisition of business | 50,605 | |||
Micro-business loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,001,286 | 979,292 | 1,001,286 | |
Transfer to Stage 1 | (13,148) | |||
Transfer to Stage 2 | (7,817) | |||
Transfer from Stage 1 | 17,238 | |||
Transfer from Stage 2 | 43,715 | |||
Transfers between classes of loans | 34,709 | |||
New loans, liquidation and write-offs, net | (327,426) | |||
Changes in PDs, LGDs, EADs | 296,807 | |||
Sale of loan portfolio | (67,682) | |||
Exchange differences and others | 1,610 | |||
Balances at the end of the period | 979,292 | 1,001,286 | ||
Micro-business loans [Member] | Consolidated 3 Stages [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfers between classes of loans | 25,411 | |||
New loans and liquidation, net | 166,279 | |||
Write-offs | (816,886) | |||
Sale of loan portfolio | (27,267) | |||
Exchange differences and others | (28,384) | |||
Acquisition of business | 82,032 | |||
Micro-business loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,476,578 | 1,476,578 | ||
Effect of adopting IFRS 9 | 156,069 | |||
Balances at the end of the period | 1,476,578 | |||
Micro-business loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,632,647 | 1,585,404 | 1,632,647 | |
Transfers between classes of loans | 29,453 | |||
New loans and liquidation, net | 123,557 | |||
Changes in PDs, LGDs, EADs | 552,459 | |||
Write-offs | (695,445) | |||
Sale of loan portfolio | (67,682) | |||
Exchange differences and others | 10,415 | |||
Balances at the end of the period | 1,585,404 | 1,632,647 | ||
Consumer loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,558,017 | 1,558,017 | 1,634,169 | |
Write-offs | (760,785) | |||
Balances at the end of the period | 1,558,017 | |||
Consumer loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 2 | (18,691) | |||
Transfer to Stage 3 | (80,991) | |||
Transfer from Stage 2 | 90,915 | |||
Transfer from Stage 3 | 16,831 | |||
Transfers between classes of loans | 1,491 | |||
New loans, liquidation and write-offs, net | (97,213) | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | (176) | |||
Acquisition of business | 2,243 | |||
Consumer loans [Member] | Stage 1 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 356,938 | 276,019 | 356,938 | |
Transfer to Stage 2 | (29,407) | |||
Transfer to Stage 3 | (9,568) | |||
Transfer from Stage 2 | 91,969 | |||
Transfer from Stage 3 | 19,765 | |||
Transfers between classes of loans | (53) | |||
New loans, liquidation and write-offs, net | (111,150) | |||
Changes in PDs, LGDs, EADs | (43,030) | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 555 | |||
Balances at the end of the period | 276,019 | 356,938 | ||
Consumer loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (90,915) | |||
Transfer to Stage 3 | (43,031) | |||
Transfer from Stage 1 | 18,691 | |||
Transfer from Stage 3 | 21,996 | |||
Transfers between classes of loans | (80) | |||
New loans, liquidation and write-offs, net | (153,370) | |||
Exchange differences and others | (19) | |||
Acquisition of business | 1,779 | |||
Consumer loans [Member] | Stage 2 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 507,726 | 500,535 | 507,726 | |
Transfer to Stage 1 | (91,969) | |||
Transfer to Stage 3 | (53,473) | |||
Transfer from Stage 1 | 29,407 | |||
Transfer from Stage 3 | 22,834 | |||
Transfers between classes of loans | (131) | |||
New loans, liquidation and write-offs, net | (145,865) | |||
Changes in PDs, LGDs, EADs | 231,922 | |||
Sale of loan portfolio | 0 | |||
Exchange differences and others | 84 | |||
Balances at the end of the period | 500,535 | 507,726 | ||
Consumer loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfer to Stage 1 | (16,831) | |||
Transfer to Stage 2 | (21,996) | |||
Transfer from Stage 1 | 80,991 | |||
Transfer from Stage 2 | 43,031 | |||
Transfers between classes of loans | 1,095 | |||
New loans, liquidation and write-offs, net | (255,086) | |||
Sale of loan portfolio | (3,943) | |||
Exchange differences and others | (30,628) | |||
Acquisition of business | 12,648 | |||
Consumer loans [Member] | Stage 3 [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 684,728 | 609,275 | 684,728 | |
Transfer to Stage 1 | (19,765) | |||
Transfer to Stage 2 | (22,834) | |||
Transfer from Stage 1 | 9,568 | |||
Transfer from Stage 2 | 53,473 | |||
Transfers between classes of loans | (79) | |||
New loans, liquidation and write-offs, net | (385,261) | |||
Changes in PDs, LGDs, EADs | 294,521 | |||
Sale of loan portfolio | (10,338) | |||
Exchange differences and others | 5,262 | |||
Balances at the end of the period | 609,275 | 684,728 | ||
Consumer loans [Member] | Consolidated 3 Stages [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Transfers between classes of loans | 2,506 | |||
New loans and liquidation, net | 275,924 | |||
Write-offs | (781,593) | |||
Sale of loan portfolio | (3,943) | |||
Exchange differences and others | (30,823) | |||
Acquisition of business | 16,670 | |||
Consumer loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | 1,558,017 | 1,558,017 | ||
Effect of adopting IFRS 9 | (8,625) | |||
Balances at the end of the period | 1,558,017 | |||
Consumer loans [Member] | Consolidated 3 Stages [Member] | Portfolio of Direct and Indirect Loans [Member] | Restated | ||||
Disclosure of Loans, Net [Line Items] | ||||
Balances at the beginning of the period | S/ 1,549,392 | S/ 1,385,829 | 1,549,392 | |
Transfers between classes of loans | (263) | |||
New loans and liquidation, net | 117,345 | |||
Changes in PDs, LGDs, EADs | 483,413 | |||
Write-offs | (759,621) | |||
Sale of loan portfolio | (10,338) | |||
Exchange differences and others | 5,901 | |||
Balances at the end of the period | S/ 1,385,829 | S/ 1,549,392 |
LOANS, NET - Direct and indirec
LOANS, NET - Direct and indirect loans (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | S/ 5,314,531 | S/ 4,943,008 | S/ 4,416,692 |
Provision for loan losses | 114,200 | 2,057,478 | |
Loan portfolio written-off | (1,426,201) | ||
Exchange difference and others | (104,961) | ||
Balances at the end of the period | S/ 5,507,759 | 5,314,531 | 4,943,008 |
Commercial loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,680,126 | 1,235,970 | |
Provision for loan losses | 737,929 | ||
Loan portfolio written-off | (217,160) | ||
Exchange difference and others | (76,613) | ||
Balances at the end of the period | 1,680,126 | ||
Residential mortgage loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 228,287 | 193,385 | |
Provision for loan losses | 50,663 | ||
Loan portfolio written-off | (10,662) | ||
Exchange difference and others | (5,099) | ||
Balances at the end of the period | 228,287 | ||
Micro-business loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | 1,476,578 | 1,353,168 | |
Provision for loan losses | 576,931 | ||
Loan portfolio written-off | (437,594) | ||
Exchange difference and others | (15,927) | ||
Balances at the end of the period | 1,476,578 | ||
Consumer loans [Member] | |||
Disclosure of Loans, Net [Line Items] | |||
Balances at the beginning of the period | S/ 1,558,017 | 1,634,169 | |
Provision for loan losses | 691,955 | ||
Loan portfolio written-off | (760,785) | ||
Exchange difference and others | (7,322) | ||
Balances at the end of the period | S/ 1,558,017 |
LOANS, NET - Maturity based on
LOANS, NET - Maturity based on the remaining period to the payment due date (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Outstanding loans - | ||
Direct loans, gross | S/ 111,503,072 | S/ 106,841,003 |
Internal overdue loans - | ||
Internal overdue loans and under legal collection loans | 3,304,886 | 3,119,621 |
Direct gross loans | 114,807,958 | 109,960,624 |
Up to 1 year [Member] | ||
Outstanding loans - | ||
Direct loans, gross | 53,306,936 | 49,219,931 |
From 1 to 3 years [Member] | ||
Outstanding loans - | ||
Direct loans, gross | 24,586,441 | 25,763,021 |
From 3 to 5 years [Member] | ||
Outstanding loans - | ||
Direct loans, gross | 9,615,514 | 10,300,621 |
More than 5 years [Member] | ||
Outstanding loans - | ||
Direct loans, gross | 23,994,181 | 21,557,430 |
Overdue 90 days [Member] | ||
Internal overdue loans - | ||
Internal overdue loans and under legal collection loans | 692,161 | 635,893 |
Over 90 days [Member] | ||
Internal overdue loans - | ||
Internal overdue loans and under legal collection loans | S/ 2,612,725 | S/ 2,483,728 |
LOANS, NET - Additional Informa
LOANS, NET - Additional Information (Details) - PEN (S/) S/ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
LOANS, NET | |||
Allowance For Direct Loans | S/ 5,124.0 | S/ 4,952.4 | S/ 4,500.5 |
Allowance For Indirect Loans | S/ 383.8 | S/ 362.1 | S/ 442.5 |
FINANCIAL ASSETS DESIGNATED A_3
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS | |||
Net profit on sale of financial investments | S/ 21,879 | S/ 25,342 | |
Changes in the fair value of financial assets | 58,351 | (90,467) | |
Dividends, interests and others | 13,434 | 11,190 | |
Total | S/ 93,664 | S/ (53,935) | S/ 67,633 |
ACCOUNTS RECEIVABLE AND PAYAB_2
ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS - Accounts receivable (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
NET PREMIUMS EARNED | |||
Balances at the beginning of the period | S/ 842,043 | S/ 715,695 | S/ 454,187 |
Reported claims of premiums ceded, Note 26 | 321,375 | 367,969 | 483,387 |
Reserve risk in progress of premiums ceded, Note 25(a) | (14,935) | 34,709 | 21,192 |
Premiums assumed | 668 | 5,882 | 2,341 |
Settled claims of premiums ceded by reinsurance contracts | (226,769) | (238,936) | (231,298) |
Collections and others, net | (130,678) | (43,276) | (14,114) |
Balances at the end of the period | S/ 791,704 | S/ 842,043 | S/ 715,695 |
ACCOUNTS RECEIVABLE AND PAYAB_3
ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS - Accounts Payable (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
NET PREMIUMS EARNED | |||
Balances at the beginning of the period | S/ 291,693 | S/ 235,185 | |
Premiums ceded for automatic contracts (mainly excess of loss), Note 25(a) | 254,839 | 243,427 | S/ 257,617 |
Premiums ceded to reinsurers in facultative contracts, Note 25(a) | 289,386 | 288,928 | 263,378 |
Coinsurance granted | 4,332 | 11,433 | 5,925 |
Payments and other, net | (623,516) | (487,280) | (525,627) |
Balances at the end of the period | S/ 216,734 | S/ 291,693 | S/ 235,185 |
ACCOUNTS RECEIVABLE AND PAYAB_4
ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS - Additional Information (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Insurance Contracts Explanatory [Line Items] | ||
Premium and other policies receivable | S/ 838,731 | S/ 887,273 |
Insurance [Member] | ||
Disclosure Of Insurance Contracts Explanatory [Line Items] | ||
Unearned portion of premiums ceded to reinsurers | S/ 201,000 | S/ 152,900 |
PROPERTY, FURNITURE AND EQUIP_3
PROPERTY, FURNITURE AND EQUIPMENT, NET (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in property, plant and equipment [abstract] | |||
Balance Begining | S/ 1,480,702 | S/ 1,509,492 | |
Balance Ending | 1,428,173 | 1,480,702 | S/ 1,509,492 |
Net carrying amount | 1,428,173 | 1,480,702 | 1,509,492 |
Land [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Ending | 401,553 | ||
Net carrying amount | 401,553 | ||
Buildings [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Ending | 498,562 | ||
Net carrying amount | 498,562 | ||
Installations [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Ending | 175,434 | ||
Net carrying amount | 175,434 | ||
Furniture and fixture [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Ending | 171,728 | ||
Net carrying amount | 171,728 | ||
Computer hardware [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Ending | 83,180 | ||
Net carrying amount | 83,180 | ||
Vehicles and equipment [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Ending | 28,348 | ||
Net carrying amount | 28,348 | ||
Work in progress [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Ending | 69,368 | ||
Net carrying amount | 69,368 | ||
Accumulated depreciation | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 2,092,878 | 1,994,734 | 1,857,666 |
Acquisition of business, Note 2(a) | 19,299 | 0 | 0 |
Depreciation for the year | 146,066 | 170,138 | 178,895 |
Disposals and others | (173,939) | (71,994) | (41,827) |
Balance Ending | 2,084,304 | 2,092,878 | 1,994,734 |
Net carrying amount | 2,084,304 | 2,092,878 | 1,994,734 |
Accumulated depreciation | Land [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 0 | ||
Acquisition of business, Note 2(a) | 0 | ||
Depreciation for the year | 0 | ||
Disposals and others | 0 | ||
Balance Ending | 0 | 0 | |
Net carrying amount | 0 | 0 | |
Accumulated depreciation | Buildings [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 632,261 | ||
Acquisition of business, Note 2(a) | 56 | ||
Depreciation for the year | 31,065 | ||
Disposals and others | (5,692) | ||
Balance Ending | 657,690 | 632,261 | |
Net carrying amount | 657,690 | 632,261 | |
Accumulated depreciation | Installations [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 457,104 | ||
Depreciation for the year | 28,627 | ||
Disposals and others | (7,437) | ||
Balance Ending | 478,294 | 457,104 | |
Net carrying amount | 478,294 | 457,104 | |
Accumulated depreciation | Furniture and fixture [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 353,458 | ||
Acquisition of business, Note 2(a) | 9,678 | ||
Depreciation for the year | 33,210 | ||
Disposals and others | (88,326) | ||
Balance Ending | 308,020 | 353,458 | |
Net carrying amount | 308,020 | 353,458 | |
Accumulated depreciation | Computer hardware [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 536,322 | ||
Acquisition of business, Note 2(a) | 9,424 | ||
Depreciation for the year | 42,378 | ||
Disposals and others | (36,101) | ||
Balance Ending | 552,023 | 536,322 | |
Net carrying amount | 552,023 | 536,322 | |
Accumulated depreciation | Vehicles and equipment [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 113,733 | ||
Acquisition of business, Note 2(a) | 141 | ||
Depreciation for the year | 10,786 | ||
Disposals and others | (36,383) | ||
Balance Ending | 88,277 | 113,733 | |
Net carrying amount | 88,277 | 113,733 | |
Accumulated depreciation | Work in progress [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 0 | ||
Acquisition of business, Note 2(a) | 0 | ||
Depreciation for the year | 0 | ||
Disposals and others | 0 | ||
Balance Ending | 0 | 0 | |
Net carrying amount | 0 | 0 | |
Cost [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 3,573,580 | 3,504,226 | 3,409,369 |
Additions | 134,776 | 181,459 | 143,851 |
Acquisition of business, Note 2(a) | 29,893 | 0 | 0 |
Transfers | 0 | 0 | 0 |
Disposals and others | (225,772) | (112,105) | (48,994) |
Balance Ending | 3,512,477 | 3,573,580 | 3,504,226 |
Net carrying amount | 3,512,477 | 3,573,580 | S/ 3,504,226 |
Cost [Member] | Land [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 411,110 | ||
Additions | 2,259 | ||
Acquisition of business, Note 2(a) | 505 | ||
Transfers | 0 | ||
Disposals and others | (12,321) | ||
Balance Ending | 401,553 | 411,110 | |
Net carrying amount | 401,553 | 411,110 | |
Cost [Member] | Buildings [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 1,162,377 | ||
Additions | 3,758 | ||
Acquisition of business, Note 2(a) | 2,550 | ||
Transfers | 2,154 | ||
Disposals and others | (14,587) | ||
Balance Ending | 1,156,252 | 1,162,377 | |
Net carrying amount | 1,156,252 | 1,162,377 | |
Cost [Member] | Installations [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 611,568 | ||
Additions | 13,493 | ||
Transfers | 39,114 | ||
Disposals and others | (10,447) | ||
Balance Ending | 653,728 | 611,568 | |
Net carrying amount | 653,728 | 611,568 | |
Cost [Member] | Furniture and fixture [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 521,521 | ||
Additions | 29,213 | ||
Acquisition of business, Note 2(a) | 14,407 | ||
Transfers | 5,549 | ||
Disposals and others | (90,942) | ||
Balance Ending | 479,748 | 521,521 | |
Net carrying amount | 479,748 | 521,521 | |
Cost [Member] | Computer hardware [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 632,214 | ||
Additions | 23,094 | ||
Acquisition of business, Note 2(a) | 12,121 | ||
Transfers | 5,687 | ||
Disposals and others | (37,913) | ||
Balance Ending | 635,203 | 632,214 | |
Net carrying amount | 635,203 | 632,214 | |
Cost [Member] | Vehicles and equipment [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 155,417 | ||
Additions | 486 | ||
Acquisition of business, Note 2(a) | 310 | ||
Transfers | 141 | ||
Disposals and others | (39,729) | ||
Balance Ending | 116,625 | 155,417 | |
Net carrying amount | 116,625 | 155,417 | |
Cost [Member] | Work in progress [member] | |||
Changes in property, plant and equipment [abstract] | |||
Balance Begining | 79,373 | ||
Additions | 62,473 | ||
Acquisition of business, Note 2(a) | 0 | ||
Transfers | (52,645) | ||
Disposals and others | (19,833) | ||
Balance Ending | 69,368 | 79,373 | |
Net carrying amount | S/ 69,368 | S/ 79,373 |
INTANGIBLE ASSETS AND GOODWIL_3
INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of detailed information about intangible assets (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | S/ 1,464,372 | S/ 1,342,890 | |
Additions | 64,900 | ||
End Period | 1,666,265 | 1,464,372 | S/ 1,342,890 |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 3,406,333 | 3,090,365 | 2,789,435 |
Additions | 371,957 | 419,789 | 271,722 |
Acquisition of business | 126,128 | ||
Transfers | 0 | 0 | 0 |
Disposals and others | (99,429) | (103,821) | 29,208 |
End Period | 3,804,989 | 3,406,333 | 3,090,365 |
Accumulated amortisation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 1,941,961 | 1,747,475 | 1,464,894 |
Acquisition of business | 3,104 | ||
Amortization of the year | 308,966 | 258,984 | 241,080 |
Disposals and others | (115,307) | (64,498) | 41,501 |
End Period | 2,138,724 | 1,941,961 | S/ 1,747,475 |
Client Relationships [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
End Period | 134,945 | ||
Client Relationships [member] | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 403,607 | ||
Additions | 0 | ||
Acquisition of business | 18,462 | ||
Transfers | 0 | ||
Disposals and others | (43,173) | ||
End Period | 378,896 | 403,607 | |
Client Relationships [member] | Accumulated amortisation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 257,580 | ||
Amortization of the year | 27,229 | ||
Disposals and others | (40,858) | ||
End Period | 243,951 | 257,580 | |
Brand names [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 138,503 | ||
End Period | 132,604 | 138,503 | |
Brand names [member] | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 258,928 | ||
Additions | 0 | ||
Acquisition of business | 1,164 | ||
Transfers | 0 | ||
Disposals and others | (66,845) | ||
End Period | 193,247 | 258,928 | |
Brand names [member] | Accumulated amortisation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 120,425 | ||
Amortization of the year | 7,041 | ||
Disposals and others | (66,823) | ||
End Period | 60,643 | 120,425 | |
Fund manager contract [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 88,455 | ||
End Period | 81,702 | 88,455 | |
Fund manager contract [Member] | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 95,527 | ||
Additions | 0 | ||
Acquisition of business | 4,298 | ||
Transfers | 0 | ||
Disposals and others | (5,682) | ||
End Period | 94,143 | 95,527 | |
Fund manager contract [Member] | Accumulated amortisation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 7,072 | ||
Acquisition of business | 0 | ||
Amortization of the year | 4,396 | ||
Disposals and others | 973 | ||
End Period | 12,441 | 7,072 | |
Relationships with holders [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
End Period | 881 | ||
Relationships with holders [Member] | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 21,100 | ||
Additions | 0 | ||
Acquisition of business | 0 | ||
Transfers | 0 | ||
Disposals and others | 0 | ||
End Period | 21,100 | 21,100 | |
Relationships with holders [Member] | Accumulated amortisation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 16,703 | ||
Acquisition of business | 0 | ||
Amortization of the year | 3,516 | ||
Disposals and others | 0 | ||
End Period | 20,219 | 16,703 | |
Software and developments [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
End Period | 930,378 | ||
Software and developments [member] | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 2,173,302 | ||
Additions | 101,503 | ||
Acquisition of business | 79,165 | ||
Transfers | 357,432 | ||
Disposals and others | (6,841) | ||
End Period | 2,704,561 | 2,173,302 | |
Software and developments [member] | Accumulated amortisation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 1,513,340 | ||
Acquisition of business | 3,104 | ||
Amortization of the year | 266,338 | ||
Disposals and others | (8,599) | ||
End Period | 1,774,183 | 1,513,340 | |
Intangible in progress [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
End Period | 363,347 | ||
Intangible in progress [member] | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 427,028 | ||
Additions | 270,454 | ||
Acquisition of business | 0 | ||
Transfers | (357,432) | ||
Disposals and others | 23,297 | ||
End Period | 363,347 | 427,028 | |
Intangible in progress [member] | Accumulated amortisation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 0 | ||
Acquisition of business | 0 | ||
Amortization of the year | 0 | ||
Disposals and others | 0 | ||
End Period | 0 | 0 | |
Other Intangible Assets [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
End Period | 22,408 | ||
Other Intangible Assets [Member] | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 26,841 | ||
Additions | 0 | ||
Acquisition of business | 23,039 | ||
Transfers | 0 | ||
Disposals and others | (185) | ||
End Period | 49,695 | 26,841 | |
Other Intangible Assets [Member] | Accumulated amortisation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning Period | 26,841 | ||
Acquisition of business | 0 | ||
Amortization of the year | 446 | ||
Disposals and others | 0 | ||
End Period | S/ 27,287 | S/ 26,841 |
INTANGIBLE ASSETS AND GOODWIL_4
INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of detailed information about client relationships intangible assets (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | S/ 1,666,265 | S/ 1,464,372 | S/ 1,342,890 |
Client relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 134,945 | 146,027 | |
Prima AFP - AFP Union Vida [Member] | Client relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 82,322 | 94,670 | |
Credicorp Capital Holding Chile - Inversiones IMT [Member] | Client relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 19,333 | 22,776 | |
Mibanco [Member] | Client relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 15,036 | 27,065 | |
Ultrasefinco S.A. [Member] | Client relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 13,400 | ||
Culqi [Member] | Client relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 2,550 | ||
Tenpo [Member] | Client relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | S/ 2,304 | ||
Mibanco - Edyficar Peru [Member] | Client relationships [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | S/ 1,516 |
INTANGIBLE ASSETS AND GOODWIL_5
INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of detailed information about brand intangible assets (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | S/ 1,666,265 | S/ 1,464,372 | S/ 1,342,890 |
Brand names [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 132,604 | 138,503 | |
Mibanco [Member] | Brand names [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 131,440 | 138,268 | |
Culqi [Member] | Brand names [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | S/ 1,164 | ||
Credicorp Capital Holding Chile - Inversiones IMT [Member] | Brand names [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | S/ 235 |
INTANGIBLE ASSETS AND GOODWIL_6
INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of detailed information about fund manager contract intangible assets (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | S/ 1,666,265 | S/ 1,464,372 | S/ 1,342,890 |
Fund manager contract [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 81,702 | 88,455 | |
Credicorp Capital Colombia S.A. [Member] | Fund manager contract [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 42,352 | 47,886 | |
Credicorp Capital Holding Chile - Inversiones IMT [Member] | Fund manager contract [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | 34,997 | S/ 40,569 | |
Ultrasefinco S.A. [Member] | Fund manager contract [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets other than goodwill | S/ 4,353 |
INTANGIBLE ASSETS AND GOODWIL_7
INTANGIBLE ASSETS AND GOODWILL, NET - Schedule of reconciliation of changes in goodwill (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Goodwill [Line Items] | ||
Goodwill | S/ 886,009 | S/ 591,330 |
Mibanco - Edyficar Peru [Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 273,694 | 273,694 |
Bancompartir | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 212,085 | |
Prima AFP - AFP Union Vida [Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 124,641 | 124,641 |
Credicorp Capital Colombia S.A. [Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 72,134 | 74,391 |
Banco de Crdito del Per S.A. | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 52,359 | 52,359 |
Ultrasefinco S.A. [Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 45,339 | |
Pacifico Seguros [Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 36,354 | 36,354 |
Atlantic Security Holding Corporation [Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 29,795 | 29,795 |
Tenpo [Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 23,051 | |
Multicaja Prepago S.A. {Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 12,943 | |
Culqi | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | 3,518 | |
Crediseguro Seguros Personales [Member] | ||
Disclosure Of Goodwill [Line Items] | ||
Goodwill | S/ 96 | S/ 96 |
INTANGIBLE ASSETS AND GOODWIL_8
INTANGIBLE ASSETS AND GOODWILL, NET - Summary of key assumptions used for calculation of fair value less selling costs (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Mibanco - Edyficar Peru [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 3.00% | 3.00% |
Discount rate used in current measurement of fair value less costs of disposal | 12.35% | 14.18% |
Prima AFP - AFP Union Vida [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 1.00% | 1.00% |
Discount rate used in current measurement of fair value less costs of disposal | 11.63% | 10.73% |
Credicorp Capital Colombia S.A. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 3.80% | 3.80% |
Discount rate used in current measurement of fair value less costs of disposal | 12.62% | 14.65% |
Banco de Crdito del Per S.A. | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 5.00% | 5.00% |
Discount rate used in current measurement of fair value less costs of disposal | 11.19% | 11.15% |
Pacifico Seguros [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 5.00% | 5.00% |
Pacifico Seguros [Member] | Fees One [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate used in current measurement of fair value less costs of disposal | 10.72% | 12.05% |
Pacifico Seguros [Member] | Fees Two [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rate used in current measurement of fair value less costs of disposal | 12.00% | 14.00% |
Atlantic Security Holding Corporation [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate used to extrapolate cash flow projections | 2.00% | 2.00% |
Discount rate used in current measurement of fair value less costs of disposal | 11.41% | 10.07% |
INTANGIBLE ASSETS AND GOODWIL_9
INTANGIBLE ASSETS AND GOODWILL, NET - Additional Information (Details) S/ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | |
Disclosure of detailed information about intangible assets [line items] | |||
Impairment loss | S/ 1,410 | S/ 1,060 | |
Activation of intangibles in progress | 64,900 | ||
DataLake system | |||
Disclosure of detailed information about intangible assets [line items] | |||
Activation of intangibles in progress | $ | $ 19.7 | ||
Inversioners IMT [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment loss | S/ 38,200 |
RIGHT-OF-USE ASSETS AND LEASE_3
RIGHT-OF-USE ASSETS AND LEASE LIABILITES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the beginning | S/ 0 | ||
Depreciation of the period | 177,307 | S/ 0 | S/ 0 |
Acquisition of business and others | 6,570 | ||
Balance at the end | (839,086) | 0 | |
Net carrying amount | 839,086 | ||
Property: Agencies and offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the beginning | 0 | ||
Depreciation of the period | 125,462 | ||
Acquisition of business and others | 5,299 | ||
Balance at the end | 0 | ||
Net carrying amount | 688,285 | ||
Servers and technology platforms | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the beginning | 0 | ||
Depreciation of the period | 39,891 | ||
Acquisition of business and others | 700 | ||
Balance at the end | 0 | ||
Net carrying amount | 127,780 | ||
Spaces for ATM | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the beginning | 0 | ||
Depreciation of the period | 7,900 | ||
Acquisition of business and others | 0 | ||
Balance at the end | 0 | ||
Net carrying amount | 17,246 | ||
Vehicles and equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the beginning | 0 | ||
Depreciation of the period | 400 | ||
Acquisition of business and others | 571 | ||
Balance at the end | 0 | ||
Net carrying amount | 2,035 | ||
Other leases | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the beginning | 0 | ||
Depreciation of the period | 3,654 | ||
Acquisition of business and others | 0 | ||
Balance at the end | S/ 0 | ||
Net carrying amount | 3,740 | ||
Cost | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | (1,022,963) | ||
Cost | Property: Agencies and offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | (819,046) | ||
Cost | Servers and technology platforms | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | (168,371) | ||
Cost | Spaces for ATM | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | (25,146) | ||
Cost | Vehicles and equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | (3,006) | ||
Cost | Other leases | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | (7,394) | ||
Accumulated depreciation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | 183,877 | ||
Accumulated depreciation | Property: Agencies and offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | 130,761 | ||
Accumulated depreciation | Servers and technology platforms | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | 40,591 | ||
Accumulated depreciation | Spaces for ATM | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | 7,900 | ||
Accumulated depreciation | Vehicles and equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | 971 | ||
Accumulated depreciation | Other leases | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at the end | S/ 3,654 |
OTHER ASSETS AND OTHER LIABIL_3
OTHER ASSETS AND OTHER LIABILITIES (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial instruments: | |||||
Receivables | S/ 1,590,472 | S/ 1,948,849 | |||
Derivatives receivable | 1,092,107 | 766,317 | |||
Operations in process | 110,389 | 357,611 | |||
Financial instruments | 2,792,968 | 3,072,777 | |||
Non-financial instruments: | |||||
Deferred fees | 1,056,656 | 340,564 | |||
Investment in associates | 628,822 | 582,132 | |||
Investment properties, net | 450,929 | 440,234 | |||
Income tax prepayments, net | 191,502 | 389,029 | |||
Adjudicated assets, net | 143,349 | 133,112 | |||
Improvements in leased premises | 112,385 | 114,685 | |||
VAT (IGV) tax credit | 75,605 | 37,771 | |||
Others | 6,254 | 12,732 | |||
Others Non-financial Assets | 2,665,502 | 2,050,259 | |||
Total | 5,458,470 | 5,123,036 | S/ 1,759,125 | ||
Financial instruments: | |||||
Accounts payable | 1,981,873 | 1,540,057 | |||
Derivatives payable | 1,040,282 | 715,804 | |||
Salaries and other personnel expenses | 760,140 | 717,820 | |||
Allowance for indirect loan losses, Note 7 | 383,797 | 362,139 | |||
Operations in process | 80,734 | 358,498 | |||
Other financial liabilities | 4,246,826 | 3,694,318 | |||
Non-financial instruments: | |||||
Taxes | 644,802 | 677,229 | |||
Deferred income tax, Note 18 | 134,204 | 108,603 | |||
Provision for sundry risks | 359,853 | 342,350 | S/ 275,841 | S/ 296,339 | |
Others | 229,807 | 227,636 | |||
Non financial liabilities | 1,234,462 | 1,247,215 | |||
Total other liabilities | S/ 5,481,288 | S/ 4,941,533 |
OTHER ASSETS AND OTHER LIABIL_4
OTHER ASSETS AND OTHER LIABILITIES - The fair value of derivative financial instruments (Details) S/ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | Jan. 01, 2018PEN (S/) | |
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | S/ 1,092,107 | S/ 766,317 | S/ 701,826 | ||
Liabilities | 1,040,282 | 715,804 | |||
Nominal amount | 69,720,506 | 56,935,229 | |||
Derivatives held for trading [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 992,936 | 622,132 | |||
Liabilities | 970,671 | 654,909 | |||
Nominal amount | 63,449,868 | 49,995,816 | |||
Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 99,171 | 144,185 | |||
Liabilities | 69,611 | 60,895 | |||
Nominal amount | 6,270,638 | 6,939,413 | |||
Forward foreign exchange contracts one [Member] | Derivatives held for trading [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 306,148 | 124,124 | |||
Liabilities | 246,960 | 101,548 | |||
Nominal amount | 27,422,634 | 17,557,683 | |||
Maturity | January 2020 / October 2022 | January 2019 / September 2020 | |||
Related instruments | - | ||||
Interest Rate Swap | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 268,633 | 141,731 | |||
Liabilities | 350,938 | 148,119 | |||
Interest Rate Swap | Derivatives held for trading [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 268,633 | 141,731 | |||
Liabilities | 350,938 | 148,119 | |||
Nominal amount | 26,268,071 | 21,890,962 | |||
Maturity | January 2020 / December 2031 | January 2019 / December 2031 | |||
Related instruments | - | ||||
Cross Currency Swap | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 411,656 | 354,432 | |||
Liabilities | 366,545 | 401,856 | |||
Cross Currency Swap | Derivatives held for trading [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 411,656 | 354,432 | |||
Liabilities | 366,545 | 401,856 | |||
Nominal amount | 8,177,179 | 9,999,343 | |||
Maturity | January 2020 / January 2033 | January 2019 / January 2033 | |||
Related instruments | - | ||||
Foreign exchange options [Member] | Derivatives held for trading [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 6,489 | 1,281 | |||
Liabilities | 6,089 | 728 | |||
Nominal amount | 1,565,083 | 306,321 | |||
Maturity | January 2020 / December 2020 | January 2019 / November 2020 | |||
Related instruments | - | ||||
Futures [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 10 | 564 | |||
Liabilities | 139 | 2,658 | |||
Futures [Member] | Derivatives held for trading [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 10 | 564 | |||
Liabilities | 139 | 2,658 | |||
Nominal amount | 16,901 | 241,507 | |||
Maturity | March 2020 | March 2019 | |||
Interest rate swap contract one [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 102 | 4,364 | |||
Liabilities | 1,111 | 123 | |||
Nominal amount | 662,800 | 1,180,550 | |||
Maturity | May 2020 / November 2020 | January 2019 / August 2019 | |||
Related instruments | Debt to banks | ||||
Interest rate swap contract one [Member] | Fair value hedges [member] | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 11,694 | |||
Liabilities | 8,124 | 4,867 | |||
Nominal amount | 618,790 | 923,912 | |||
Maturity | June 2021 / May 2023 | July 2019 / July 2025 | |||
Related instruments | Investments (*) | ||||
Interest rate swap contract two [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 3,445 | |||
Liabilities | 1,046 | 67 | |||
Nominal amount | 629,660 | 843,250 | |||
Maturity | May 2020 / June 2020 | February 2019 / November 2019 | |||
Related instruments | Debt to banks | ||||
Interest rate swap contract three [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 55 | 312 | |||
Liabilities | 714 | 0 | |||
Nominal amount | 984,258 | 337,300 | |||
Maturity | February 2020 / November 2020 | May 2019 | |||
Related instruments | Debt to banks | ||||
Interest rate swap contract four [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 315 | 209 | |||
Liabilities | 839 | 233 | |||
Nominal amount | 994,200 | 505,950 | |||
Maturity | May 2020 / August 2020 | May 2019 / October 2019 | |||
Related instruments | Debt to banks | ||||
Interest rate swap contract five [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 114 | 0 | |||
Liabilities | 0 | 0 | |||
Nominal amount | 331,400 | 0 | |||
Maturity | August 2020 | - | |||
Related instruments | Debt to banks | ||||
Interest rate swap contract six [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 447 | 0 | |||
Nominal amount | 331,400 | 0 | |||
Maturity | June 2020 | - | |||
Related instruments | Debt to banks | ||||
Interest rate swap contract seven [Member] | Cash flow hedges | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Nominal amount | $ 150 | 506,000 | |||
Interest rate swap contract seven [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 0 | 151 | |||
Nominal amount | 0 | 337,300 | |||
Maturity | - | July 2019 | |||
Related instruments | Debt to banks | ||||
Interest rate swap contract eight [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 3,417 | |||
Liabilities | 0 | 0 | |||
Nominal amount | 0 | 505,950 | |||
Maturity | - | March 2019 / December 2019 | |||
Related instruments | Repurchase agreements | ||||
Interest rate swap contract nine [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 2,555 | 0 | |||
Nominal amount | 231,980 | 0 | |||
Maturity | March 2021 | - | |||
Cross currency swap contract [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 30,741 | 35,229 | |||
Liabilities | 0 | 0 | |||
Nominal amount | 231,980 | 236,110 | |||
Maturity | August 2020 | August 2020 | |||
Related instruments | Repurchase agreements | ||||
Cross currency swap contract one [Member] | Cash flow hedges | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Nominal amount | $ 70 | $ 70 | 232,000 | 236,100 | |
Cross currency swap contract one [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 30,352 | 11,939 | |||
Nominal amount | 149,130 | 151,785 | |||
Maturity | August 2026 | August 2026 | |||
Related instruments | Repurchase agreements | ||||
Cross currency swap contract two [Member] | Cash flow hedges | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Nominal amount | $ 45 | $ 45 | 149,100 | 151,800 | |
Cross currency swap contract two [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 12,236 | 1,741 | |||
Nominal amount | 82,850 | 84,325 | |||
Maturity | August 2026 | August 2026 | |||
Related instruments | Repurchase agreements | ||||
Cross currency swap contract three [Member] | Cash flow hedges | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Nominal amount | $ 25 | $ 25 | 82,900 | 84,300 | |
Cross currency swap contract three [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 20,803 | 21,424 | |||
Liabilities | 1,167 | 1,867 | |||
Nominal amount | 107,425 | 136,119 | |||
Maturity | May 2021 / September 2024 | February 2021 / September 2024 | |||
Related instruments | Investments (*) | ||||
Cross currency swap contract four [Member] | Cash flow hedges | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Nominal amount | 107,400 | 136,100 | |||
Cross currency swap contract four [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 0 | 4,249 | |||
Nominal amount | 0 | 77,822 | |||
Maturity | - | March 2019 | |||
Related instruments | Investments (*) | ||||
Cross currency swap contract five [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 7,624 | 16,132 | |||
Liabilities | 0 | 0 | |||
Nominal amount | 331,400 | 337,300 | |||
Maturity | January 2020 | January 2020 | |||
Related instruments | Debt to banks | ||||
Cross currency swap contract five [Member] | Fair value hedges [member] | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Nominal amount | 618,800 | 923,900 | |||
Cross currency swap contract six [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 0 | 35,658 | |||
Nominal amount | 0 | 1,011,900 | |||
Maturity | - | October 2019 | |||
Related instruments | Bonds issued | ||||
Cross currency swap contract seven [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 8,197 | 0 | |||
Nominal amount | 165,700 | 0 | |||
Maturity | January 2025 | - | |||
Related instruments | Bonds issued | ||||
Cross currency swap contract eight [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 0 | 0 | |||
Liabilities | 2,823 | 0 | |||
Nominal amount | 152,545 | 0 | |||
Maturity | August 2021 | - | |||
Related instruments | Bonds issued | ||||
Cross currency swap and interest rate swap contract [Member] | Cash flow hedges | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Nominal amount | $ 80 | $ 80 | 265,100 | 269,800 | |
Cross currency swap and interest rate swap contract [Member] | Cash flow hedges | Derivatives held as hedges [Member] | |||||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||||
Assets | 39,417 | 47,959 | |||
Liabilities | 0 | 0 | |||
Nominal amount | S/ 265,120 | S/ 269,840 | |||
Maturity | August 2020 | August 2020 | |||
Related instruments | Repurchase agreements |
OTHER ASSETS AND OTHER LIABIL_5
OTHER ASSETS AND OTHER LIABILITIES - Fair value of derivatives held for trading classified by contractual maturity (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | S/ 1,092,107 | S/ 766,317 | S/ 701,826 |
Liabilities | 1,040,282 | 715,804 | |
Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Liabilities | 970,671 | 654,909 | |
Forward foreign exchange contracts | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 306,148 | 124,124 | |
Liabilities | 246,960 | 101,548 | |
Interest Rate Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 268,633 | 141,731 | |
Liabilities | 350,938 | 148,119 | |
Cross Currency Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 411,656 | 354,432 | |
Liabilities | 366,545 | 401,856 | |
Foreign exchange options | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 6,489 | 1,281 | |
Liabilities | 6,089 | 728 | |
Futures [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 10 | 564 | |
Liabilities | 139 | 2,658 | |
Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 992,936 | 622,132 | |
Overdue 90 days [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Liabilities | 204,833 | 98,169 | |
Overdue 90 days [Member] | Forward foreign exchange contracts | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 199,070 | 71,976 | |
Liabilities | 154,424 | 61,801 | |
Overdue 90 days [Member] | Interest Rate Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 3,716 | 4,075 | |
Liabilities | 7,705 | 11,265 | |
Overdue 90 days [Member] | Cross Currency Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 7,124 | 6,316 | |
Liabilities | 41,729 | 22,163 | |
Overdue 90 days [Member] | Foreign exchange options | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 1,844 | 763 | |
Liabilities | 836 | 282 | |
Overdue 90 days [Member] | Futures [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 10 | 564 | |
Liabilities | 139 | 2,658 | |
Overdue 90 days [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 211,764 | 83,694 | |
From 3 months to 1 year [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Liabilities | 201,746 | 89,293 | |
From 3 months to 1 year [Member] | Forward foreign exchange contracts | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 104,265 | 47,081 | |
Liabilities | 89,739 | 37,501 | |
From 3 months to 1 year [Member] | Interest Rate Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 8,409 | 7,441 | |
Liabilities | 13,837 | 16,586 | |
From 3 months to 1 year [Member] | Cross Currency Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 101,368 | 24,183 | |
Liabilities | 92,917 | 34,896 | |
From 3 months to 1 year [Member] | Foreign exchange options | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 4,645 | 380 | |
Liabilities | 5,253 | 310 | |
From 3 months to 1 year [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 218,687 | 79,085 | |
From 1 to 3 years [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Liabilities | 129,481 | 209,421 | |
From 1 to 3 years [Member] | Forward foreign exchange contracts | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 2,813 | 5,067 | |
Liabilities | 2,797 | 2,246 | |
From 1 to 3 years [Member] | Interest Rate Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 38,569 | 22,888 | |
Liabilities | 46,840 | 19,458 | |
From 1 to 3 years [Member] | Cross Currency Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 102,703 | 142,696 | |
Liabilities | 79,844 | 187,581 | |
From 1 to 3 years [Member] | Foreign exchange options | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 138 | ||
Liabilities | 136 | ||
From 1 to 3 years [Member] | Futures [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 0 | ||
Liabilities | 0 | ||
From 1 to 3 years [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 144,085 | 170,789 | |
From 3 to 5 years [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Liabilities | 69,140 | 106,955 | |
From 3 to 5 years [Member] | Forward foreign exchange contracts | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
From 3 to 5 years [Member] | Interest Rate Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 8,067 | 22,286 | |
Liabilities | 18,477 | 19,459 | |
From 3 to 5 years [Member] | Cross Currency Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 67,826 | 130,594 | |
Liabilities | 50,663 | 87,496 | |
From 3 to 5 years [Member] | Foreign exchange options | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
From 3 to 5 years [Member] | Futures [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
From 3 to 5 years [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 75,893 | 152,880 | |
More than 5 years [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Liabilities | 365,471 | 151,071 | |
More than 5 years [Member] | Forward foreign exchange contracts | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
More than 5 years [Member] | Interest Rate Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 209,872 | 85,041 | |
Liabilities | 264,079 | 81,351 | |
More than 5 years [Member] | Cross Currency Swap | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 132,635 | 50,643 | |
Liabilities | 101,392 | 69,720 | |
More than 5 years [Member] | Foreign exchange options | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
More than 5 years [Member] | Futures [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
More than 5 years [Member] | Total | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Assets | S/ 342,507 | S/ 135,684 |
OTHER ASSETS AND OTHER LIABIL_6
OTHER ASSETS AND OTHER LIABILITIES - Consolidated statement of income, net of deferred income tax (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total [Member] | ||
Disclosure of Other Assets And Other Liabilities [Line Items] | ||
Cash inflows (assets) | S/ 5,722,974 | S/ 6,380,238 |
Cash outflows (liabilities) | (5,471,375) | (6,302,770) |
Consolidated statement of income | (31,942) | (7,756) |
Up to 1 year [Member] | ||
Disclosure of Other Assets And Other Liabilities [Line Items] | ||
Cash inflows (assets) | 5,081,355 | 4,873,965 |
Cash outflows (liabilities) | (4,693,775) | (4,913,876) |
Consolidated statement of income | (8,949) | (4,948) |
From 1 to 3 years [Member] | ||
Disclosure of Other Assets And Other Liabilities [Line Items] | ||
Cash inflows (assets) | 301,865 | 1,197,478 |
Cash outflows (liabilities) | (330,220) | (1,101,309) |
Consolidated statement of income | (4,367) | 1,145 |
From 3 to 5 years [Member] | ||
Disclosure of Other Assets And Other Liabilities [Line Items] | ||
Cash inflows (assets) | 84,786 | 27,734 |
Cash outflows (liabilities) | (91,678) | (37,660) |
Consolidated statement of income | (487) | (523) |
More than 5 years [Member] | ||
Disclosure of Other Assets And Other Liabilities [Line Items] | ||
Cash inflows (assets) | 254,968 | 281,061 |
Cash outflows (liabilities) | (355,702) | (249,925) |
Consolidated statement of income | S/ (18,139) | S/ (3,430) |
OTHER ASSETS AND OTHER LIABIL_7
OTHER ASSETS AND OTHER LIABILITIES - The movement of investment properties (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in investment property [abstract] | ||
Begining Balance | S/ 440,234 | |
Ending Balance | 450,929 | S/ 440,234 |
Impairment loss | 1,410 | 1,060 |
Cost | ||
Changes in investment property [abstract] | ||
Begining Balance | 484,782 | 498,625 |
Additions | 33,321 | 49,519 |
Sales | (26,775) | (16,165) |
Disposals and other | (38) | (47,197) |
Ending Balance | 491,366 | 484,782 |
Accumulated depreciation | ||
Changes in investment property [abstract] | ||
Begining Balance | 43,488 | 39,770 |
Sales | (11,435) | (3,154) |
Disposals and other | 247 | (533) |
Depreciation for the year | 6,727 | 7,405 |
Ending Balance | 39,027 | 43,488 |
Land [Member] | ||
Changes in investment property [abstract] | ||
Ending Balance | 252,352 | |
Impairment loss | 689 | |
Land [Member] | Cost | ||
Changes in investment property [abstract] | ||
Begining Balance | 239,225 | |
Additions | 23,931 | |
Sales | (9,362) | |
Disposals and other | (753) | |
Ending Balance | 253,041 | 239,225 |
Land [Member] | Accumulated depreciation | ||
Changes in investment property [abstract] | ||
Begining Balance | 0 | |
Sales | 0 | |
Disposals and other | 0 | |
Depreciation for the year | 0 | |
Ending Balance | 0 | 0 |
Buildings [member] | ||
Changes in investment property [abstract] | ||
Ending Balance | 198,577 | |
Impairment loss | 721 | |
Buildings [member] | Cost | ||
Changes in investment property [abstract] | ||
Begining Balance | 245,557 | |
Additions | 9,390 | |
Sales | (17,413) | |
Disposals and other | (791) | |
Ending Balance | 238,325 | 245,557 |
Buildings [member] | Accumulated depreciation | ||
Changes in investment property [abstract] | ||
Begining Balance | 43,488 | |
Sales | (11,435) | |
Disposals and other | 247 | |
Depreciation for the year | 6,727 | |
Ending Balance | S/ 39,027 | S/ 43,488 |
OTHER ASSETS AND OTHER LIABIL_8
OTHER ASSETS AND OTHER LIABILITIES - The movement of the provision for sundry risks (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER ASSETS AND OTHER LIABILITIES | |||
Balance at the beginning of the year | S/ 342,350 | S/ 275,841 | S/ 296,339 |
Provision, Note 29 | 27,272 | 42,236 | 29,023 |
Increase (decrease), net | (9,769) | 24,273 | (49,521) |
Balances | S/ 359,853 | S/ 342,350 | S/ 275,841 |
OTHER ASSETS AND OTHER LIABIL_9
OTHER ASSETS AND OTHER LIABILITIES - Additional Information (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Gains (losses) on cash flow hedges, net of tax | S/ (62,002) | S/ 73,263 | S/ (59,709) |
Investments in associates | 628,822 | 582,132 | |
impairment net carrying amount | 300 | 1,100 | |
Property, plant and equipment | 1,428,173 | 1,480,702 | S/ 1,509,492 |
Investment property [member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Property, plant and equipment | 937,800 | 805,200 | |
Land and buildings [member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 5,000 | ||
Land [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Additions from acquisitions, investment property | 1,300 | ||
Property, plant and equipment | 401,553 | ||
Buildings [member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Additions from acquisitions, investment property | 8,800 | ||
Property, plant and equipment | 498,562 | ||
Entidad Prestadora de Salud [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Investments in associates | 571,900 | 537,200 | |
Revoked hedges [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Gains (losses) on cash flow hedges, net of tax | 100 | 4,600 | |
Cash flow hedges | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Gains (losses) on cash flow hedges, net of tax | 3,800 | 7,800 | |
Lurin [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Additions from acquisitions, investment property | 21,900 | ||
Chinchon Gallery [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Additions from acquisitions, investment property | 3,900 | ||
Trujillo [Member] | Plot 1 and 2 [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Additions from acquisitions, investment property | 9,500 | ||
Av Reducto [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 10,100 | ||
Av Reducto [Member] | Land [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 6,500 | ||
Av Salaverry [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 2,900 | ||
Av Salaverry [Member] | Land [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 2,000 | ||
Av Santa Cruz [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 12,600 | ||
Edificio Panorama [Member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Additions from acquisitions, investment property | S/ 10,000 | ||
Santiago de Surco | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Additions from acquisitions, investment property | 10,100 | ||
San Martn de Porres | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Additions from acquisitions, investment property | 8,700 | ||
San Isidro | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 27,500 | ||
San Isidro | Buildings [member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 6,300 | ||
Chiclayo | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | 3,400 | ||
Chiclayo | Buildings [member] | |||
Disclosure of Other Assets And Other Liabilities [Line Items] | |||
Disposals, investment property | S/ 4,200 |
DEPOSITS AND OBLIGATIONS - Dema
DEPOSITS AND OBLIGATIONS - Demand deposits (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DEPOSITS AND OBLIGATIONS | ||
Demand deposits | S/ 34,213,188 | S/ 32,515,163 |
Time deposits (c) | 32,853,576 | 30,426,744 |
Saving deposits | 35,179,770 | 32,593,979 |
Severance indemnity deposits | 7,897,199 | 7,571,375 |
Bank's negotiable certificates | 1,180,461 | 876,863 |
Total | 111,324,194 | 103,984,124 |
Interest payable | 681,191 | 567,186 |
Total | S/ 112,005,385 | S/ 104,551,310 |
DEPOSITS AND OBLIGATIONS - non-
DEPOSITS AND OBLIGATIONS - non-interest-bearing and interest-bearing deposits and obligations (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Deposits and Obligations [Line Items] | ||
Non interest bearing deposits | S/ 33,830,166 | S/ 32,249,606 |
Interest bearing deposits | 77,494,028 | 71,734,518 |
Total | 111,324,194 | 103,984,124 |
In Peru [Member] | ||
Disclosure of Deposits and Obligations [Line Items] | ||
Non interest bearing deposits | 31,155,442 | 29,552,904 |
Interest bearing deposits | 68,899,966 | 63,938,399 |
In other countries [Member] | ||
Disclosure of Deposits and Obligations [Line Items] | ||
Non interest bearing deposits | 2,674,724 | 2,696,702 |
Interest bearing deposits | S/ 8,594,062 | S/ 7,796,119 |
DEPOSITS AND OBLIGATIONS - time
DEPOSITS AND OBLIGATIONS - time deposits classified by maturity (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Deposits and Obligations [Line Items] | ||
Balances on demand deposits from customers | S/ 32,853,576 | S/ 30,426,744 |
Overdue 90 days [Member] | ||
Disclosure of Deposits and Obligations [Line Items] | ||
Balances on demand deposits from customers | 14,674,773 | 14,771,836 |
From 3 months to 1 year [Member] | ||
Disclosure of Deposits and Obligations [Line Items] | ||
Balances on demand deposits from customers | 8,975,269 | 8,177,435 |
From 1 to 3 years [Member] | ||
Disclosure of Deposits and Obligations [Line Items] | ||
Balances on demand deposits from customers | 6,096,891 | 4,506,612 |
From 3 to 5 years [Member] | ||
Disclosure of Deposits and Obligations [Line Items] | ||
Balances on demand deposits from customers | 819,446 | 846,696 |
More than 5 years [Member] | ||
Disclosure of Deposits and Obligations [Line Items] | ||
Balances on demand deposits from customers | S/ 2,287,197 | S/ 2,124,165 |
DEPOSITS AND OBLIGATIONS - Addi
DEPOSITS AND OBLIGATIONS - Additional information (Details) - Fondo de Seguro de Depositos [Member] - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Deposits and Obligations [Line Items] | ||
Balance Of Deposits And Obligations | S/ 35,511,900 | S/ 33,571,800 |
Maximum Coverage Recognized | S/ 100,661 | S/ 100,864 |
DUE TO BANKS AND CORRESPONDEN_3
DUE TO BANKS AND CORRESPONDENTS (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
DUE TO BANKS AND CORRESPONDENTS | ||
International funds and others | S/ 5,654,014 | S/ 5,460,725 |
Promotional credit lines | 2,938,981 | 2,389,086 |
Inter-bank funds | 205,000 | 547,300 |
Due to banks and correspondents | 8,797,995 | 8,397,111 |
Interest payable | 43,737 | 51,029 |
Total | S/ 8,841,732 | S/ 8,448,140 |
DUE TO BANKS AND CORRESPONDEN_4
DUE TO BANKS AND CORRESPONDENTS - Summary of detailed information of deposits from banks (Details) S/ in Thousands, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2018PEN (S/) | Jan. 31, 2018USD ($) | |||
International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | S/ 5,654,014 | S/ 5,460,725 | ||||||
Bank of America, N.A. [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | $ | $ 150 | |||||||
Bank of America, N.A. [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | $ 300 | 994,200 | 150 | 505,950 | ||||
Sumitomo Mitsui Banking Corporation [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | $ | 100 | |||||||
Sumitomo Mitsui Banking Corporation [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | 297 | 984,258 | 100 | 337,300 | ||||
Wells Fargo Bank [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | $ | 250 | |||||||
Wells Fargo Bank [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | 190 | 730,074 | [1] | 250 | 843,250 | [1] | ||
Corporacin Andina de Fomento | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | [2] | 662,800 | 674,600 | |||||
Citibank N.A. [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | $ | $ 350 | |||||||
Citibank N.A. [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | 200 | 662,800 | 350 | 1,180,550 | ||||
Bank of New York Mellon [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | $ 100 | 331,400 | [3] | |||||
Caja Municipal de Ahorro y Crdito de Arequipa S.A. [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | 140,000 | |||||||
Scotiabank Peru S.A.A [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | [4] | 100,000 | 100,000 | |||||
Standard Chartered Bank [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | 86,827 | $ 100 | 404,760 | |||||
Banco BBVA Per [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | 85,000 | 82,850 | ||||||
Banco Consorcio [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | 34,627 | 79,526 | ||||||
Deutsche Bank [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | 0 | 337,300 | ||||||
Others less than S/51.0 million [Member] | International funds and others [Member] | ||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||||||||
Borrowings | S/ 293,760 | S/ 231,351 | ||||||
[1] | (ii) At December 31, 2019, the balance corresponds to three variable rate loans obtained between May and November 2019 for a total of US$297.0 million, equivalent to S/984.3 million (a loan obtained in May 2018 for US$100.0 million, equivalent to S/337.3 million at December 31, 2018); the amounts of which are hedged by four IRS (an IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of the IRS, said loans were economically converted to a fixed rate.The loan that was in effect at December 31, 2018 of US$100.0 million matured during the year of 2019.(iii) At December 31, 2019, balance comprises four variable rate loans obtained between May and July of 2019 for a total of US$190.0 million, equivalent to S/629.7 million (three loans obtained between October 2017 and October 2018 for a total amount of US$250.0 million, equivalent to S/843.3 million, at December 31, 2018), whose amounts are hedged by four IRS (three IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these IRS, said loans were economically converted to a fixed rate. | |||||||
[2] | (iv) At December 31, 2019, the balance comprises a variable rate loan in U.S. Dollars obtained in June 2019 for US$100.0 million, equivalent to S/331.4 million, the amount of which was hedged by a IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of this IRS this loan was economically converted to a fixed rate.Likewise, at December 31, 2019, its included a variable rate loan in U.S. Dollars obtained in December 2017 for a total of US$100.0 million, equivalent to S/331.4 million (US$100.0 million, equivalent to S/337.3 million, at December 31, 2018) the amount of which was hedged by two CCS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these CCS, said loan was economically converted to a fixed rate. | |||||||
[3] | (vi) At December 31, 2019, the balance corresponded to a variable rate loan in U.S. Dollars obtained in August 2019 for US$100.0 million, equivalent to S/331.4 | |||||||
[4] | (vii) At December 31, 2018, the balance included a variable rate loan obtained in October 2018 for US$100.0 million, equivalent to S/337. |
DUE TO BANKS AND CORRESPONDEN_5
DUE TO BANKS AND CORRESPONDENTS - Summary of detailed information of balances of due to banks and correspondents by maturity (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||
Due to banks and correspondents | S/ 8,797,995 | S/ 8,397,111 |
Over 90 days [Member] | ||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||
Due to banks and correspondents | 2,062,121 | 1,917,829 |
From 3 months to 1 year [Member] | ||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||
Due to banks and correspondents | 3,693,328 | 3,347,134 |
From 1 to 3 years [Member] | ||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||
Due to banks and correspondents | 559,511 | 1,030,310 |
From 3 to 5 years [Member] | ||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||
Due to banks and correspondents | 614,265 | 406,895 |
More than 5 years [Member] | ||
Disclosure Of Deposits From Banks Explanatory [Line Items] | ||
Due to banks and correspondents | S/ 1,868,770 | S/ 1,694,943 |
DUE TO BANKS AND CORRESPONDEN_6
DUE TO BANKS AND CORRESPONDENTS - Additional information (Details) S/ in Thousands, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2018PEN (S/) | Jan. 31, 2018USD ($) | Jan. 01, 2018PEN (S/) | |||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Loans received | S/ 95,770,509 | ||||||||
Promotional credit lines | S/ 2,938,981 | S/ 2,389,086 | |||||||
International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | S/ 5,654,014 | S/ 5,460,725 | |||||||
International funds and others [Member] | Bottom of range [member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings, interest rate | 3.17% | 3.17% | 1.00% | 1.00% | |||||
International funds and others [Member] | Top of range [member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings, interest rate | 8.67% | 8.67% | 8.67% | 8.67% | |||||
Promotional credit lines [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Secured bank loans received | S/ 8,593,000 | S/ 7,849,800 | |||||||
Promotional credit lines | S/ 2,939,000 | S/ 2,389,100 | |||||||
Promotional credit lines [Member] | Bottom of range [member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings, interest rate | 4.20% | 4.20% | 4.20% | 4.20% | |||||
Promotional credit lines [Member] | Top of range [member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings, interest rate | 7.60% | 7.60% | 7.75% | 7.75% | |||||
Wells Fargo Bank [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | $ | $ 250 | ||||||||
Wells Fargo Bank [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | $ 190 | S/ 730,074 | [1] | 250 | S/ 843,250 | [1] | |||
Loans received | 629,700 | 843,300 | |||||||
Bank of America, N.A. [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | $ | 150 | ||||||||
Bank of America, N.A. [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 300 | 994,200 | 150 | 505,950 | |||||
Loans received | 994,200 | 506,000 | |||||||
Citibank N.A. [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | $ | $ 350 | ||||||||
Citibank N.A. [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 200 | 662,800 | 350 | 1,180,550 | |||||
Loans received | 662,800 | 1,180,600 | |||||||
Sumitomo Mitsui Banking Corporation [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | $ | 100 | ||||||||
Sumitomo Mitsui Banking Corporation [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 297 | 984,258 | 100 | 337,300 | |||||
Loans received | 984,300 | 337,300 | |||||||
Corporacion Andina de Fomento [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | $ | 100 | 100 | |||||||
Loans received | 331,400 | 337,300 | |||||||
Standard Chartered Bank [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 86,827 | $ 100 | 404,760 | ||||||
Loans received | 337,300 | ||||||||
Bank of New York Mellon [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | $ 100 | 331,400 | [2] | ||||||
Loans received | 331,400 | ||||||||
Caja Municipal de Ahorro y Crdito de Arequipa S.A. [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 140,000 | ||||||||
International Finance Corporation (IFC) | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 91,558 | 183,391 | |||||||
Corporacin Financiera de Desarrollo Member | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | [3] | 406,710 | 340,572 | ||||||
Scotiabank Peru S.A.A [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | [4] | 100,000 | 100,000 | ||||||
Wachovia Bank N.A. | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 0 | 84,325 | |||||||
Banco de la Nacin | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 0 | 75,000 | |||||||
Banco Internacional del Per S.A.A. (Interbank) | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 50,000 | ||||||||
Banco BBVA Per [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 85,000 | 82,850 | |||||||
Banco Consorcio [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 34,627 | 79,526 | |||||||
Deutsche Bank [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | 0 | 337,300 | |||||||
Others less than S/51.0 million [Member] | International funds and others [Member] | |||||||||
Disclosure Of Deposits From Banks Explanatory [Line Items] | |||||||||
Borrowings | S/ 293,760 | S/ 231,351 | |||||||
[1] | (ii) At December 31, 2019, the balance corresponds to three variable rate loans obtained between May and November 2019 for a total of US$297.0 million, equivalent to S/984.3 million (a loan obtained in May 2018 for US$100.0 million, equivalent to S/337.3 million at December 31, 2018); the amounts of which are hedged by four IRS (an IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of the IRS, said loans were economically converted to a fixed rate.The loan that was in effect at December 31, 2018 of US$100.0 million matured during the year of 2019.(iii) At December 31, 2019, balance comprises four variable rate loans obtained between May and July of 2019 for a total of US$190.0 million, equivalent to S/629.7 million (three loans obtained between October 2017 and October 2018 for a total amount of US$250.0 million, equivalent to S/843.3 million, at December 31, 2018), whose amounts are hedged by four IRS (three IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these IRS, said loans were economically converted to a fixed rate. | ||||||||
[2] | (vi) At December 31, 2019, the balance corresponded to a variable rate loan in U.S. Dollars obtained in August 2019 for US$100.0 million, equivalent to S/331.4 | ||||||||
[3] | (v) At December 31, 2019, the balance corresponds to a three variable rate loan obtained between May and November 2019 for US$200.0 million, equivalent to S/662.8 million (four loans obtained between July 2017 and October 2018 for a total amount of US$350.0 million, equivalent to S/1,180.6 million at December 31, 2018); the amounts of which were hedged by three IRS (four IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of this IRS, said loans were economically converted to a fixed rate. | ||||||||
[4] | (vii) At December 31, 2018, the balance included a variable rate loan obtained in October 2018 for US$100.0 million, equivalent to S/337. |
TECHNICAL RESERVES FOR INSURA_3
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | S/ 9,950,233 | S/ 8,452,671 | |
Life insurance contracts [member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 8,457,046 | 7,062,380 | |
General insurance contracts [Member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 1,241,717 | 1,156,368 | |
Health insurance contracts [Member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 251,470 | 233,923 | |
Direct claim reserve [Member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 1,576,228 | 1,366,670 | |
Direct claim reserve [Member] | Life insurance contracts [member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 908,362 | 732,868 | |
Direct claim reserve [Member] | General insurance contracts [Member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 590,588 | 562,430 | |
Direct claim reserve [Member] | Health insurance contracts [Member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 77,278 | 71,372 | |
Technical claim reserve [Member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 8,374,005 | 7,086,001 | S/ 6,262,908 |
Technical claim reserve [Member] | Life insurance contracts [member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 7,548,684 | 6,329,512 | 5,599,777 |
Technical claim reserve [Member] | General insurance contracts [Member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | 651,129 | 593,938 | 513,826 |
Technical claim reserve [Member] | Health insurance contracts [Member] | |||
Disclosure of insurance claim reserves and technical reserves [Line Items] | |||
Provisions for future non-participating benefits | S/ 174,192 | S/ 162,551 | S/ 149,305 |
TECHNICAL RESERVES FOR INSURA_4
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of of detailed information about movement in direct and assumed insurance claim reserves (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | S/ 8,452,671 | |
Ending balance | 9,950,233 | S/ 8,452,671 |
Life insurance contracts [member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 7,062,380 | |
Ending balance | 8,457,046 | 7,062,380 |
General insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 1,156,368 | |
Ending balance | 1,241,717 | 1,156,368 |
Health insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 233,923 | |
Ending balance | 251,470 | 233,923 |
Direct and assumed claim reserve [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 1,366,670 | 1,180,852 |
Gross claims | 1,875,852 | 1,607,604 |
Payments | (1,654,407) | (1,445,671) |
Exchange difference | (11,887) | 23,885 |
Ending balance | 1,576,228 | 1,366,670 |
Direct and assumed claim reserve [Member] | Life insurance contracts [member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 732,868 | 626,871 |
Gross claims | 1,001,671 | 737,982 |
Payments | (822,644) | (635,345) |
Exchange difference | (3,533) | 3,360 |
Ending balance | 908,362 | 732,868 |
Direct and assumed claim reserve [Member] | General insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 562,430 | 484,608 |
Gross claims | 547,201 | 562,440 |
Payments | (510,678) | (505,069) |
Exchange difference | (8,365) | 20,451 |
Ending balance | 590,588 | 562,430 |
Direct and assumed claim reserve [Member] | Health insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 71,372 | 69,373 |
Gross claims | 326,980 | 307,182 |
Payments | (321,085) | (305,257) |
Exchange difference | 11 | 74 |
Ending balance | S/ 77,278 | S/ 71,372 |
TECHNICAL RESERVES FOR INSURA_5
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of detailed information about movement in technical insurance claim reserves (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | S/ 8,452,671 | |
Ending balance | 9,950,233 | S/ 8,452,671 |
Life insurance contracts [member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 7,062,380 | |
Ending balance | 8,457,046 | 7,062,380 |
General insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 1,156,368 | |
Ending balance | 1,241,717 | 1,156,368 |
Health insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 233,923 | |
Ending balance | 251,470 | 233,923 |
Technical claim reserve [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 7,086,001 | 6,262,908 |
Time course expenses and others | 64,098 | (117,965) |
Unearned premium and other technical reserves variation, net | 12,713 | 79,349 |
Insurance subscriptions | 612,954 | 724,458 |
Adjustment by application of market rates | 666,556 | |
Exchange difference and others | (68,317) | 137,251 |
Ending balance | 8,374,005 | 7,086,001 |
Technical claim reserve [Member] | Life insurance contracts [member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 6,329,512 | 5,599,777 |
Time course expenses and others | 67,989 | (117,965) |
Unearned premium and other technical reserves variation, net | (61,834) | 1,901 |
Insurance subscriptions | 604,262 | 724,458 |
Adjustment by application of market rates | 666,556 | |
Exchange difference and others | (57,801) | 121,341 |
Ending balance | 7,548,684 | 6,329,512 |
Technical claim reserve [Member] | General insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 593,938 | 513,826 |
Time course expenses and others | (3,891) | 0 |
Unearned premium and other technical reserves variation, net | 62,862 | 64,302 |
Insurance subscriptions | 8,692 | 0 |
Adjustment by application of market rates | 0 | |
Exchange difference and others | (10,472) | 15,810 |
Ending balance | 651,129 | 593,938 |
Technical claim reserve [Member] | Health insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Beginning balance | 162,551 | 149,305 |
Time course expenses and others | 0 | 0 |
Unearned premium and other technical reserves variation, net | 11,685 | 13,146 |
Insurance subscriptions | 0 | 0 |
Adjustment by application of market rates | 0 | |
Exchange difference and others | (44) | 100 |
Ending balance | S/ 174,192 | S/ 162,551 |
TECHNICAL RESERVES FOR INSURA_6
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of detailed information about assumptions used in estimation of insurance reserves (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension insurance - Temporary Regime / SCTR [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts | B-85 and MI-85 | B-85 and MI-85 |
Mortality technical rate in soles used in estimation of insurance reserves | 3.00% | 3.00% |
Pension insurance - Definitive Regime [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts | B-85 and MI-85 | B-85 and MI-85 |
Mortality technical rate in soles vac used in estimation of insurance reserves | 2.41% | 2.96% |
Mortality technical rate in Nominal dollars used in estimation of insurance reserves | 4.26% | 4.40% |
Pension insurance - Definitive Regime / SCTR [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts | B-85 adjusted and MI-85 | B-85 adjusted and MI-85 |
Mortality technical rate in us dollars used in estimation of insurance reserves | 2.41% | 3.00% |
Mortality technical rate in soles vac used in estimation of insurance reserves | 3.00% | 2.96% |
Mortality technical rate in Nominal dollars used in estimation of insurance reserves | 4.26% | 4.40% |
Mortality technical rate in adjusted soles used in estimation of insurance reserves | 5.67% | 5.82% |
Mortality technical rate in adjusted dollars used in estimation of insurance reserves | 4.26% | 4.40% |
Pension insurance - Temporary Regime / SCTR (Longevity) [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts | SPP-S-2017- and SPP-I-2017 | SPP-S-2017- and SPP-I-2017 |
Mortality technical rate in us dollars used in estimation of insurance reserves | 0.94% | 3.791% |
Mortality technical rate in soles vac used in estimation of insurance reserves | 3.771% | 3.915% |
Individual life [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts | CSO 80 adjusted | CSO 80 adjusted |
Annuity [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Explanation of process used to determine assumptions to measure recognised assets, liabilities, income and expense arising from insurance contracts | SPP-S-2017 and SPP-I- 2017 | SPP-S-2017 and SPP-I- 2017 |
Bottom of range [member] | Pension insurance - Temporary Regime / SCTR (Longevity) [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Mortality technical rate in soles vac used in estimation of insurance reserves | (2.83%) | |
Bottom of range [member] | Individual life [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Mortality technical rate in us dollars used in estimation of insurance reserves | 4.00% | 4.00% |
Bottom of range [member] | Annuity [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Mortality technical rate in us dollars used in estimation of insurance reserves | 3.81% | 3.81% |
Mortality technical rate in soles used in estimation of insurance reserves | 2.50% | 2.50% |
Top of range [member] | Pension insurance - Temporary Regime / SCTR (Longevity) [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Mortality technical rate in soles vac used in estimation of insurance reserves | 3.816% | |
Top of range [member] | Individual life [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Mortality technical rate in us dollars used in estimation of insurance reserves | 5.00% | 5.00% |
Top of range [member] | Annuity [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Mortality technical rate in us dollars used in estimation of insurance reserves | 7.99% | 7.99% |
Mortality technical rate in soles used in estimation of insurance reserves | 5.25% | 5.25% |
TECHNICAL RESERVES FOR INSURA_7
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Summary of detailed information about variations in the claim reserves by changes in interest rates and mortality tables (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
PEN [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Claim reserve | S/ 3,896,211 | S/ 3,163,166 |
Amount of reserve after changes in interest rate by 100 positive base points | 3,575,717 | 2,869,164 |
Amount of reserve after changes in interest rate by 100 negative base points | 4,285,955 | 3,520,992 |
Amount of reserve after increase in mortality tables by 105 percent | 3,872,104 | 3,141,047 |
Amount of reserve after decrease in mortality tables by 95 percent | 3,922,178 | 3,186,369 |
Amount of variation of reserve on changes in interest rate by 100 positive base points | (320,494) | (294,001) |
Amount of variation of reserve on changes in interest rate by 100 negative base points | 389,743 | 357,827 |
Amount of variation of reserve on increase in mortality tables by 105 percent | (24,107) | (22,118) |
Amount of variation of reserve on decrease in mortality tables by 95 percent | S/ 25,967 | S/ 23,203 |
Percentage of variantion of reserve on changes in interest rate by 100 positive base points | (8.23%) | (9.29%) |
Percentage of variantion of reserve on changes in interest rate by 100 negative base points | 10.00% | 11.31% |
Percentage of variation of reserve on increase in mortality tables by 105 percent | (0.62%) | (0.70%) |
Percentage of variation of reserve on decrease in mortality tables by 95 percent | 0.67% | 0.73% |
US Dollars [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Claim reserve | S/ 614,766 | S/ 518,160 |
Amount of reserve after changes in interest rate by 100 positive base points | 568,767 | 473,054 |
Amount of reserve after changes in interest rate by 100 negative base points | 669,412 | 571,943 |
Amount of reserve after increase in mortality tables by 105 percent | 609,349 | 512,875 |
Amount of reserve after decrease in mortality tables by 95 percent | 620,430 | 523,707 |
Amount of variation of reserve on changes in interest rate by 100 positive base points | (45,999) | (45,106) |
Amount of variation of reserve on changes in interest rate by 100 negative base points | 54,646 | 53,783 |
Amount of variation of reserve on increase in mortality tables by 105 percent | (5,417) | (5,285) |
Amount of variation of reserve on decrease in mortality tables by 95 percent | S/ 5,664 | S/ 5,547 |
Percentage of variantion of reserve on changes in interest rate by 100 positive base points | (7.48%) | (8.70%) |
Percentage of variantion of reserve on changes in interest rate by 100 negative base points | 8.89% | 10.38% |
Percentage of variation of reserve on increase in mortality tables by 105 percent | (0.88%) | (1.02%) |
Percentage of variation of reserve on decrease in mortality tables by 95 percent | 0.92% | 1.07% |
TECHNICAL RESERVES FOR INSURA_8
TECHNICAL RESERVES FOR INSURANCE CLAIMS AND PREMIUMS - Additional Information (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Provisions for future non-participating benefits | S/ 9,950,233 | S/ 8,452,671 |
Life insurance contracts [member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Provisions for future non-participating benefits | 8,457,046 | 7,062,380 |
Claims incurred but not reported | 393,400 | 314,500 |
General insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Provisions for future non-participating benefits | 1,241,717 | 1,156,368 |
Claims incurred but not reported | 24,300 | 16,700 |
Health insurance contracts [Member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Provisions for future non-participating benefits | 251,470 | 233,923 |
Claims incurred but not reported | 63,500 | 50,200 |
Mathematic reserve [Member] | Life insurance contracts [member] | ||
Disclosure of insurance claim reserves and technical reserves [Line Items] | ||
Provisions for future non-participating benefits | S/ 5,961,000 | S/ 4,073,300 |
BONDS AND NOTES ISSUED (Details
BONDS AND NOTES ISSUED (Details) ¥ in Thousands, S/ in Thousands, Bs. in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Dec. 31, 2019BOB (Bs.) | Dec. 31, 2018BOB (Bs.) | Dec. 31, 2019JPY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2018PEN (S/) | Mar. 31, 2018PEN (S/) | ||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Notes And Debenture Issued Excluding Accrued Interest | S/ 14,766,848 | S/ 15,270,665 | ||||||||
Interest payable | 179,515 | 186,875 | ||||||||
Notes and debentures issued | 14,946,363 | 15,457,540 | ||||||||
Senior Notes One [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | Treasury of the United States of America's rate plus 40 basis points | |||||||||
Senior Notes Two [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | Treasury of the United States of America's rate plus 50 basis point | |||||||||
Subordinated bonds Third Program Four [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Issued amount | Bs. | Bs. 70,000 | |||||||||
Senior Notes Six [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | Treasury of the United States of America plus 20 basis points | |||||||||
Fixed interest rate [member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Notes And Debenture Issued Excluding Accrued Interest | 953,700 | 1,307,115 | ||||||||
Fixed interest rate [member] | Cash flow hedges | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Notes And Debenture Issued Excluding Accrued Interest | 444,372 | 577,390 | ||||||||
Fixed interest rate [member] | Senior Notes One [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | [1] | Between 2.70 to 5.38 | ||||||||
Borrowings Interest Payment Basis | [1] | Semi-annual | ||||||||
Borrowings, maturity | [1] | September 2020 / January 2025 | September 2020 | |||||||
Issued amount | $ | [1] | $ 1,074,628 | $ 800,000 | |||||||
Notes And Debenture Issued Excluding Accrued Interest | [1] | 3,464,199 | 2,671,647 | |||||||
Fixed interest rate [member] | Senior Notes Two [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | [2] | 4.25 | ||||||||
Borrowings Interest Payment Basis | [2] | Semi-annual | ||||||||
Borrowings, maturity | [2] | April 2023 | April 2023 | |||||||
Issued amount | $ | [2] | 716,301 | 716,301 | |||||||
Notes And Debenture Issued Excluding Accrued Interest | [2] | 2,318,975 | 2,348,651 | |||||||
Fixed interest rate [member] | Senior Notes Three [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | [3] | Between 4.65 to 4.85 | ||||||||
Borrowings Interest Payment Basis | [3] | Semi-annual | ||||||||
Borrowings, maturity | [3] | October 2020 / September 2024 | October 2020 | |||||||
Issued amount | [3] | 2,900,000 | 2,000,000 | |||||||
Notes And Debenture Issued Excluding Accrued Interest | [3] | 2,872,355 | 1,977,410 | |||||||
Fixed interest rate [member] | Senior Notes Four [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | Libor 3M + 100 pb | |||||||||
Borrowings Interest Payment Basis | Quarterly | |||||||||
Borrowings, maturity | March 2021 | - | ||||||||
Issued amount | $ | 70,000 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 231,738 | |||||||||
Fixed interest rate [member] | Corporate bonds Fourth Program Two [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | Between 5.31 to 7.25 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | December 2021 / November 2022 | December 2021/ November 2022 | ||||||||
Issued amount | 550,000 | 550,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 527,868 | 529,515 | ||||||||
Fixed interest rate [member] | Corporate bonds Fourth Program Three [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 7.16 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | - | June 2019 | ||||||||
Issued amount | 0 | 100,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 0 | 100,000 | ||||||||
Fixed interest rate [member] | Corporate bonds Fifth Program One [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 6.41 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | - | April 2019 | ||||||||
Issued amount | 172,870 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 162,561 | |||||||||
Fixed interest rate [member] | Corporate bonds Fifth Program Two [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 5.59 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | - | September 2019 | ||||||||
Issued amount | 150,000 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 128,342 | |||||||||
Fixed interest rate [member] | Corporate bonds Fifth Program Three [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 5.625 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | - | November 2019 | ||||||||
Issued amount | 138,410 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 124,019 | |||||||||
Fixed interest rate [member] | Subordinated bonds - BCP One [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 6.13 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | April 2027 | April 2027 | ||||||||
Issued amount | $ | 720,000 | 720,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 2,383,860 | 2,436,615 | ||||||||
Fixed interest rate [member] | Subordinated bonds - BCP Two [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 6.88 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | September 2026 | September 2026 | ||||||||
Issued amount | $ | 476,120 | 476,120 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 1,549,702 | 1,559,869 | ||||||||
Fixed interest rate [member] | Junior Subordinated bonds - BCP [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 9.75 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | - | November 2069 | ||||||||
Issued amount | $ | 250,000 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 840,543 | |||||||||
Fixed interest rate [member] | Subordinated bonds First Program One [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 6.22 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | May 2027 | May 2027 | ||||||||
Issued amount | 15,000 | 15,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 15,000 | 15,000 | ||||||||
Fixed interest rate [member] | Subordinated bonds First Program Two [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 6.97 | |||||||||
Borrowings Interest Payment Basis | Quarterly | |||||||||
Borrowings, maturity | November 2026 | November 2026 | ||||||||
Issued amount | $ | 60,000 | 60,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 198,840 | 201,933 | ||||||||
Fixed interest rate [member] | Subordinated bonds Second Program One [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 8.50 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | May 2026 | May 2026 | ||||||||
Issued amount | 100,000 | 100,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 99,934 | 100,000 | ||||||||
Fixed interest rate [member] | Subordinated bonds Second Program Two [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 7.22 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | June 2027 | June 2027 | ||||||||
Issued amount | 30,000 | 30,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 30,000 | 30,000 | ||||||||
Fixed interest rate [member] | Negotiable certificate of deposit - Mibanco [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | Between 3.80 to 5.80 | |||||||||
Borrowings Interest Payment Basis | Annual | |||||||||
Borrowings, maturity | January 2020 / January 2024 | January 2019 / January 2024 | ||||||||
Issued amount | 2,998 | 2,998 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 997 | 1,190 | ||||||||
Fixed interest rate [member] | Corporate bonds Fifth Program Four [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 5.91 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | January 2020 | January 2020 | ||||||||
Issued amount | 182,410 | 182,410 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 182,061 | 167,649 | ||||||||
Fixed interest rate [member] | Subordinated bonds Third Program One [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 6.19 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | - | December 2022 | ||||||||
Issued amount | 40,000 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 39,862 | |||||||||
Fixed interest rate [member] | Subordinated bonds Third Program Two [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 7.75 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | - | July 2024 | ||||||||
Issued amount | 88,009 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 88,009 | |||||||||
Fixed interest rate [member] | Subordinated bonds Third Program Three [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 6.25 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | August 2028 | August 2028 | ||||||||
Issued amount | Bs. | Bs. 70,000 | Bs. 70,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 33,816 | 34,418 | ||||||||
Fixed interest rate [member] | Subordinated bonds Third Program Four [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 5.25 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | August 2022 | August 2022 | ||||||||
Issued amount | Bs. | Bs. 137,200 | Bs. 137,200 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 66,782 | 68,168 | ||||||||
Fixed interest rate [member] | Senior Notes Five [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 0.42 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | August 2021 | - | ||||||||
Issued amount | ¥ | ¥ 5,000,000 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 151,888 | |||||||||
Fixed interest rate [member] | Senior Notes Six [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 2.25 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | - | October 2019 | ||||||||
Issued amount | $ | 300,000 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 996,355 | |||||||||
Fixed interest rate [member] | Corporate Bonds Fifth Program Five [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 4.59 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | July 2021 | July 2021 | ||||||||
Issued amount | 70,770 | 70,770 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 63,430 | 65,300 | ||||||||
Fixed interest rate [member] | Corporate Bonds Fifth Program Six [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 4.88 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | October 2021 | October 2021 | ||||||||
Issued amount | S/ 42,200 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 29,183 | 29,729 | ||||||||
Fixed interest rate [member] | Corporate Bonds Fifth Program Seven [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 4.25 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | July 2022 | - | ||||||||
Issued amount | $ | 109,310 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 108,821 | |||||||||
Fixed interest rate [member] | Corporate Bonds Fifth Program Eight [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 3.88 | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | August 2022 | - | ||||||||
Issued amount | $ | 42,660 | |||||||||
Notes And Debenture Issued Excluding Accrued Interest | 42,337 | |||||||||
Two Thousand Twelve Series C Floating Rate [Member] | CCR Inc. MMT 100 - Secured notes [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | 4.75 | |||||||||
Borrowings Interest Payment Basis | Monthly | |||||||||
Borrowings, maturity | July 2022 | July 2022 | ||||||||
Issued amount | $ | 315,000 | 315,000 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | 385,253 | 543,896 | ||||||||
Floating Interest Rate Member [Member] | Subordinated negotiable certificates - BCP [Member] | ||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||
Borrowings, interest rate basis | Libor | |||||||||
Borrowings Interest Payment Basis | Semi-annual | |||||||||
Borrowings, maturity | November 2021 | November 2021 | ||||||||
Issued amount | $ | $ 2,960 | $ 2,960 | ||||||||
Notes And Debenture Issued Excluding Accrued Interest | S/ 9,809 | S/ 9,984 | ||||||||
[1] | (i) In september 2019, the Bank announced a repurchase offer and propose an exchange to the holders of senior notes of the US$ 800.0 million issued in september of 2010, managing to repurchase US$ 220.3 million and exchanging US$ 205.0 million with new senior notes, at market rates , whose terms and conditions are very similar to the previous issue. At the end of said offer, the Bank keeps a notional value payable amounting to US$374.6 million, which can be redeemed by the Bank in whole or in part, in any date, having as a penalty an interest rate equal to the Treasury of the United States of America’s rate plus 40 basis points.In the same way, in september 2019, the Bank issued senior notes of approximately US$700 million (that amount includes the US$205.0 million of the exchange mentioned in the paragraph before). The Bank can redeem all or part of the notes at any date, between October 11, 2021 and December 10, 2024, at a redemption price equal to or greater than : (i) 100 percent of the aggregate principal amount of the notes to be redeemed; and (ii) the sum of the present value of each remaining scheduled payment discounted at interest rate equal to the Treasury of the United States of America’s rate plus 20 basis points. From December 11, 2024 onwards, the Bank can redeem the total or part of the notes to a redemption price equal to 100 percent of the aggregate principal amount of the notes to be redeemed.The payment of principal will take place on the due date or when the Bank redeems the notes.At December 31, 2019, the Bank maintains a CCS which was designated as cash flows hedges of a part of senior notes in U.S Dollars subject to exchange rate risk for a notional amount of US$50.0 million, equivalent to S/165.7 million, see note 13(b). By means of the CCS, the cover part of senior notes was economically converted to soles. | |||||||||
[2] | (vi) The Bank can redeem the whole or part of the notes at any time, having a penalty of an interest rate equal to the Treasury of the United States of America plus 20 basis points. The payment of the principal amount has made in October of 2019.At December 31, 2018, the cash flows of the note issued in U.S. Dollars subject to exchange rate risk were covered by three CCS designated as a cash flow hedges, for a notional amount of US$ 300.0 million equivalent to S/1,011.9 million, see note 13(b). By means of the CCS, the note was economically converted to soles. This CCS matured in October of 2019. | |||||||||
[3] | (iii) In september 2019, the Bank announced a repurchase offer and propose an exchange to the holders of senior notes of the S/2,000 million issued in October of 2017, managing to repurchase S/291.2 million and exchanging S/1,308.8 million with new senior notes, at market rates, whose terms and conditions are very similar to the previous issue. At the end of said offer, the Bank keeps a notional value payable amounting to S/400.0 million, which can be redeemed by the Bank in whole or in part, as of October 15, 2020 without penalties. |
BONDS AND NOTES ISSUED - Maturi
BONDS AND NOTES ISSUED - Maturity information (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of bonds and notes issued [Line Items] | ||
Notes And Debenture Issued Excluding Accrued Interest | S/ 14,766,848 | S/ 15,270,665 |
Overdue 90 days [Member] | ||
Disclosure of bonds and notes issued [Line Items] | ||
Notes And Debenture Issued Excluding Accrued Interest | 182,365 | 63,518 |
From 3 months to 1 year [Member] | ||
Disclosure of bonds and notes issued [Line Items] | ||
Notes And Debenture Issued Excluding Accrued Interest | 1,739,358 | 1,625,563 |
From 1 to 3 years [Member] | ||
Disclosure of bonds and notes issued [Line Items] | ||
Notes And Debenture Issued Excluding Accrued Interest | 1,438,732 | 5,375,585 |
From 3 to 5 years [Member] | ||
Disclosure of bonds and notes issued [Line Items] | ||
Notes And Debenture Issued Excluding Accrued Interest | 4,863,708 | 2,905,763 |
More than 5 years [Member] | ||
Disclosure of bonds and notes issued [Line Items] | ||
Notes And Debenture Issued Excluding Accrued Interest | S/ 6,542,685 | S/ 5,300,236 |
BONDS AND NOTES ISSUED - Additi
BONDS AND NOTES ISSUED - Additional information (Details) S/ in Thousands, ¥ in Millions, $ in Millions | Dec. 11, 2024 | Aug. 17, 2024 | Apr. 24, 2022 | Sep. 16, 2021 | Sep. 30, 2019USD ($) | Sep. 30, 2019PEN (S/) | Dec. 31, 2019JPY (¥) | Apr. 24, 2022 | Sep. 15, 2021 | Dec. 31, 2019USD ($) | Dec. 31, 2019PEN (S/) | Sep. 30, 2019PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2018PEN (S/) | Mar. 31, 2018USD ($) | Mar. 31, 2018PEN (S/) |
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Notional amount | S/ 69,720,506 | S/ 56,935,229 | ||||||||||||||
Derivatives [member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Financial instruments designated as hedging instruments, at fair value | $ 8.7 | 28,800 | $ 16.5 | 55,700 | $ 22 | S/ 71,700 | ||||||||||
Consolidated income [Member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Financial instruments designated as hedging instruments, at fair value | 7.8 | 26,000 | 5.5 | 16,100 | ||||||||||||
Subordinated bonds - BCP One [Member] | Subsequent Events [Member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Borrowings, interest rate basis | Libor plus 70.3 basis points | América's rate plus 50 basis points | America´s rate plus 50 basis point | |||||||||||||
Subordinated bonds - BCP Two [Member] | Floating interest rate [member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Borrowings, interest rate basis | Libor plus 770.8 basis points | |||||||||||||||
Senior Notes One [Member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Borrowings, interest rate basis | Treasury of the United States of America's rate plus 40 basis points | Treasury of the United States of America's rate plus 40 basis points | ||||||||||||||
Repurchase of debt | $ | $ 220.3 | |||||||||||||||
Notional value payable | $ | 374.6 | |||||||||||||||
Borrowings exchanged | $ | $ 205 | |||||||||||||||
Senior Notes Two [Member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Borrowings, interest rate basis | Treasury of the United States of America's rate plus 50 basis point | |||||||||||||||
Senior Notes Three [Member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Repurchase of debt | S/ 291,200 | |||||||||||||||
Notional value payable | S/ 400,000 | |||||||||||||||
Borrowings exchanged | S/ 1,308,800 | |||||||||||||||
Senior Notes Six [Member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Borrowings, interest rate basis | Treasury of the United States of America plus 20 basis points | |||||||||||||||
New Senior Notes under Senior Notes One | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Borrowings, interest rate basis | Treasury of the United States of America's rate plus 20 basis points | Treasury of the United States of America's rate plus 20 basis points | ||||||||||||||
Senior notes issued | $ | $ 700 | |||||||||||||||
Redemption price, as a percentage of principal amount | 100.00% | 100.00% | ||||||||||||||
New Senior Notes under Senior Notes One | Forecast [Member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Redemption price, as a percentage of principal amount | 100.00% | |||||||||||||||
New Senior Notes under Senior Notes Three | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Senior notes issued | S/ 2,500,000 | |||||||||||||||
Redemption price, as a percentage of principal amount | 100.00% | 100.00% | ||||||||||||||
Redemption price, interest rate basis | 25.00% | 25.00% | ||||||||||||||
New Senior Notes under Senior Notes Three | Forecast [Member] | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Redemption price, as a percentage of principal amount | 100.00% | |||||||||||||||
Interest Rate Swap | Senior Notes Four [Member] | Cash flow hedges | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Notional amount | 70 | 232,000 | ||||||||||||||
Cross Currency Swap | Senior Notes One [Member] | Cash flow hedges | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Notional amount | $ 50 | 165,700 | ||||||||||||||
Cross Currency Swap | Senior Notes Five [Member] | Cash flow hedges | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Notional amount | ¥ 5,000 | S/ 152,500 | ||||||||||||||
Cross Currency Swap | Senior Notes Six [Member] | Cash flow hedges | ||||||||||||||||
Disclosure of bonds and notes issued [Line Items] | ||||||||||||||||
Notional amount | $ 300 | S/ 1,011,900 |
EQUITY - Treasury shares (Detai
EQUITY - Treasury shares (Details) | Dec. 31, 2019PEN (S/)shares | Dec. 31, 2018PEN (S/)shares | Dec. 31, 2017PEN (S/)shares |
Disclosure of equity [Line Items] | |||
IFRS Treasury Shares | 14,625,233 | 14,622,726 | 14,625,997 |
Number of share options outstanding in share-based payment arrangement | S/ | 246,931 | 260,548 | 276,011 |
Number of shares outstanding | 14,872,164 | 14,883,274 | 14,902,008 |
Atlantic security holding corporation treasury shares [Member] | |||
Disclosure of equity [Line Items] | |||
IFRS Treasury Shares | 14,620,846 | 14,620,846 | 14,620,846 |
Number of shares outstanding | 14,620,846 | 14,620,846 | 14,620,846 |
BCP | |||
Disclosure of equity [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | S/ | 134,169 | 162,286 | 194,177 |
Number of shares outstanding | 134,169 | 162,286 | 194,177 |
Pacfico Seguros | |||
Disclosure of equity [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | S/ | 29,539 | 33,794 | 36,581 |
Number of shares outstanding | 29,539 | 33,794 | 36,581 |
Credicorp Peru | |||
Disclosure of equity [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | S/ | 21,695 | 13,113 | |
Number of shares outstanding | 21,695 | 13,113 | |
Credicorp Capital Servicios Financieros | |||
Disclosure of equity [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | S/ | 13,830 | 8,546 | 20,752 |
Number of shares outstanding | 13,830 | 8,546 | 20,752 |
Other treasuy shares [Member] | |||
Disclosure of equity [Line Items] | |||
IFRS Treasury Shares | 4,387 | 1,880 | 5,151 |
Number of share options outstanding in share-based payment arrangement | S/ | 47,698 | 42,809 | 24,501 |
Number of shares outstanding | 52,085 | 44,689 | 29,652 |
EQUITY - Reserves within equity
EQUITY - Reserves within equity (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of equity [Line Items] | |||
Begining Balances | S/ 708,453 | ||
Increase (Decrease) in net unrealized gains on investments | 0 | S/ 0 | S/ 873,868 |
Transfer of net realized gains on investments to profit or loss | 0 | 0 | (517,006) |
Change in net unrealized gains on cash flow hedges | (62,002) | 73,263 | (59,709) |
Transfer of net realized losses on cash flow hedges to profit or loss | 35,059 | (43,643) | 2,278 |
Foreign exchange translation | (58,862) | 45,634 | (54,334) |
Ending Balances | 1,088,189 | 708,453 | |
Other reserves [Member] | |||
Disclosure of equity [Line Items] | |||
Begining Balances | 708,453 | 1,455,594 | 1,209,731 |
Increase (Decrease) in net unrealized gains on investments | 703,790 | (562,545) | 873,868 |
Transfer of net realized gains on investments to profit or loss | 420,987 | (38,983) | (517,006) |
Transfer of the recovery of the impairment loss on investments to profit or loss, Note 24 | (745) | (1,909) | (766) |
Change in net unrealized gains on cash flow hedges | (62,002) | 73,263 | (59,709) |
Transfer of net realized losses on cash flow hedges to profit or loss | 35,059 | (43,643) | 2,278 |
Foreign exchange translation | (58,862) | 45,634 | (54,334) |
Balance at December 31, 2017 - Restated | 1,236,636 | ||
Change in accounting policy, Note 3(a)(vii) | (218,958) | ||
Other reserves | (658,491) | ||
Ending Balances | 1,088,189 | 708,453 | 1,455,594 |
Investments in equity instruments | |||
Disclosure of equity [Line Items] | |||
Begining Balances | 452,551 | ||
Increase (Decrease) in net unrealized gains on investments | 97,514 | 20,840 | |
Balance at December 31, 2017 - Restated | 431,711 | ||
Change in accounting policy, Note 3(a)(vii) | 431,711 | ||
Other reserves | 0 | ||
Ending Balances | 550,065 | 452,551 | |
Investments in debt instruments | |||
Disclosure of equity [Line Items] | |||
Begining Balances | 229,470 | ||
Increase (Decrease) in net unrealized gains on investments | 606,276 | (583,385) | |
Transfer of net realized gains on investments to profit or loss | 420,987 | (38,983) | |
Transfer of the recovery of the impairment loss on investments to profit or loss, Note 24 | (745) | (1,909) | |
Balance at December 31, 2017 - Restated | 853,747 | ||
Change in accounting policy, Note 3(a)(vii) | 853,747 | ||
Other reserves | 0 | ||
Ending Balances | 1,255,988 | 229,470 | |
Insurance reserves | |||
Disclosure of equity [Line Items] | |||
Other reserves | (658,491) | ||
Ending Balances | (658,491) | ||
Available-for-sale investments | |||
Disclosure of equity [Line Items] | |||
Begining Balances | 0 | 1,504,416 | 1,146,788 |
Increase (Decrease) in net unrealized gains on investments | 0 | 0 | 873,868 |
Transfer of net realized gains on investments to profit or loss | 0 | 0 | (517,006) |
Transfer of the recovery of the impairment loss on investments to profit or loss, Note 24 | 0 | 0 | (766) |
Change in net unrealized gains on cash flow hedges | 0 | 0 | 0 |
Transfer of net realized losses on cash flow hedges to profit or loss | 0 | 0 | 0 |
Foreign exchange translation | 0 | 0 | 0 |
Balance at December 31, 2017 - Restated | 0 | ||
Change in accounting policy, Note 3(a)(vii) | (1,504,416) | ||
Other reserves | 0 | ||
Ending Balances | 0 | 0 | 1,504,416 |
Cash flow hedge reserve | |||
Disclosure of equity [Line Items] | |||
Begining Balances | (3,161) | (32,781) | 24,650 |
Increase (Decrease) in net unrealized gains on investments | 0 | 0 | 0 |
Transfer of net realized gains on investments to profit or loss | 0 | 0 | 0 |
Transfer of the recovery of the impairment loss on investments to profit or loss, Note 24 | 0 | 0 | 0 |
Change in net unrealized gains on cash flow hedges | (62,002) | 73,263 | (59,709) |
Transfer of net realized losses on cash flow hedges to profit or loss | 35,059 | (43,643) | 2,278 |
Foreign exchange translation | 0 | 0 | 0 |
Balance at December 31, 2017 - Restated | (32,781) | ||
Change in accounting policy, Note 3(a)(vii) | 0 | ||
Other reserves | 0 | ||
Ending Balances | (30,104) | (3,161) | (32,781) |
Foreign currency translation reserve | |||
Disclosure of equity [Line Items] | |||
Begining Balances | 29,593 | (16,041) | 38,293 |
Increase (Decrease) in net unrealized gains on investments | 0 | 0 | 0 |
Transfer of net realized gains on investments to profit or loss | 0 | 0 | 0 |
Transfer of the recovery of the impairment loss on investments to profit or loss, Note 24 | 0 | 0 | 0 |
Change in net unrealized gains on cash flow hedges | 0 | 0 | 0 |
Transfer of net realized losses on cash flow hedges to profit or loss | 0 | 0 | 0 |
Foreign exchange translation | (58,862) | 45,634 | (54,334) |
Balance at December 31, 2017 - Restated | (16,041) | ||
Change in accounting policy, Note 3(a)(vii) | 0 | ||
Other reserves | 0 | ||
Ending Balances | S/ (29,269) | S/ 29,593 | S/ (16,041) |
EQUITY - Analysis of other comp
EQUITY - Analysis of other comprehensive income (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments at fair value through other comprehensive income: | |||
Net unrealized (gain) loss | S/ 606,276 | S/ (583,385) | S/ 0 |
Transfer of realized gains on available-for-sale investments to profit or loss, net of realized losses | 420,987 | (38,983) | 0 |
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, net of tax | (745) | (1,909) | 0 |
Sub total | 1,026,518 | (624,277) | 0 |
Non-controlling interest | 16,082 | (6,397) | 0 |
Income tax | 22,259 | (11,831) | 0 |
Total investments at fair value through other comprehensive income | 1,064,859 | (642,505) | 0 |
Available-for-sale investments: | |||
Net unrealized gain | 0 | 0 | 873,868 |
Transfer of net realized gain to profit or loss | 0 | 0 | (517,006) |
Transfer of impairment loss to profit or loss | 0 | 0 | 766 |
Sub total | 290,160 | (554,720) | 248,871 |
Non-controlling interest | 0 | 0 | 4,120 |
Income tax | 0 | 0 | 13,962 |
Other comprehensive income, net of tax, available-for-sale financial assets | 0 | 0 | 375,710 |
Cash flow hedge: | |||
Net (losses) gains on cash flow hedges | (62,002) | 73,263 | (59,709) |
Transfer of net realized losses (gains) on cash flow hedges derivatives to profit or loss | 35,059 | (43,643) | 2,278 |
Sub total | (27,561) | 30,299 | (58,650) |
Non-controlling interest | (618) | 679 | (1,219) |
Income tax | (10,290) | 10,942 | (18,719) |
Other comprehensive income, before tax, cash flow hedges | (37,851) | 41,241 | (77,369) |
Other reserves: | |||
Insurances reserves | (658,491) | 0 | 0 |
Non-controlling interest | (8,065) | 0 | 0 |
Other comprehensive income, net of tax, insurance finance income (expenses) from insurance contracts issued excluded from profit or loss that will be reclassified to profit or loss | (666,556) | 0 | 0 |
Foreign exchange translation: | |||
Exchange gains or losses | (58,862) | 45,634 | (54,334) |
Non-controlling interest | 539 | 21 | 107 |
Other comprehensive income, net of tax, exchange differences on translation | (58,323) | 45,655 | (54,227) |
Equity instruments at fair value through other comprehensive income - | |||
Net unrealized gains | 97,514 | 20,840 | |
Non-controlling interest | (3) | (37) | |
Income tax | (5,999) | 168 | 0 |
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments | 91,512 | 20,971 | 0 |
Attributable to: | |||
Other comprehensive income | 387,671 | (533,917) | 248,871 |
Equity attributable to owners of parent, Total | |||
Attributable to: | |||
Other comprehensive income | 379,736 | (528,183) | 245,863 |
Non-controlling interest | |||
Attributable to: | |||
Other comprehensive income | 7,935 | (5,734) | 3,008 |
Cash flow hedge reserve | |||
Cash flow hedge: | |||
Sub total | (26,943) | 29,620 | (57,431) |
Attributable to: | |||
Other comprehensive income | (26,943) | 29,620 | (57,431) |
Available-for-sale investments | |||
Available-for-sale investments: | |||
Sub total | 0 | 0 | 357,628 |
Attributable to: | |||
Other comprehensive income | S/ 0 | S/ 0 | S/ 357,628 |
EQUITY - Distribution of divide
EQUITY - Distribution of dividends (Details) S/ / shares in Units, S/ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2019PEN (S/)S/ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2018PEN (S/)S/ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2017PEN (S/)S/ / shares | |
EQUITY | ||||||
Dividends distribution, net of treasury shares effect | $ 481,215 | S/ 1,595,229 | $ 343,292 | S/ 1,130,427 | $ 298,114 | S/ 979,989 |
Payment of dividends per share (in soles) | S/ 20.0000 | S/ 14.1726 | S/ 12.2865 | |||
Exchange rate published by the SBS | 3.3150 | 3.3150 | 3.2929 | 3.2929 | 3.2873 | 3.2873 |
Dividends payout (equivalent in thousands of US$) | $ 481,215 | S/ 1,595,229 | $ 343,292 | S/ 1,130,427 | $ 298,114 | S/ 979,989 |
EQUITY - Additional information
EQUITY - Additional information (Details) | Feb. 27, 2020PEN (S/)S/ / shares | Feb. 27, 2019PEN (S/) | Feb. 28, 2018PEN (S/) | Feb. 22, 2017PEN (S/) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019PEN (S/)S/ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018PEN (S/)S/ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017PEN (S/)S/ / sharesshares | Dec. 31, 2019PEN (S/)shares | Sep. 25, 2019PEN (S/) | Dec. 31, 2018PEN (S/)shares | Dec. 31, 2017PEN (S/)shares | Oct. 25, 2017USD ($) | Oct. 25, 2017PEN (S/) |
Disclosure of equity [Line Items] | ||||||||||||||||
Number of shares issued | shares | 94,382,317 | 94,382,317 | 94,382,317 | |||||||||||||
Par value per share | $ / shares | $ 5 | $ 5 | $ 5 | |||||||||||||
Purchase of treasury shares | $ | $ 31,000,000 | $ 29,300,000 | $ 21,900,000 | |||||||||||||
Description of significant restrictions on entity's statutory reserve | required to keep a reserve that equals a percentage of paid-in capital (20, 30 or 50 percent, depending on its activities and the country in which production takes place); this reserve must be constituted with annual transfers of not less than 10 percent of net profits | required to keep a reserve that equals a percentage of paid-in capital (20, 30 or 50 percent, depending on its activities and the country in which production takes place); this reserve must be constituted with annual transfers of not less than 10 percent of net profits | ||||||||||||||
Statutory reserve | S/ 6,236,500,000 | S/ 5,179,000,000 | S/ 4,480,300,000 | |||||||||||||
Increase (decrease) through transfer to statutory reserve, equity | S/ 1,858,800,000 | S/ 2,933,600,000 | S/ 2,355,000,000 | |||||||||||||
Dividends paid, classified as financing activities | $ 481,215,000 | S/ 1,595,229,000 | $ 343,292,000 | S/ 1,130,427,000 | $ 298,114,000 | S/ 979,989,000 | ||||||||||
Dividends paid, ordinary shares per share | S/ / shares | S/ 20.0000 | S/ 14.1726 | S/ 12.2865 | |||||||||||||
Withholding tax rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||
Capital commitments | S/ 25,732,000,000 | S/ 25,063,900,000.00000 | ||||||||||||||
Increase of capital requirement | S/ 4,151,600,000 | S/ 4,658,100,000 | ||||||||||||||
Interim dividend payable | S/ 638,400,000 | $ 386,500,000 | S/ 1,252,300,000 | |||||||||||||
Date of dividend paid | November 2017 | November 2017 | ||||||||||||||
Non adjusting Event Member [Member] | ||||||||||||||||
Disclosure of equity [Line Items] | ||||||||||||||||
Dividends paid, classified as financing activities | S/ 2,831,500,000 | |||||||||||||||
Dividends recognised as distributions to owners per share | S/ / shares | S/ 30.00 | |||||||||||||||
Date on which dividend will be paid | May 8, 2020 | |||||||||||||||
Group [Member] | ||||||||||||||||
Disclosure of equity [Line Items] | ||||||||||||||||
Purchase of number of treasury shares | shares | 129,807 | 129,807 | 133,750 | 133,750 | 132,110 | 132,110 |
TAX SITUATION - tax rates (Deta
TAX SITUATION - tax rates (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of tax situation [Line Items] | |||
Rate | 29.50% | 29.50% | 29.50% |
Number of Units of Tax Value | S/ 120 | ||
Tax Vaue amount | S/ 4,200 | ||
Up to 1 year [Member] | |||
Disclosure of tax situation [Line Items] | |||
Rate | 32.00% | ||
Surcharge Rate | 4.00% | ||
2021 | |||
Disclosure of tax situation [Line Items] | |||
Rate | 31.00% | ||
Surcharge Rate | 3.00% | ||
2022 | |||
Disclosure of tax situation [Line Items] | |||
Rate | 30.00% | ||
Surcharge Rate | 3.00% | ||
As of 2023 | |||
Disclosure of tax situation [Line Items] | |||
Rate | 30.00% |
TAX SITUATION - Reconciliation
TAX SITUATION - Reconciliation of the Statutory Income Tax Rate to the Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
TAX SITUATION | |||
Peruvian statutory income tax rate | 29.50% | 29.50% | 29.50% |
Increase (decrease) in the statutory tax rate due to: | |||
(i) Increase arising from income of subsidiaries not domiciled in Peru | 1.55% | 0.09% | 0.47% |
(ii) Non-taxable income, net | (3.91%) | (2.39%) | (4.98%) |
Effective income tax rate | 27.14% | 27.20% | 24.99% |
TAX SITUATION - Income Tax Expe
TAX SITUATION - Income Tax Expense (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current - | |||
Current tax expense (income) | S/ 1,675,617 | S/ 1,429,808 | S/ 1,396,842 |
Deferred tax expense (income) | (52,540) | 91,101 | (3,556) |
Total | 1,623,077 | 1,520,909 | 1,393,286 |
In Peru | |||
Current - | |||
Current tax expense (income) | 1,469,497 | 1,315,896 | 1,262,302 |
Deferred tax expense (income) | (30,967) | 87,952 | (18,264) |
In other countries | |||
Current - | |||
Current tax expense (income) | 206,120 | 113,912 | 134,540 |
Deferred tax expense (income) | S/ (21,573) | S/ 3,149 | S/ 14,708 |
TAX SITUATION - Deferred Income
TAX SITUATION - Deferred Income Tax (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred asset | ||
Deferred asset | S/ 520,953 | S/ 463,717 |
Deferred liabilities | ||
Deferred liability | (134,204) | (108,603) |
Buildings [member] | ||
Deferred liabilities | ||
Deferred liability | (78) | (3,076) |
Buildings [member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (66,818) | (68,398) |
Allowance for loan losses for loan portfolio [Member] | Other [Member] | ||
Deferred asset | ||
Deferred asset | 699,970 | 674,689 |
Provision for profit sharing [Member] | ||
Deferred asset | ||
Deferred asset | 57,351 | 8,852 |
Provision for sundry expenses and risks [Member] | ||
Deferred asset | ||
Deferred asset | 5,313 | 3,761 |
Provision for sundry expenses and risks [Member] | Other [Member] | ||
Deferred asset | ||
Deferred asset | 36,256 | 27,404 |
Provision for pending vacations [Member] | Other [Member] | ||
Deferred asset | ||
Deferred asset | 24,378 | 16,817 |
Depreciation of improvements for leased premises [Member] | ||
Deferred asset | ||
Deferred asset | 19,005 | 20,479 |
Carry forward tax losses [member] | ||
Deferred asset | ||
Deferred asset | 14,309 | 20,369 |
Carry forward tax losses [member] | Other [Member] | ||
Deferred asset | ||
Deferred asset | 4,773 | 6,790 |
Unrealized losses due to valuation of investments at fair value through other comprehensive income [Member] | ||
Deferred asset | ||
Deferred asset | 6,229 | 11,893 |
Unrealized losses due to valuation of investments at fair value through other comprehensive income [Member] | Other [Member] | ||
Deferred asset | ||
Deferred asset | 632 | 4,105 |
Others | ||
Deferred asset | ||
Deferred asset | 27,913 | 5,126 |
Others | Other [Member] | ||
Deferred asset | ||
Deferred asset | 51,541 | 35,122 |
Deferred liabilities | ||
Deferred liability | (12,977) | (12,694) |
Intangibles net [Member] | ||
Deferred liabilities | ||
Deferred liability | (50,048) | (36,907) |
Intangibles net [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (223,101) | (159,620) |
Adjustment for difference in exchange of SUNAT and SBS [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (30,846) | (47,289) |
Deferred acquisitions costs DAC [Member] | ||
Deferred liabilities | ||
Deferred liability | (27,925) | (28,581) |
Deferred acquisitions costs DAC [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (17,578) | (14,913) |
Unrealized gain due to valuation of investments at fair value through other comprehensive income [Member] | ||
Deferred liabilities | ||
Deferred liability | (34,054) | (20,790) |
Unrealized gain due to valuation of investments at fair value through other comprehensive income [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (12,387) | (3,190) |
Unrealized gain in valuation on fair value hedge derivatives [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (9,451) | (5,201) |
Fluctuation of the fair value of the covered bonds [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (7,971) | (16,558) |
Unrealized gain in valuation on cash flow hedge derivatives [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (2,021) | (6,608) |
Unrealized losses due to valuation of investments available for sale [Member] | ||
Deferred asset | ||
Deferred asset | 14,992 | 9,286 |
Technical reserves for premiums [Member] | ||
Deferred liabilities | ||
Deferred liability | (23,180) | (12,084) |
Buildings revaluation [Member] | ||
Deferred liabilities | ||
Deferred liability | (3,463) | (1,694) |
Buildings revaluation [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | (4,795) | (5,356) |
Deferred income due to commission [Member] | ||
Deferred asset | ||
Deferred asset | 8,138 | 7,503 |
Allowance for loan losses for insurance [Member] | ||
Deferred asset | ||
Deferred asset | 6,945 | 8,298 |
Gain generated in the reorganization of Pacfico EPS [Member] | ||
Deferred liabilities | ||
Deferred liability | (39,515) | (39,515) |
Catastrophic insurance reserve [Member] | ||
Deferred liabilities | ||
Deferred liability | (9,776) | (9,950) |
Leasing operations related to loans [Member] | ||
Deferred liabilities | ||
Deferred liability | (3,810) | (4,788) |
Fluctuation due to valuation of investments at fair value through profit or loss investments [Member] | ||
Deferred liabilities | ||
Deferred liability | 0 | (3,061) |
Fluctuation due to valuation of investments at fair value through profit or loss investments [Member] | Other [Member] | ||
Deferred liabilities | ||
Deferred liability | S/ (11,202) | S/ (5,107) |
TAX SITUATION - Income Tax Retu
TAX SITUATION - Income Tax Returns Open for Examination by Tax Authorities (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Banco de Crdito del Per S.A. | |
Disclosure of tax situation [Line Items] | |
Annual Income Tax Returns | 2016 to 2019 |
Mibanco Banco De La Microempresa [Member] | |
Disclosure of tax situation [Line Items] | |
Annual Income Tax Returns | 2015 to 2019 |
Prima AFP S.A [Member] | |
Disclosure of tax situation [Line Items] | |
Annual Income Tax Returns | 2016 to 2019 |
Pacifico Compania de Seguros y Reaseguros [Member] | |
Disclosure of tax situation [Line Items] | |
Annual Income Tax Returns | 2015 to 2019 |
Pacifico Peruano Suiza [Member] | |
Disclosure of tax situation [Line Items] | |
Annual Income Tax Returns | 2015 to 2017 |
TAX SITUATION - Income Tax Decl
TAX SITUATION - Income Tax Declarations Pending Examination by Oversses Tax Authorities (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Banco De Credito De Bolivia [Member] | |
Disclosure of tax situation [Line Items] | |
Annual Income Tax Returns | 2011, 2012, 2014 to 2019 |
Credicorp Capital Colombia [Member] | |
Disclosure of tax situation [Line Items] | |
Annual Income Tax Returns | 2016 to 2019 |
Credicorp Capital Holding Chile S.A | |
Disclosure of tax situation [Line Items] | |
Annual Income Tax Returns | 2018 to 2019 |
TAX SITUATION - Additional Info
TAX SITUATION - Additional Information (Details) S/ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | Dec. 31, 2017PEN (S/) | |
Disclosure of tax situation [Line Items] | ||||
Applicable Tax Rate | 29.50% | 29.50% | 29.50% | 29.50% |
Percentage of workers profit sharing | 5.00% | 5.00% | ||
Average effective tax rate | 27.14% | 27.14% | 27.20% | 24.99% |
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss | S/ | S/ 26.6 | S/ 5.3 | S/ 32.1 | |
Partially integrated system [Member] | ||||
Disclosure of tax situation [Line Items] | ||||
Applicable Tax Rate | 27.00% | 27.00% | 27.00% | |
Peru [Member] | ||||
Disclosure of tax situation [Line Items] | ||||
Applicable Tax Rate | 29.50% | 29.50% | 29.50% | |
Bolivia [Member] | ||||
Disclosure of tax situation [Line Items] | ||||
Applicable Tax Rate | 25.00% | 25.00% | 25.00% | |
Change in percentage of ROE | 6.00% | 6.00% | ||
Tax rate effect from change in tax rate | (25.00%) | (25.00%) | ||
Average effective tax rate | 50.00% | 50.00% | ||
Chile [Member] | Top of range [member] | ||||
Disclosure of tax situation [Line Items] | ||||
Tax rate effect from change in tax rate | 4.00% | 4.00% | ||
Chile [Member] | Bottom of range [member] | ||||
Disclosure of tax situation [Line Items] | ||||
Tax rate effect from change in tax rate | 35.00% | 35.00% | ||
Colombia [Member] | ||||
Disclosure of tax situation [Line Items] | ||||
Applicable Tax Rate | 33.00% | 33.00% | 33.00% | |
Surcharge Rate | 4.00% | |||
Income tax relating to components of other comprehensive income that will be reclassified to profit or loss | $ | $ 800 |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS (Details) | 12 Months Ended | ||
Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | Dec. 31, 2017PEN (S/) | |
Share based compensation plans [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 246,931 | 260,548 | 276,011 |
Equity-settled transaction [Member] | |||
Share based compensation plans [Line Items] | |||
Description of vesting requirements for share-based payment arrangement | awarded shares are liberated in the three following years for up to 33.3 percent of the shares granted in each of the three previous years | ||
Number of share options granted in share-based payment arrangement | 116,594 | 119,840 | 140,812 |
Number of share options outstanding in share-based payment arrangement | 246,931 | 260,548 | 276,011 |
Expense from share-based payment transactions with employees | S/ 120,100,000 | S/ 106,900,000 | S/ 104,200,000 |
OFF-BALANCE SHEET ACCOUNTS - (D
OFF-BALANCE SHEET ACCOUNTS - (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Contingent credits - indirect loans | ||
Off balance sheet indirect loans | S/ 21,081,035 | S/ 20,774,271 |
Responsibilities under credit line agreements (c) | 75,615,563 | 74,234,033 |
Total | 96,696,598 | 95,008,304 |
Guarantees and standby letter [Member] | ||
Contingent credits - indirect loans | ||
Off balance sheet indirect loans | 18,894,456 | 18,874,073 |
Import and export letters of credit [Member] | ||
Contingent credits - indirect loans | ||
Off balance sheet indirect loans | S/ 2,186,579 | S/ 1,900,198 |
INTEREST AND SIMILAR INCOME AND
INTEREST AND SIMILAR INCOME AND INTEREST AND SIMILAR EXPENSES - (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and similar income | |||
Interest on loans | S/ 10,664,519 | S/ 10,041,097 | S/ 9,546,454 |
Interest on investments at fair value through other comprehensive income | 1,070,469 | 954,288 | 0 |
Interest on available-for-sale investments | 0 | 0 | 951,981 |
Interest on investments at amortized cost | 194,803 | 211,102 | 0 |
Interest on held-to-maturity investments | 0 | 0 | 234,380 |
Interest on due from banks | 320,713 | 159,381 | 88,359 |
Interest on investments at fair value through profit or loss | 46,170 | 87,409 | 113,484 |
Dividends received | (3,610,700) | (3,689,400) | |
Dividends received | 25,259 | 24,390 | 52,906 |
Other interest and similar income | 59,731 | 44,967 | 43,119 |
Total | 12,381,664 | 11,522,634 | 11,030,683 |
Interest and similar expense | |||
Interest on deposits and obligations | (1,458,910) | (1,202,025) | (1,132,041) |
Interest on bonds and notes issued | (900,172) | (911,006) | (835,255) |
Interest on due to banks and correspondents | (590,908) | (623,001) | (763,436) |
Expense arising from insurance contracts | 151,626 | 140,184 | 128,625 |
Deposit Insurance Fund | (151,626) | (140,184) | (128,625) |
Interest on lease liabilities | (37,438) | ||
Other interest and similar expense | (151,813) | (157,313) | (99,839) |
Total | S/ (3,290,867) | S/ (3,033,529) | S/ (2,959,196) |
COMMISSIONS AND FEES - (Details
COMMISSIONS AND FEES - (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
COMMISSIONS AND FEES | |||
Maintenance of accounts, transfers and credit and debit card services | S/ 1,148,515 | S/ 1,214,365 | S/ 1,251,935 |
Funds and equity management | 681,072 | 644,038 | 505,215 |
Contingent loans and foreign trade fees | 372,647 | 360,798 | 279,211 |
Commissions for banking services | 278,993 | 270,784 | 290,855 |
Collection services | 364,456 | 234,754 | 235,369 |
Brokerage, securities and custody services | 78,737 | 108,333 | 142,288 |
Penalty commissions | 84,757 | 71,049 | 49,350 |
Others | 223,604 | 222,736 | 157,185 |
Total | S/ 3,232,781 | S/ 3,126,857 | S/ 2,911,408 |
NET GAIN ON SECURITIES - (Detai
NET GAIN ON SECURITIES - (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net gain on financial assets at fair value through profit or loss | S/ 147,582 | S/ 33,333 | S/ 54,019 | |
Recovery of credit loss for investments at fair value through other comprehensive income, Note 6(b) | 745 | 1,909 | ||
Credit loss on investments available-for-sale | 0 | 0 | (766) | |
Others | 781 | 80 | (244) | |
Total | 546,814 | 242,829 | 760,772 | |
Associates [member] | ||||
Gains (losses) on disposals of investments | [1] | 79,844 | 72,254 | 49,268 |
Trading securities [member] | ||||
Net gain on the purchase and sale of securities | S/ 317,862 | S/ 135,253 | S/ 658,495 | |
[1] | It mainly includes the gain of its associated “Entidad Prestadora de Salud” for approximately S/53.6 million during the year 2019 (S/50.4 million during the year 2018). |
NET GAIN ON SECURITIES - Additi
NET GAIN ON SECURITIES - Additional Information (Details) - Associates [member] - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Gains (losses) on disposals of investments | [1] | S/ 79,844 | S/ 72,254 | S/ 49,268 |
Entidad Prestadora de Salud [Member] | ||||
Gains (losses) on disposals of investments | S/ 53,600 | S/ 50,400 | ||
[1] | It mainly includes the gain of its associated “Entidad Prestadora de Salud” for approximately S/53.6 million during the year 2019 (S/50.4 million during the year 2018). |
NET PREMIUMS EARNED - Insurance
NET PREMIUMS EARNED - Insurance premiums (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Gross written premiums | [1] | S/ 3,631,880 | S/ 3,391,089 | S/ 2,937,407 |
Technical reserve adjustment | (747,035) | (748,142) | (629,264) | |
Total gross written premiums | [1] | 2,884,845 | 2,642,947 | 2,308,143 |
Premiums ceded to reinsurers and co-insurers, net | [2] | 559,160 | 497,646 | 499,803 |
Results of financial assets designated at fair value through profit and loss | 93,664 | (53,935) | 67,633 | |
Total Net premiums earned | 2,419,349 | 2,091,366 | 1,875,973 | |
Health insurance [Member] | ||||
Gross written premiums | [1] | 571,006 | 554,517 | 502,148 |
Technical reserve adjustment | (22,843) | (18,383) | (5,147) | |
Total gross written premiums | [1] | 548,163 | 536,134 | 497,001 |
Premiums ceded to reinsurers and co-insurers, net | [2] | 12,828 | 10,257 | 15,294 |
Total Net premiums earned | 535,335 | 525,877 | 481,707 | |
Life insurance contracts [member] | ||||
Gross written premiums | [1] | 1,984,279 | 1,821,867 | 1,498,943 |
Technical reserve adjustment | (738,421) | (677,708) | (611,621) | |
Total gross written premiums | [1] | 1,245,858 | 1,144,159 | 887,322 |
Premiums ceded to reinsurers and co-insurers, net | [2] | 119,310 | 116,043 | 106,652 |
Results of financial assets designated at fair value through profit and loss | 93,664 | (53,935) | 67,633 | |
Total Net premiums earned | 1,220,212 | 974,181 | 848,303 | |
General Insurance [Member] | ||||
Gross written premiums | [1] | 1,076,595 | 1,014,705 | 936,316 |
Technical reserve adjustment | 14,229 | (52,051) | (12,496) | |
Total gross written premiums | [1] | 1,090,824 | 962,654 | 923,820 |
Premiums ceded to reinsurers and co-insurers, net | [2] | 427,022 | 371,346 | 377,857 |
Total Net premiums earned | S/ 663,802 | S/ 591,308 | S/ 545,963 | |
[1] | This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received. | |||
[2] | “Premiums ceded to reinsurers and coinsurers, net” include: |
NET PREMIUMS EARNED - Premiums
NET PREMIUMS EARNED - Premiums Ceded to Reinsurers and Coinsurers (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Premiums ceded to reinsurers and co-insurers, net | [1] | S/ (559,160) | S/ (497,646) | S/ (499,803) |
Premiums ceded for automatic contracts [Member] | ||||
Premiums ceded to reinsurers and co-insurers, net | (254,839) | (243,427) | (257,617) | |
Premiums ceded for facultative contracts [Member] | ||||
Premiums ceded to reinsurers and co-insurers, net | (289,386) | (288,928) | (263,378) | |
Annual variation of reserve risk in progress of premiums ceded [Member] | ||||
Premiums ceded to reinsurers and co-insurers, net | S/ (14,935) | S/ (34,709) | S/ (21,192) | |
[1] | “Premiums ceded to reinsurers and coinsurers, net” include: |
NET PREMIUMS EARNED - Gross Wri
NET PREMIUMS EARNED - Gross Written Premiums After Adjustments by Insurance Type (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue from insurance contracts issued, without reduction for reinsurance held | [1] | S/ 2,884,845 | S/ 2,642,947 | S/ 2,308,143 |
Participation rate in total gross premium | 100.00% | 100.00% | 100.00% | |
Health insurance [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | [1] | S/ 548,163 | S/ 536,134 | S/ 497,001 |
Participation rate in total gross premium | [1] | 19.00% | 20.29% | 21.54% |
Life insurance contracts [member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | [1] | S/ 1,245,858 | S/ 1,144,159 | S/ 887,322 |
Participation rate in total gross premium | [1] | 43.19% | 43.29% | 38.44% |
General Insurance [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | [1] | S/ 1,090,824 | S/ 962,654 | S/ 923,820 |
Participation rate in total gross premium | [1] | 37.81% | 36.42% | 40.02% |
[1] | This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received. |
NET PREMIUMS EARNED - Life Insu
NET PREMIUMS EARNED - Life Insurance Gross Written Premiums After Adjustments (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue from insurance contracts issued, without reduction for reinsurance held | [1] | S/ 2,884,845 | S/ 2,642,947 | S/ 2,308,143 |
Life insurance contracts [member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | [1] | S/ 1,245,858 | S/ 1,144,159 | S/ 887,322 |
Servicewise participation rate in Life Insurance Gross Premium | 100.00% | 100.00% | 100.00% | |
Credit life [Member] | Life insurance contracts [member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 536,091 | S/ 507,496 | S/ 436,443 | |
Servicewise participation rate in Life Insurance Gross Premium | 43.03% | 44.36% | 49.19% | |
Disability And Survival [Member] | Life insurance contracts [member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | [2] | S/ 470,066 | S/ 272,144 | S/ 237,559 |
Servicewise participation rate in Life Insurance Gross Premium | [2] | 37.73% | 23.79% | 26.77% |
Individual Life [Member] | Life insurance contracts [member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | [3] | S/ 60,705 | S/ 203,662 | S/ 69,647 |
Servicewise participation rate in Life Insurance Gross Premium | [3] | 4.87% | 17.80% | 7.85% |
Groupo life [Member] | Life insurance contracts [member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 128,656 | S/ 113,273 | S/ 117,580 | |
Servicewise participation rate in Life Insurance Gross Premium | 10.33% | 9.90% | 13.25% | |
Annuities [Member] | Life insurance contracts [member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 50,340 | S/ 47,584 | S/ 26,093 | |
Servicewise participation rate in Life Insurance Gross Premium | 4.04% | 4.15% | 2.94% | |
[1] | This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received. | |||
[2] | This item includes Complementary Work Risk Insurance (“SCTR” from its Spanish acronym). | |||
[3] | Individual life insurance premiums include Investment Link insurance contracts. |
NET PREMIUMS EARNED - General I
NET PREMIUMS EARNED - General Insurance Gross Written Premiums After Adjustments (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue from insurance contracts issued, without reduction for reinsurance held | [1] | S/ 2,884,845 | S/ 2,642,947 | S/ 2,308,143 |
Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 1,090,824 | S/ 962,654 | S/ 923,820 | |
Servicewise participation rate in general insurance Gross Premium | 100.00% | 100.00% | 100.00% | |
Automobile [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 357,796 | S/ 340,236 | S/ 308,910 | |
Servicewise participation rate in general insurance Gross Premium | 32.80% | 35.34% | 33.44% | |
Fire and allied lines [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 293,392 | S/ 248,832 | S/ 244,474 | |
Servicewise participation rate in general insurance Gross Premium | 26.90% | 25.85% | 26.46% | |
Theft and robbery [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 110,395 | S/ 91,369 | S/ 81,699 | |
Servicewise participation rate in general insurance Gross Premium | 10.12% | 9.49% | 8.84% | |
Technical lines [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | [2] | S/ 70,364 | S/ 64,141 | S/ 62,973 |
Servicewise participation rate in general insurance Gross Premium | [2] | 6.45% | 6.66% | 6.82% |
Third party liability [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 50,024 | S/ 49,421 | S/ 44,536 | |
Servicewise participation rate in general insurance Gross Premium | 4.59% | 5.13% | 4.82% | |
Transport [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 44,368 | S/ 49,441 | S/ 46,534 | |
Servicewise participation rate in general insurance Gross Premium | 4.07% | 5.14% | 5.04% | |
SOAT (Mandatory automobile line) [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 41,068 | S/ 32,015 | S/ 24,573 | |
Servicewise participation rate in general insurance Gross Premium | 3.76% | 3.33% | 2.66% | |
Marine Hull [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 27,005 | S/ 27,394 | S/ 27,317 | |
Servicewise participation rate in general insurance Gross Premium | 2.48% | 2.85% | 2.96% | |
Aviation [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 42,191 | S/ 16,173 | S/ 25,185 | |
Servicewise participation rate in general insurance Gross Premium | 3.87% | 1.68% | 2.73% | |
Other [Member] | Groupo life [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 54,221 | S/ 43,632 | S/ 57,619 | |
Servicewise participation rate in general insurance Gross Premium | 4.96% | 4.53% | 6.23% | |
[1] | This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received. | |||
[2] | Technical lines include Contractor’s All Risk (CAR), Machinery breakdown, All Risk (EAR), Electronic equipment (EE), All Risk Contractor’s Equipment (ARCE). |
NET PREMIUMS EARNED - Additiona
NET PREMIUMS EARNED - Additional Information (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue from insurance contracts issued, without reduction for reinsurance held | [1] | S/ 2,884,845 | S/ 2,642,947 | S/ 2,308,143 |
Medical Assistance Services [Member] | Health insurance contract [Member] | ||||
Revenue from insurance contracts issued, without reduction for reinsurance held | S/ 464,700 | S/ 420,500 | S/ 386,300 | |
Percentage of entity's revenue | 84.78% | 78.44% | 77.73% | |
[1] | This item includes earned premiums, reinsurance premiums accepted and coinsurance premiums accepted and received. |
NET CLAIMS INCURRED FOR LIFE,_3
NET CLAIMS INCURRED FOR LIFE, GENERAL AND HEALTH INSURANCE CONTRACTS (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | S/ 1,554,477 | S/ 1,239,635 | S/ 1,118,304 |
Life insurance contracts [member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | 901,239 | 636,867 | 566,181 |
General insurance [Member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | 338,440 | 305,368 | 269,845 |
Health insurance contracts [Member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | 314,798 | 297,400 | 282,278 |
Gross claims [Member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | 1,875,852 | 1,607,604 | 1,601,691 |
Gross claims [Member] | Life insurance contracts [member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | 1,001,671 | 737,982 | 646,026 |
Gross claims [Member] | General insurance [Member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | 547,201 | 562,440 | 661,108 |
Gross claims [Member] | Health insurance contracts [Member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | 326,980 | 307,182 | 294,557 |
Ceded claims [Member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | (321,375) | (367,969) | (483,387) |
Ceded claims [Member] | Life insurance contracts [member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | (100,432) | (101,115) | (79,845) |
Ceded claims [Member] | General insurance [Member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | (208,761) | (257,072) | (391,263) |
Ceded claims [Member] | Health insurance contracts [Member] | |||
Disclosure of claims and benefits incurred [Line Items] | |||
Net insurance claims | S/ (12,182) | S/ (9,782) | S/ (12,279) |
SALARIES AND EMPLOYEES BENEFI_3
SALARIES AND EMPLOYEES BENEFITS - (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SALARIES AND EMPLOYEES BENEFITS | |||
Salaries | S/ 1,816,939 | S/ 1,738,913 | S/ 1,662,327 |
Vacations, medical assistance and others | 360,334 | 336,609 | 319,384 |
Bonuses | 264,171 | 248,704 | 237,192 |
Worders' profit sharing | 252,850 | 228,786 | 220,967 |
Social security | 200,935 | 184,489 | 205,714 |
Additional participation | 243,787 | 233,146 | 188,870 |
Severance indemnities | 151,945 | 142,363 | 132,396 |
Share-based payment plans | 120,062 | 106,865 | 104,170 |
Total | S/ 3,411,023 | S/ 3,219,875 | S/ 3,071,020 |
ADMINISTRATIVE EXPENSES (Detail
ADMINISTRATIVE EXPENSES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
ADMINISTRATIVE EXPENSES | ||||
Repair and maintenance | S/ 318,715 | S/ 301,893 | S/ 271,081 | |
Publicity | 380,147 | 336,203 | 304,119 | |
Taxes and contributions | 334,398 | 285,551 | 259,523 | |
Rental | [1] | 63,047 | 226,388 | 230,257 |
Consulting and professional fees | 261,144 | 223,239 | 206,224 | |
Transport and communications | 168,237 | 176,623 | 176,273 | |
Sundry supplies | 74,038 | 54,742 | 49,935 | |
IBM services expenses | 118,009 | 140,909 | 143,703 | |
Services by third-party and others | [2] | 636,895 | 584,496 | 517,708 |
Total | S/ 2,354,630 | S/ 2,330,044 | S/ 2,158,823 | |
[1] | During the year 2019, the amount corresponds only to short-term leases and of low value, which are recognized in the consolidated statement of income according to the provisions of IFRS 16 “Leases” (During the year 2018, amounts corresponded to all leases recognized in accordance with IAS 17 “Leases”). | |||
[2] | The balance consists mainly of security and protection services, cleaning service, representation expenses, electricity and water utilities, insurance policy expenses, subscription expenses and commission expenses. |
OTHER INCOME AND EXPENSES (Deta
OTHER INCOME AND EXPENSES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Other income | ||||
Revenue from sale of loan portfolio | S/ 75,800 | S/ 26,616 | S/ 0 | |
Rental income | 37,847 | 35,941 | 43,118 | |
Net income from the sale of investments properties | 23,629 | 12,541 | 15,837 | |
Net income from the sale of property, furniture and equipment | 16,869 | 54,952 | 36,970 | |
Recoveries of other accounts receivable and other assets | 13,796 | 79 | 14,824 | |
Net gain from sale of seized and recovered assets | 0 | 0 | 2,494 | |
Others | [1] | 176,288 | 143,753 | 135,954 |
Total other income | 344,229 | 273,882 | 249,197 | |
Other expenses | ||||
Losses due to operational risk | 29,878 | 46,528 | 55,477 | |
Expenses on improvements in building for rent | 30,721 | 36,551 | 42,083 | |
Provision for sundry risks, Note 13(f) | 27,272 | 42,236 | 29,023 | |
Association in participation | 22,636 | 14,526 | 19,757 | |
Provision for other accounts receivable | 8,059 | 7,174 | 19,316 | |
Net loss from sale adjudicated assets | 9,617 | 3,411 | 0 | |
Administrative and tax penalties | 2,659 | 4,301 | 8,387 | |
Others | 137,627 | 75,453 | 64,271 | |
Total other expenses | S/ 268,469 | S/ 230,180 | S/ 238,314 | |
[1] | The balance mainly comprises liquidation for sale of Credicorp shares, penalty for breach of contract, commissions for recovery in civil and judicial lawsuits of Personal Credits and Credit Card products; also, collection of commission for relocation, vehicle taxes, municipal property taxes, fines and penalties to clients related to the Leasing product. |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EARNINGS PER SHARE | |||
Net income attributable to equity holders of Credicorp | S/ 4,265,304 | S/ 3,983,865 | S/ 4,091,753 |
Number of stock | |||
Ordinary stock, Note 18(a) | 94,382,317 | 94,382,317 | 94,382,317 |
Less - opening balance of treasury stock | (14,883,274) | (14,902,008) | (14,915,537) |
(Acquisition) sale of treasury stock, net | S/ (9,738) | S/ (3,015) | S/ 3,088 |
Weighted average number of ordinary shares for basic earnings | 79,489,305 | 79,477,294 | 79,469,868 |
Plus - dilution effect - stock awards | 194,213 | 209,128 | 220,296 |
Weighted average number of ordinary shares adjusted for the effect of dilution | 79,683,518 | 79,686,422 | 79,690,164 |
Basic earnings per share (in Soles) | S/ 53.66 | S/ 50.13 | S/ 51.49 |
Diluted earnings per share (in Soles) | S/ 53.53 | S/ 49.99 | S/ 51.35 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of operating segments [line items] | ||||
External | [1] | S/ 19,699,000 | S/ 18,025,000 | S/ 17,599,000 |
From other segments | [1],[2] | 607,000 | 579,000 | 645,000 |
Net interest, similar income and expenses | 9,090,797 | 8,489,105 | 8,071,487 | |
Other income, net | [3] | 5,397,000 | 4,882,000 | 5,181,000 |
Provision for credit losses on loan portfolio | (2,100,000) | (1,815,000) | (2,057,000) | |
Depreciation and amortization | (632,000) | (429,000) | (420,000) | |
Income tax | (1,623,000) | (1,521,000) | (1,393,000) | |
Net profit | 4,352,331 | 4,071,305 | 4,181,648 | |
Additions of fixed asset, intangibles and goodwill | 803,000 | 601,000 | 416,000 | |
Total assets | 187,876,691 | 177,263,201 | 170,472,000 | |
Total liabilities | 161,130,381 | 152,997,125 | 148,219,000 | |
Universal Banking Banco de Crdito del Peru [Member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 11,750,000 | 10,757,000 | 10,095,000 |
From other segments | [1],[2] | 345,000 | 381,000 | 371,000 |
Net interest, similar income and expenses | 6,244,000 | 5,616,000 | 5,300,000 | |
Other income, net | [3] | 3,632,000 | 3,275,000 | 2,927,000 |
Provision for credit losses on loan portfolio | (1,558,000) | (1,265,000) | (1,515,000) | |
Depreciation and amortization | (421,000) | (277,000) | (261,000) | |
Income tax | (1,160,000) | (1,137,000) | (996,000) | |
Net profit | 3,239,000 | 2,927,000 | 2,638,000 | |
Additions of fixed asset, intangibles and goodwill | 349,000 | 397,000 | 286,000 | |
Total assets | 139,832,000 | 132,880,000 | 128,259,000 | |
Total liabilities | 123,057,000 | 117,803,000 | 114,543,000 | |
Universal Banking Banco de Credito de Bolivia [Member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 736,000 | 686,000 | 616,000 |
From other segments | [1],[2] | 4,000 | 4,000 | 2,000 |
Net interest, similar income and expenses | 329,000 | 309,000 | 315,000 | |
Other income, net | [3] | 117,000 | 124,000 | 119,000 |
Provision for credit losses on loan portfolio | (61,000) | (55,000) | (79,000) | |
Depreciation and amortization | (19,000) | (12,000) | (11,000) | |
Income tax | (43,000) | (45,000) | (40,000) | |
Net profit | 79,000 | 78,000 | 75,000 | |
Additions of fixed asset, intangibles and goodwill | 16,000 | 45,000 | 10,000 | |
Total assets | 10,481,000 | 9,957,000 | 9,118,000 | |
Total liabilities | 9,744,000 | 9,266,000 | 8,482,000 | |
Insurance And Pension Funds Pacifico Seguros And Subsidiaries [Member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 3,249,000 | 2,730,000 | 2,662,000 |
From other segments | [1],[2] | 23,000 | 21,000 | 120,000 |
Net interest, similar income and expenses | 493,000 | 446,000 | 423,000 | |
Other income, net | [3] | 348,000 | 669,000 | 972,000 |
Provision for credit losses on loan portfolio | 0 | 0 | 0 | |
Depreciation and amortization | (58,000) | (51,000) | (49,000) | |
Income tax | (6,000) | (4,000) | (28,000) | |
Net profit | 381,000 | 353,000 | 326,000 | |
Additions of fixed asset, intangibles and goodwill | 45,000 | 85,000 | 56,000 | |
Total assets | 13,785,000 | 12,224,000 | 11,409,000 | |
Total liabilities | 10,964,000 | 9,591,000 | 8,560,000 | |
Insurance And Pension Funds Prima AFP [Member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 457,000 | 371,000 | 388,000 |
From other segments | [1],[2] | 3,000 | 2,000 | 3,000 |
Net interest, similar income and expenses | (1,000) | 0 | 1,000 | |
Other income, net | [3] | 457,000 | 371,000 | 387,000 |
Provision for credit losses on loan portfolio | 0 | 0 | 0 | |
Depreciation and amortization | (20,000) | (18,000) | (23,000) | |
Income tax | (85,000) | (58,000) | (66,000) | |
Net profit | 197,000 | 140,000 | 140,000 | |
Additions of fixed asset, intangibles and goodwill | 8,000 | 9,000 | 10,000 | |
Total assets | 909,000 | 875,000 | 883,000 | |
Total liabilities | 211,000 | 241,000 | 264,000 | |
Microfinance Mibanco [Member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 2,408,000 | 2,468,000 | 2,337,000 |
From other segments | [1],[2] | 126,000 | 88,000 | 77,000 |
Net interest, similar income and expenses | 1,901,000 | 1,956,000 | 1,829,000 | |
Other income, net | [3] | 62,000 | 156,000 | 98,000 |
Provision for credit losses on loan portfolio | (472,000) | (491,000) | (457,000) | |
Depreciation and amortization | (87,000) | (49,000) | (49,000) | |
Income tax | (168,000) | (193,000) | (146,000) | |
Net profit | 401,000 | 462,000 | 399,000 | |
Additions of fixed asset, intangibles and goodwill | 60,000 | 50,000 | 44,000 | |
Total assets | 13,576,000 | 13,220,000 | 12,363,000 | |
Total liabilities | 11,489,000 | 11,322,000 | 10,666,000 | |
Bancompartir | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 18,000 | ||
From other segments | [1],[2] | 0 | ||
Net interest, similar income and expenses | 13,000 | |||
Other income, net | [3] | 2,000 | ||
Provision for credit losses on loan portfolio | (2,000) | |||
Depreciation and amortization | (1,000) | |||
Income tax | 1,000 | |||
Net profit | (2,000) | |||
Additions of fixed asset, intangibles and goodwill | 1,000 | |||
Total assets | 1,046,000 | |||
Total liabilities | 888,000 | |||
Microfinance Edyficas SAS [Member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 50,000 | 44,000 | 30,000 |
From other segments | [1],[2] | 0 | 0 | 0 |
Net interest, similar income and expenses | 43,000 | 40,000 | 27,000 | |
Other income, net | [3] | 2,000 | 1,000 | 1,000 |
Provision for credit losses on loan portfolio | (6,000) | (4,000) | (5,000) | |
Depreciation and amortization | (1,000) | 0 | (1,000) | |
Income tax | (3,000) | (4,000) | 0 | |
Net profit | 5,000 | 5,000 | (1,000) | |
Additions of fixed asset, intangibles and goodwill | 1,000 | 0 | 1,000 | |
Total assets | 141,000 | 119,000 | 92,000 | |
Total liabilities | 80,000 | 62,000 | 37,000 | |
Investment Banking and Wealth Management [Member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 968,000 | 886,000 | 906,000 |
From other segments | [1],[2] | 6,000 | (14,000) | (5,000) |
Net interest, similar income and expenses | 69,000 | 98,000 | 135,000 | |
Other income, net | [3] | 885,000 | 634,000 | 658,000 |
Provision for credit losses on loan portfolio | 0 | 0 | 0 | |
Depreciation and amortization | (22,000) | (21,000) | (25,000) | |
Income tax | (16,000) | (29,000) | (33,000) | |
Net profit | 230,000 | 146,000 | 252,000 | |
Additions of fixed asset, intangibles and goodwill | 236,000 | 8,000 | 7,000 | |
Total assets | 9,423,000 | 9,665,000 | 10,389,000 | |
Total liabilities | 7,950,000 | 8,190,000 | 8,730,000 | |
Other segments [member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 63,000 | 83,000 | 565,000 |
From other segments | [1],[2] | 100,000 | 97,000 | 77,000 |
Net interest, similar income and expenses | 443,000 | 33,000 | 42,000 | |
Other income, net | [3] | 561,000 | 106,000 | 535,000 |
Provision for credit losses on loan portfolio | (1,000) | 0 | (1,000) | |
Depreciation and amortization | (3,000) | (1,000) | (1,000) | |
Income tax | (143,000) | (51,000) | (84,000) | |
Net profit | (179,000) | (40,000) | 353,000 | |
Additions of fixed asset, intangibles and goodwill | 87,000 | 7,000 | 2,000 | |
Total assets | 2,998,000 | 2,862,000 | 2,781,000 | |
Total liabilities | 992,000 | 950,000 | 1,668,000 | |
Elimination Segments [Member] | ||||
Disclosure of operating segments [line items] | ||||
External | [1] | 0 | 0 | 0 |
From other segments | [1],[2] | 0 | 0 | 0 |
Net interest, similar income and expenses | (443,000) | (9,000) | (1,000) | |
Other income, net | [3] | (669,000) | (454,000) | (516,000) |
Provision for credit losses on loan portfolio | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | |
Income tax | 0 | 0 | 0 | |
Net profit | 0 | 0 | 0 | |
Additions of fixed asset, intangibles and goodwill | 0 | 0 | 0 | |
Total assets | (4,314,000) | (4,539,000) | (4,822,000) | |
Total liabilities | S/ (4,245,000) | S/ (4,428,000) | S/ (4,731,000) | |
[1] | Corresponds to total interest and similar income, other income (includes income and expenses on commissions) and net earned premiums from insurance activities. | |||
[2] | Corresponds to income derived from transactions with other segments, which were eliminated in the consolidated statement of income. | |||
[3] | Corresponds to other income (include income and expenses for commissions) and insurance underwriting result. |
OPERATING SEGMENTS - Distributi
OPERATING SEGMENTS - Distribution of the total revenue, operating revenue and non-current assets of the Group; all assigned based on the location (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of major customers [line items] | ||||
Total income | [1] | S/ 19,699,000 | S/ 18,025,000 | S/ 17,599,000 |
Operating income | [2] | 9,590,000 | 8,960,000 | 8,560,000 |
Total non-current assets | 4,820,000 | 3,536,000 | 3,488,000 | |
Total liabilities | 161,130,381 | 152,997,125 | 148,219,000 | |
Peru [Member] | ||||
Disclosure of major customers [line items] | ||||
Total income | [1] | 18,015,000 | 16,502,000 | 13,105,000 |
Operating income | [2] | 9,106,000 | 8,476,000 | 7,997,000 |
Total non-current assets | 3,943,000 | 3,145,000 | 2,976,000 | |
Total liabilities | 142,178,000 | 135,422,000 | 130,953,000 | |
Bermuda Country [Member] | ||||
Disclosure of major customers [line items] | ||||
Total income | [1] | 13,000 | 13,000 | 2,708,000 |
Operating income | [2] | 10,000 | 14,000 | 37,000 |
Total non-current assets | 117,000 | 88,000 | 121,000 | |
Total liabilities | 266,000 | 169,000 | 933,000 | |
Panama [Member] | ||||
Disclosure of major customers [line items] | ||||
Total income | [1] | 0 | 2,000 | 0 |
Operating income | [2] | 0 | 0 | 0 |
Total non-current assets | 0 | 0 | 0 | |
Total liabilities | 0 | 0 | 0 | |
Cayman Islands [Member] | ||||
Disclosure of major customers [line items] | ||||
Total income | [1] | 354,000 | 285,000 | 512,000 |
Operating income | [2] | 88,000 | 134,000 | 183,000 |
Total non-current assets | 20,000 | 3,000 | 5,000 | |
Total liabilities | 5,008,000 | 5,465,000 | 5,250,000 | |
Bolivia [Member] | ||||
Disclosure of major customers [line items] | ||||
Total income | [1] | 809,000 | 750,000 | 813,000 |
Operating income | [2] | 368,000 | 344,000 | 338,000 |
Total non-current assets | 93,000 | 78,000 | 102,000 | |
Total liabilities | 9,815,000 | 9,317,000 | 8,490,000 | |
Colombia [Member] | ||||
Disclosure of major customers [line items] | ||||
Total income | [1] | 356,000 | 314,000 | 286,000 |
Operating income | [2] | 21,000 | (2,000) | 10,000 |
Total non-current assets | 435,000 | 138,000 | 145,000 | |
Total liabilities | 2,769,000 | 1,823,000 | 1,573,000 | |
United States of America [Member] | ||||
Disclosure of major customers [line items] | ||||
Total income | [1] | 10,000 | 6,000 | 8,000 |
Operating income | [2] | (1,000) | 0 | 0 |
Total non-current assets | 3,000 | 0 | 0 | |
Total liabilities | 6,000 | 2,000 | 2,000 | |
Chile [Member] | ||||
Disclosure of major customers [line items] | ||||
Total income | [1] | 142,000 | 153,000 | 167,000 |
Operating income | [2] | (2,000) | (6,000) | (5,000) |
Total non-current assets | 209,000 | 84,000 | 139,000 | |
Total liabilities | S/ 1,088,000 | S/ 799,000 | S/ 1,018,000 | |
[1] | Including total interest and similar income, other income and net premiums earned from insurance activities. | |||
[2] | Operating income includes the income from interest and similar expenses from banking activities and insurance underwriting result. |
TRANSACTIONS WITH RELATED PAR_3
TRANSACTIONS WITH RELATED PARTIES (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of financial position | ||
Direct loans | S/ 1,657,206 | S/ 2,594,712 |
Investments | 935,286 | 775,397 |
Deposits | (751,990) | (425,938) |
Derivatives at fair value | 4,984 | 890 |
Statement of income | ||
Interest income related to loans | 28,477 | 28,384 |
Interest expenses related to deposits | (10,377) | (9,573) |
Other income | 9,698 | 8,088 |
Off-balance sheet | ||
Indirect loans | S/ 373,865 | S/ 325,427 |
TRANSACTIONS WITH RELATED PAR_4
TRANSACTIONS WITH RELATED PARTIES - Group's key executives' compensation (including the related income taxes assumed by the Group) (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Related Party Explanatory [Line Items] | |||
Key management personnel compensation | S/ 66,141 | S/ 67,096 | S/ 59,023 |
Directors' fees [Member] | |||
Disclosure Of Related Party Explanatory [Line Items] | |||
Key management personnel compensation | 6,766 | 5,665 | 5,318 |
Remunerations [Member] | |||
Disclosure Of Related Party Explanatory [Line Items] | |||
Key management personnel compensation | 32,218 | 34,118 | 27,133 |
Stock Awards [Member] | |||
Disclosure Of Related Party Explanatory [Line Items] | |||
Key management personnel compensation | S/ 27,157 | S/ 27,313 | S/ 26,572 |
TRANSACTIONS WITH RELATED PAR_5
TRANSACTIONS WITH RELATED PARTIES - Group holds interests in various funds managed by certain of the Group's subsidiaries (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Disclosure of financial assets [line items] | |||
Financial assets | S/ 164,228,539 | ||
Investment funds | |||
Disclosure of financial assets [line items] | |||
Financial assets | S/ 249,045 | S/ 212,016 | |
Mutual funds - Bolivianos [Member] | Investment funds | |||
Disclosure of financial assets [line items] | |||
Financial assets | 126,722 | 104,596 | |
Mutual funds - Soles [Member] | Investment funds | |||
Disclosure of financial assets [line items] | |||
Financial assets | 59,934 | 18,394 | |
Mutual funds - U.S. dollars [Member] | Investment funds | |||
Disclosure of financial assets [line items] | |||
Financial assets | 38,149 | 76,887 | |
Mutual funds - Colombian pesos [Member] | Investment funds | |||
Disclosure of financial assets [line items] | |||
Financial assets | 17,475 | 5,201 | |
Mutual funds - Chilean pesos [Member] | Investment funds | |||
Disclosure of financial assets [line items] | |||
Financial assets | 6,765 | 6,938 | |
Restricted mutual funds [Member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | S/ 460,086 | S/ 407,350 |
TRANSACTIONS WITH RELATED PAR_6
TRANSACTIONS WITH RELATED PARTIES - Additional Information (Details) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Related Party Explanatory [Line Items] | ||
Allowance for doubtful debts related to outstanding balances of related party transaction | S/ 12,600 | S/ 13,700 |
Amounts receivable, related party transactions | S/ 1,657,206 | S/ 2,594,712 |
Related parties [member] | ||
Disclosure Of Related Party Explanatory [Line Items] | ||
Borrowings, maturity | had maturities between January 2020 and December 2029 | maturities where between January 2019 and December 2028 |
Borrowings, interest rate | 6.21% | 6.46% |
Employees, directors, key management and family [Member] | ||
Disclosure Of Related Party Explanatory [Line Items] | ||
Amounts receivable, related party transactions | S/ 1,003,200 | S/ 1,031,700 |
FINANCIAL INSTRUMENTS CLASSIF_3
FINANCIAL INSTRUMENTS CLASSIFICATION (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | |
Assets [Abstract] | |||||||
Cash and due from banks | S/ 25,986,762 | S/ 22,168,516 | |||||
Guarantee funds, reverse repurchase agreements and securities borrowings | 4,288,524 | 4,082,942 | S/ 7,480,420 | ||||
At fair value through profit or loss | 620,544 | 521,186 | |||||
Investments at fair value through other comprehensive income, Note 6(b) | 26,202,723 | 25,195,835 | |||||
Available-for-sale investments | 25,370,413 | 24,331,543 | |||||
Amortized cost investments | 1,907,738 | 1,292,203 | |||||
Loans | 110,485,717 | 105,806,998 | |||||
Financial assets designated at fair value through profit or loss | 179,870,703 | 171,212,821 | |||||
Premiums and other policies receivable | 838,731 | 887,273 | |||||
Accounts receivable from reinsurers and coinsurers | 791,704 | 842,043 | |||||
Due from customers on acceptances | 535,222 | 967,968 | |||||
Other assets, Note 13(a) | 2,792,968 | 3,072,777 | |||||
Liabilities [Abstract] | |||||||
Deposits and obligations | 112,005,385 | 104,551,310 | |||||
Payables from repurchase agreements and security lendings | 7,678,016 | 9,415,357 | |||||
Due to banks and correspondents | 8,841,732 | 8,448,140 | |||||
Bankers' acceptances outstanding | 535,222 | 967,968 | |||||
Accounts payable to reinsurers and coinsurers | 216,734 | S/ 291,693 | 291,693 | S/ 235,185 | S/ 235,185 | S/ 233,892 | |
Lease liabilities | 847,504 | S/ 852,800 | 0 | ||||
Financial liabilities at fair value through profit or loss | 493,700 | 362,310 | |||||
Bonds and Notes issued | 14,946,363 | 15,457,540 | |||||
Other liabilities, Note 13(a) | 4,246,826 | 3,694,318 | |||||
Categories of Financial Position [Member] | |||||||
Assets [Abstract] | |||||||
Cash and due from banks | 25,986,762 | 22,168,516 | |||||
Guarantee funds, reverse repurchase agreements and securities borrowings | 4,288,524 | 4,082,942 | |||||
At fair value through profit or loss | 3,850,762 | 3,512,445 | |||||
Investments at fair value through other comprehensive income, Note 6(b) | 26,202,723 | 25,195,835 | |||||
Amortized cost investments | 3,477,046 | 4,154,838 | |||||
Loans | 110,485,717 | 105,806,998 | |||||
Financial assets designated at fair value through profit or loss | 620,544 | 521,186 | |||||
Premiums and other policies receivable | 838,731 | 887,273 | |||||
Accounts receivable from reinsurers and coinsurers | 791,704 | 842,043 | |||||
Due from customers on acceptances | 535,222 | 967,968 | |||||
Other assets, Note 13(a) | 2,792,968 | 3,072,777 | |||||
Financial assets, at fair value | 179,870,703 | 171,212,821 | |||||
Liabilities [Abstract] | |||||||
Deposits and obligations | 112,005,385 | 104,551,310 | |||||
Payables from repurchase agreements and security lendings | 7,678,016 | 9,415,357 | |||||
Due to banks and correspondents | 8,841,732 | 8,448,140 | |||||
Bankers' acceptances outstanding | 535,222 | 967,968 | |||||
Accounts payable to reinsurers and coinsurers | 216,734 | 291,693 | |||||
Lease liabilities | 847,504 | ||||||
Financial liabilities at fair value through profit or loss | 493,700 | 362,310 | |||||
Bonds and Notes issued | 14,946,363 | 15,457,540 | |||||
Other liabilities, Note 13(a) | 4,246,826 | 3,694,318 | |||||
Financial liabilities, at fair value | 149,811,482 | 143,188,636 | |||||
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | |||||||
Assets [Abstract] | |||||||
Financial assets designated at fair value through profit or loss | [1] | 4,942,869 | 4,278,762 | ||||
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Categories of Financial Position [Member] | |||||||
Assets [Abstract] | |||||||
Cash and due from banks | 0 | 0 | |||||
Guarantee funds, reverse repurchase agreements and securities borrowings | 0 | 0 | |||||
At fair value through profit or loss | 3,850,762 | 3,512,445 | |||||
Investments at fair value through other comprehensive income, Note 6(b) | 0 | 0 | |||||
Amortized cost investments | 0 | 0 | |||||
Loans | 0 | 0 | |||||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||||
Premiums and other policies receivable | 0 | 0 | |||||
Accounts receivable from reinsurers and coinsurers | 0 | 0 | |||||
Due from customers on acceptances | 0 | 0 | |||||
Other assets, Note 13(a) | 1,092,107 | 766,317 | |||||
Financial assets, at fair value | 4,942,869 | 4,278,762 | |||||
Liabilities [Abstract] | |||||||
Deposits and obligations | 0 | 0 | |||||
Payables from repurchase agreements and security lendings | 0 | 0 | |||||
Due to banks and correspondents | 0 | 0 | |||||
Bankers' acceptances outstanding | 0 | 0 | |||||
Accounts payable to reinsurers and coinsurers | 0 | 0 | |||||
Lease liabilities | 0 | 0 | |||||
Financial liabilities at fair value through profit or loss | 493,700 | 362,310 | |||||
Bonds and Notes issued | 0 | 0 | |||||
Other liabilities, Note 13(a) | 1,040,282 | 715,804 | |||||
Financial liabilities, at fair value | 1,533,982 | 1,078,114 | |||||
Designated at inception | |||||||
Assets [Abstract] | |||||||
Financial assets designated at fair value through profit or loss | 620,544 | 521,186 | |||||
Designated at inception | Categories of Financial Position [Member] | |||||||
Assets [Abstract] | |||||||
Cash and due from banks | 0 | 0 | |||||
Guarantee funds, reverse repurchase agreements and securities borrowings | 0 | 0 | |||||
At fair value through profit or loss | 0 | 0 | |||||
Investments at fair value through other comprehensive income, Note 6(b) | 0 | 0 | |||||
Amortized cost investments | 0 | 0 | |||||
Loans | 0 | 0 | |||||
Financial assets designated at fair value through profit or loss | 620,544 | 521,186 | |||||
Premiums and other policies receivable | 0 | 0 | |||||
Accounts receivable from reinsurers and coinsurers | 0 | 0 | |||||
Due from customers on acceptances | 0 | 0 | |||||
Other assets, Note 13(a) | 0 | 0 | |||||
Financial assets, at fair value | 620,544 | 521,186 | |||||
Liabilities [Abstract] | |||||||
Deposits and obligations | 0 | 0 | |||||
Payables from repurchase agreements and security lendings | 0 | 0 | |||||
Due to banks and correspondents | 0 | 0 | |||||
Bankers' acceptances outstanding | 0 | 0 | |||||
Accounts payable to reinsurers and coinsurers | 0 | 0 | |||||
Lease liabilities | 0 | 0 | |||||
Financial liabilities at fair value through profit or loss | 0 | 0 | |||||
Bonds and Notes issued | 0 | 0 | |||||
Other liabilities, Note 13(a) | 0 | 0 | |||||
Financial liabilities, at fair value | 0 | 0 | |||||
At fair value through other comprehensive income [Member] | Categories of Financial Position [Member] | |||||||
Assets [Abstract] | |||||||
Cash and due from banks | 0 | 0 | |||||
Guarantee funds, reverse repurchase agreements and securities borrowings | 0 | 0 | |||||
At fair value through profit or loss | 0 | 0 | |||||
Investments at fair value through other comprehensive income, Note 6(b) | 25,623,934 | 24,546,365 | |||||
Amortized cost investments | 0 | 0 | |||||
Loans | 0 | 0 | |||||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||||
Premiums and other policies receivable | 0 | 0 | |||||
Accounts receivable from reinsurers and coinsurers | 0 | 0 | |||||
Due from customers on acceptances | 0 | 0 | |||||
Other assets, Note 13(a) | 0 | 0 | |||||
Financial assets, at fair value | 25,623,934 | 24,546,365 | |||||
Liabilities [Abstract] | |||||||
Deposits and obligations | 0 | 0 | |||||
Payables from repurchase agreements and security lendings | 0 | 0 | |||||
Due to banks and correspondents | 0 | 0 | |||||
Bankers' acceptances outstanding | 0 | 0 | |||||
Accounts payable to reinsurers and coinsurers | 0 | 0 | |||||
Lease liabilities | 0 | 0 | |||||
Financial liabilities at fair value through profit or loss | 0 | 0 | |||||
Bonds and Notes issued | 0 | 0 | |||||
Other liabilities, Note 13(a) | 0 | 0 | |||||
Financial liabilities, at fair value | 0 | 0 | |||||
At fair value through other comprehensive income (Debt instruments) | |||||||
Assets [Abstract] | |||||||
Financial assets designated at fair value through profit or loss | 26,202,723 | 25,195,835 | |||||
At fair value through other comprehensive income (Debt instruments) | Categories of Financial Position [Member] | |||||||
Assets [Abstract] | |||||||
Cash and due from banks | 0 | 0 | |||||
Guarantee funds, reverse repurchase agreements and securities borrowings | 0 | 0 | |||||
At fair value through profit or loss | 0 | 0 | |||||
Investments at fair value through other comprehensive income, Note 6(b) | 578,789 | 649,470 | |||||
Amortized cost investments | 0 | 0 | |||||
Loans | 0 | 0 | |||||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||||
Premiums and other policies receivable | 0 | 0 | |||||
Accounts receivable from reinsurers and coinsurers | 0 | 0 | |||||
Due from customers on acceptances | 0 | 0 | |||||
Other assets, Note 13(a) | 0 | 0 | |||||
Financial assets, at fair value | 578,789 | 649,470 | |||||
Liabilities [Abstract] | |||||||
Deposits and obligations | 0 | 0 | |||||
Payables from repurchase agreements and security lendings | 0 | 0 | |||||
Due to banks and correspondents | 0 | 0 | |||||
Bankers' acceptances outstanding | 0 | 0 | |||||
Accounts payable to reinsurers and coinsurers | 0 | 0 | |||||
Lease liabilities | 0 | 0 | |||||
Financial liabilities at fair value through profit or loss | 0 | 0 | |||||
Bonds and Notes issued | 0 | 0 | |||||
Other liabilities, Note 13(a) | 0 | 0 | |||||
Financial liabilities, at fair value | 0 | 0 | |||||
Financial Assets And Liabilities At Amortised Cost Category [Member] | Categories of Financial Position [Member] | |||||||
Assets [Abstract] | |||||||
Cash and due from banks | 25,986,762 | 22,168,516 | |||||
Guarantee funds, reverse repurchase agreements and securities borrowings | 4,288,524 | 4,082,942 | |||||
At fair value through profit or loss | 0 | 0 | |||||
Investments at fair value through other comprehensive income, Note 6(b) | 0 | 0 | |||||
Amortized cost investments | 3,477,046 | 4,154,838 | |||||
Loans | 110,485,717 | 105,806,998 | |||||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||||
Premiums and other policies receivable | 838,731 | 887,273 | |||||
Accounts receivable from reinsurers and coinsurers | 791,704 | 842,043 | |||||
Due from customers on acceptances | 535,222 | 967,968 | |||||
Other assets, Note 13(a) | 1,700,861 | 2,306,460 | |||||
Financial assets, at fair value | 148,104,567 | 141,217,038 | |||||
Liabilities [Abstract] | |||||||
Deposits and obligations | 112,005,385 | 104,551,310 | |||||
Payables from repurchase agreements and security lendings | 7,678,016 | 9,415,357 | |||||
Due to banks and correspondents | 8,841,732 | 8,448,140 | |||||
Bankers' acceptances outstanding | 535,222 | 967,968 | |||||
Accounts payable to reinsurers and coinsurers | 216,734 | 291,693 | |||||
Lease liabilities | 847,504 | 0 | |||||
Financial liabilities at fair value through profit or loss | 0 | 0 | |||||
Bonds and Notes issued | 14,946,363 | 15,457,540 | |||||
Other liabilities, Note 13(a) | 3,206,544 | 2,978,514 | |||||
Financial liabilities, at fair value | S/ 148,277,500 | S/ 142,110,522 | |||||
[1] | It includes non-trading investments that did not pass SPPI test. |
FINANCIAL RISK MANAGEMENT - Cla
FINANCIAL RISK MANAGEMENT - Classification of Direct Credits and Allowances (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial risks management [Line Items] | ||
Gross | S/ 114,807,958 | S/ 109,960,624 |
Allowance for loan losses | 5,123,962 | 4,952,392 |
Total, net | 109,683,996 | 105,008,232 |
Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 100,966,316 | 94,906,824 |
Allowance for loan losses | 1,239,359 | 944,223 |
Total, net | 99,726,957 | 93,962,601 |
Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 8,022,347 | 9,816,345 |
Allowance for loan losses | 867,790 | 926,592 |
Total, net | 7,154,557 | 8,889,753 |
Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 5,819,295 | 5,237,455 |
Allowance for loan losses | 3,016,813 | 3,081,577 |
Total, net | 2,802,482 | 2,155,878 |
Past due but not impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 2,844,615 | 3,118,972 |
Financial assets impaired [member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 5,819,297 | 5,237,455 |
Neither past due nor impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 106,144,046 | 101,604,197 |
Commercial loans [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 63,097,073 | 63,609,988 |
Allowance for loan losses | 1,560,832 | 1,458,187 |
Total, net | 61,536,241 | 62,151,801 |
Commercial loans [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 57,086,685 | 56,083,958 |
Allowance for loan losses | 416,692 | 287,961 |
Total, net | 56,669,993 | 55,795,997 |
Commercial loans [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 3,198,377 | 5,204,695 |
Allowance for loan losses | 161,190 | 146,455 |
Total, net | 3,037,187 | 5,058,240 |
Commercial loans [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 2,812,011 | 2,321,335 |
Allowance for loan losses | 982,950 | 1,023,771 |
Total, net | 1,829,061 | 1,297,564 |
Commercial loans [Member] | Past due but not impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 1,066,062 | 1,252,619 |
Commercial loans [Member] | Past due but not impaired [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 815,751 | 998,105 |
Commercial loans [Member] | Past due but not impaired [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 250,311 | 254,514 |
Commercial loans [Member] | Past due but not impaired [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Commercial loans [Member] | Financial assets impaired [member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 2,812,011 | 2,321,335 |
Commercial loans [Member] | Financial assets impaired [member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Commercial loans [Member] | Financial assets impaired [member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Commercial loans [Member] | Financial assets impaired [member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 2,812,011 | 2,321,335 |
Commercial loans [Member] | Neither past due nor impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 59,219,000 | 60,036,034 |
Commercial loans [Member] | Neither past due nor impaired [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 56,270,934 | 55,085,853 |
Commercial loans [Member] | Neither past due nor impaired [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 2,948,066 | 4,950,181 |
Commercial loans [Member] | Neither past due nor impaired [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Residential mortgage loans [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 19,675,821 | 17,770,692 |
Allowance for loan losses | 541,645 | 524,169 |
Total, net | 19,134,176 | 17,246,523 |
Residential mortgage loans [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 17,902,640 | 16,049,110 |
Allowance for loan losses | 43,217 | 31,479 |
Total, net | 17,859,423 | 16,017,631 |
Residential mortgage loans [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 778,702 | 762,549 |
Allowance for loan losses | 25,710 | 22,404 |
Total, net | 752,992 | 740,145 |
Residential mortgage loans [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 994,479 | 959,033 |
Allowance for loan losses | 472,718 | 470,286 |
Total, net | 521,761 | 488,747 |
Residential mortgage loans [Member] | Past due but not impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 695,533 | 885,104 |
Residential mortgage loans [Member] | Past due but not impaired [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 424,741 | 617,686 |
Residential mortgage loans [Member] | Past due but not impaired [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 270,792 | 267,418 |
Residential mortgage loans [Member] | Past due but not impaired [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Residential mortgage loans [Member] | Financial assets impaired [member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 994,479 | 959,033 |
Residential mortgage loans [Member] | Financial assets impaired [member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Residential mortgage loans [Member] | Financial assets impaired [member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Residential mortgage loans [Member] | Financial assets impaired [member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 994,479 | 959,033 |
Residential mortgage loans [Member] | Neither past due nor impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 17,985,809 | 15,926,555 |
Residential mortgage loans [Member] | Neither past due nor impaired [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 17,477,899 | 15,431,424 |
Residential mortgage loans [Member] | Neither past due nor impaired [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 507,910 | 495,131 |
Residential mortgage loans [Member] | Neither past due nor impaired [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Microbusiness loans [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 16,753,825 | 15,253,455 |
Allowance for loan losses | 1,696,706 | 1,582,187 |
Total, net | 15,057,119 | 13,671,268 |
Microbusiness loans [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 13,665,092 | 12,037,946 |
Allowance for loan losses | 515,662 | 340,576 |
Total, net | 13,149,430 | 11,697,370 |
Microbusiness loans [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 1,834,764 | 1,960,983 |
Allowance for loan losses | 249,457 | 262,777 |
Total, net | 1,585,307 | 1,698,206 |
Microbusiness loans [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 1,253,969 | 1,254,526 |
Allowance for loan losses | 931,587 | 978,834 |
Total, net | 322,382 | 275,692 |
Microbusiness loans [Member] | Past due but not impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 601,579 | 526,627 |
Microbusiness loans [Member] | Past due but not impaired [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 301,879 | 192,588 |
Microbusiness loans [Member] | Past due but not impaired [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 299,700 | 334,039 |
Microbusiness loans [Member] | Past due but not impaired [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | |
Microbusiness loans [Member] | Financial assets impaired [member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 1,253,969 | 1,254,526 |
Microbusiness loans [Member] | Financial assets impaired [member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Microbusiness loans [Member] | Financial assets impaired [member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Microbusiness loans [Member] | Financial assets impaired [member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 1,253,969 | 1,254,526 |
Microbusiness loans [Member] | Neither past due nor impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 14,898,277 | 13,472,302 |
Microbusiness loans [Member] | Neither past due nor impaired [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 13,363,213 | 11,845,358 |
Microbusiness loans [Member] | Neither past due nor impaired [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 1,535,064 | 1,626,944 |
Microbusiness loans [Member] | Neither past due nor impaired [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | |
Consumer loans [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 15,281,239 | 13,326,489 |
Allowance for loan losses | 1,324,779 | 1,387,849 |
Total, net | 13,956,460 | 11,938,640 |
Consumer loans [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 12,311,899 | 10,735,810 |
Allowance for loan losses | 263,788 | 284,207 |
Total, net | 12,048,111 | 10,451,603 |
Consumer loans [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 2,210,504 | 1,888,118 |
Allowance for loan losses | 431,433 | 494,956 |
Total, net | 1,779,071 | 1,393,162 |
Consumer loans [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 758,836 | 702,561 |
Allowance for loan losses | 629,558 | 608,686 |
Total, net | 129,278 | 93,875 |
Consumer loans [Member] | Past due but not impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 481,442 | 454,622 |
Consumer loans [Member] | Past due but not impaired [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 203,147 | 218,995 |
Consumer loans [Member] | Past due but not impaired [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 278,295 | 235,627 |
Consumer loans [Member] | Past due but not impaired [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Consumer loans [Member] | Financial assets impaired [member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 758,836 | 702,561 |
Consumer loans [Member] | Financial assets impaired [member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Consumer loans [Member] | Financial assets impaired [member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 0 | 0 |
Consumer loans [Member] | Financial assets impaired [member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 758,836 | 702,561 |
Consumer loans [Member] | Neither past due nor impaired [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 14,040,961 | 12,169,306 |
Consumer loans [Member] | Neither past due nor impaired [Member] | Stage 1 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 12,108,752 | 10,516,815 |
Consumer loans [Member] | Neither past due nor impaired [Member] | Stage 2 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | 1,932,209 | 1,652,491 |
Consumer loans [Member] | Neither past due nor impaired [Member] | Stage 3 [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross | S/ 0 | S/ 0 |
FINANCIAL RISK MANAGEMENT - Imp
FINANCIAL RISK MANAGEMENT - Impaired Loans, Fair Value of Collateral, Allowances for Loan Losses (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial risks management [Line Items] | ||||
Allowance for loan losses | S/ 5,507,759 | S/ 5,314,531 | S/ 4,943,008 | S/ 4,416,692 |
Financial assets impaired [member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Impaired loans | 5,819,295 | 5,237,455 | ||
Fair value of collateral | 3,879,208 | 3,190,530 | ||
Allowance for loan losses | 3,016,813 | 3,081,577 | ||
Commercial loans [Member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Allowance for loan losses | 1,680,126 | 1,235,970 | ||
Commercial loans [Member] | Financial assets impaired [member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Impaired loans | 2,812,011 | 2,321,335 | ||
Fair value of collateral | 2,491,069 | 1,758,098 | ||
Allowance for loan losses | 982,950 | 1,023,771 | ||
Residential mortgage loans [Member] | Financial assets impaired [member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Impaired loans | 994,479 | 959,033 | ||
Fair value of collateral | 864,473 | 820,291 | ||
Allowance for loan losses | 472,718 | 470,286 | ||
Microbusiness loans [Member] | Financial assets impaired [member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Impaired loans | 1,253,969 | 1,254,526 | ||
Fair value of collateral | 330,347 | 422,330 | ||
Allowance for loan losses | 931,587 | 978,834 | ||
Consumer loans [Member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Allowance for loan losses | S/ 1,558,017 | S/ 1,634,169 | ||
Consumer loans [Member] | Financial assets impaired [member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Impaired loans | 758,836 | 702,561 | ||
Fair value of collateral | 193,319 | 189,811 | ||
Allowance for loan losses | S/ 629,558 | S/ 608,686 |
FINANCIAL RISK MANAGEMENT - C_2
FINANCIAL RISK MANAGEMENT - Classification of Loans by Maturity (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial risk management [line Items] | ||
Current loans | S/ 106,143,913 | S/ 101,602,442 |
Current but impaired | 2,274,182 | 1,582,189 |
Loans with delay in payments of one day or more but not internal overdue loans | 3,084,977 | 3,656,372 |
Internal overdue loans | 3,304,886 | 3,119,621 |
Total gross direct credits | 114,807,958 | 109,960,624 |
Total past due under IFRS 7 | 6,389,863 | 6,775,993 |
Neither past due nor impaired [Member] | ||
Disclosure of financial risk management [line Items] | ||
Current loans | 106,143,943 | 101,602,442 |
Current but impaired | 0 | 0 |
Loans with delay in payments of one day or more but not internal overdue loans | 0 | 0 |
Internal overdue loans | 103 | 1,755 |
Total gross direct credits | 106,144,046 | 101,604,197 |
Total past due under IFRS 7 | 103 | 1,755 |
Past due but not impaired [Member] | ||
Disclosure of financial risk management [line Items] | ||
Current loans | (30) | 0 |
Current but impaired | 0 | 0 |
Loans with delay in payments of one day or more but not internal overdue loans | 2,569,349 | 2,869,944 |
Internal overdue loans | 275,296 | 249,028 |
Total gross direct credits | 2,844,615 | 3,118,972 |
Total past due under IFRS 7 | 2,844,645 | 3,118,972 |
Financial assets impaired [member] | ||
Disclosure of financial risk management [line Items] | ||
Current loans | 0 | 0 |
Current but impaired | 2,274,182 | 1,582,189 |
Loans with delay in payments of one day or more but not internal overdue loans | 515,628 | 786,428 |
Internal overdue loans | 3,029,487 | 2,868,838 |
Total gross direct credits | 5,819,297 | 5,237,455 |
Total past due under IFRS 7 | S/ 3,545,115 | S/ 3,655,266 |
FINANCIAL RISK MANAGEMENT - C_3
FINANCIAL RISK MANAGEMENT - Classification of Loans by Banking and Maturity (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial risk management [line Items] | ||
Current loans | S/ 106,143,913 | S/ 101,602,442 |
Current but impaired loans | 2,274,182 | 1,582,189 |
Loans with delay in payments of one day or more but not internal overdue loans | 3,084,977 | 3,656,372 |
Internal overdue loans | 3,304,886 | 3,119,621 |
Total | 114,807,958 | 109,960,624 |
Commercial loans [Member] | ||
Disclosure of financial risk management [line Items] | ||
Current loans | 59,218,904 | 60,034,357 |
Current but impaired loans | 1,460,816 | 797,776 |
Loans with delay in payments of one day or more but not internal overdue loans | 1,027,177 | 1,541,975 |
Internal overdue loans | 1,390,176 | 1,235,880 |
Total | 63,097,073 | 63,609,988 |
Residential mortgage loans [Member] | ||
Disclosure of financial risk management [line Items] | ||
Current loans | 17,985,809 | 15,926,555 |
Current but impaired loans | 284,279 | 258,149 |
Loans with delay in payments of one day or more but not internal overdue loans | 868,087 | 1,054,112 |
Internal overdue loans | 537,646 | 531,876 |
Total | 19,675,821 | 17,770,692 |
Microbusiness loans [Member] | ||
Disclosure of financial risk management [line Items] | ||
Current loans | 14,898,270 | 13,472,223 |
Current but impaired loans | 247,076 | 253,735 |
Loans with delay in payments of one day or more but not internal overdue loans | 635,436 | 526,023 |
Internal overdue loans | 973,043 | 1,001,474 |
Total | 16,753,825 | 15,253,455 |
Consumer loans [Member] | ||
Disclosure of financial risk management [line Items] | ||
Current loans | 14,040,930 | 12,169,307 |
Current but impaired loans | 282,011 | 272,529 |
Loans with delay in payments of one day or more but not internal overdue loans | 554,277 | 534,262 |
Internal overdue loans | 404,021 | 350,391 |
Total | S/ 15,281,239 | S/ 13,326,489 |
FINANCIAL RISK MANAGEMENT - All
FINANCIAL RISK MANAGEMENT - Allowances for Direct and Indirect Loan Losses and its Estimations (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial risks management [Line Items] | ||||
Allowance account for credit losses of financial assets | S/ 5,507,759 | S/ 5,314,531 | S/ 4,943,008 | S/ 4,416,692 |
Optimistic [Member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Allowance account for credit losses of financial assets | 5,426,608 | 5,218,142 | ||
Base Case [Member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Allowance account for credit losses of financial assets | 5,509,729 | 5,308,346 | ||
Pessimistic [Member] | ||||
Disclosure of financial risks management [Line Items] | ||||
Allowance account for credit losses of financial assets | S/ 5,584,965 | S/ 5,422,882 |
FINANCIAL RISK MANAGEMENT - Ris
FINANCIAL RISK MANAGEMENT - Risk-rating Analysis (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 164,228,539 | ||
Percentage of financial assets | 100.00% | 100.00% | |
Trading securities, available-for-sale and held-to-maturity investments [Member] | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 33,530,531 | S/ 32,863,118 | |
AAA [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 1,621,270 | S/ 1,219,451 | |
Percentage of financial assets | 4.80% | 3.70% | |
AAA [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 657,787 | S/ 286,417 | |
Percentage of financial assets | 2.00% | 0.90% | |
AA- a AA+ [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 1,853,042 | S/ 1,483,063 | |
Percentage of financial assets | 5.50% | 4.50% | |
AA- a AA+ [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 854,501 | S/ 513,577 | |
Percentage of financial assets | 2.50% | 1.60% | |
A- to A+ [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 8,970,590 | S/ 6,809,865 | |
Percentage of financial assets | 26.80% | 20.70% | |
A- to A+ [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 1,581,995 | S/ 1,265,390 | |
Percentage of financial assets | 4.70% | 3.90% | |
BBB- to BBB+ [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 1,874,556 | S/ 2,282,714 | |
Percentage of financial assets | 5.60% | 6.90% | |
BBB- to BBB+ [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 2,974,639 | S/ 4,064,725 | |
Percentage of financial assets | 8.90% | 12.40% | |
BB- to BB+ [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 517,146 | S/ 459,249 | |
Percentage of financial assets | 1.50% | 1.40% | |
BB- to BB+ [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 996,917 | S/ 1,383,960 | |
Percentage of financial assets | 3.00% | 4.20% | |
Lower and equal to +B [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 0 | S/ 7,397 | |
Percentage of financial assets | 0.00% | 0.00% | |
Lower and equal to +B [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 54,316 | S/ 81,627 | |
Percentage of financial assets | 0.20% | 0.20% | |
BCRP certificates of deposit [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 8,665,272 | S/ 9,829,584 | |
Percentage of financial assets | 25.80% | 29.90% | |
Listed and unlisted securities [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 573,485 | S/ 650,507 | |
Percentage of financial assets | 1.70% | 2.00% | |
Listed and unlisted securities [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 88,799 | S/ 100,031 | |
Percentage of financial assets | 0.30% | 0.30% | |
Restricted mutual funds [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 460,086 | S/ 407,350 | |
Percentage of financial assets | 1.40% | 1.20% | |
Investment funds | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 102,085 | S/ 66,932 | |
Percentage of financial assets | 0.30% | 0.20% | |
Investment funds | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 294,158 | S/ 168,870 | |
Percentage of financial assets | 0.90% | 0.50% | |
Mutual funds [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 291,024 | S/ 16,811 | |
Percentage of financial assets | 0.90% | 0.10% | |
Mutual funds [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 302,528 | S/ 381,107 | |
Percentage of financial assets | 0.90% | 1.20% | |
Other instruments [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 264,497 | S/ 727,713 | |
Percentage of financial assets | 0.80% | 2.20% | |
Other instruments [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 198,217 | S/ 167,404 | |
Percentage of financial assets | 0.50% | 0.50% | |
Subtotal [Member] | In Peru | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 25,193,053 | S/ 23,960,636 | |
Percentage of financial assets | 75.10% | 72.80% | |
Subtotal [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 8,337,478 | S/ 8,902,482 | |
Percentage of financial assets | 24.90% | 27.20% | |
Participations of RAL Funds [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 300,398 | S/ 445,039 | |
Percentage of financial assets | 0.90% | 1.40% | |
Hedge funds [Member] | In other countries | |||
Disclosure of financial risk management [line Items] | |||
Financial assets | S/ 33,223 | S/ 44,335 | |
Percentage of financial assets | 0.10% | 0.10% |
FINANCIAL RISK MANAGEMENT - Con
FINANCIAL RISK MANAGEMENT - Concentration of Financial Instruments Exposed to Credit Risk - Economic Factors (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | S/ 179,870,703 | S/ 171,212,821 | |
Financial instruments with exposure to credit risk [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 179,870,703 | 171,212,821 | |
Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 148,104,567 | 141,217,038 | |
Central Reserve Bank of Peru [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 29,831,618 | 26,136,956 | |
Central Reserve Bank of Peru [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 21,166,346 | 16,307,372 | |
Financial services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 19,258,461 | 17,502,389 | |
Financial services [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 13,281,408 | 13,237,970 | |
Manufacturing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 17,073,192 | 18,314,303 | |
Manufacturing [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 15,608,834 | 16,840,385 | |
Mortgage loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 18,985,407 | 16,997,464 | |
Mortgage loans [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 18,985,407 | 16,997,464 | |
Consumer loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 14,809,503 | 13,384,611 | |
Consumer loans [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 14,809,503 | 13,384,611 | |
Microbusiness loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 13,902,760 | 13,150,811 | |
Microbusiness loans [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 13,902,760 | 13,150,811 | |
Commerce [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 13,122,753 | 13,121,726 | |
Commerce [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 12,636,843 | 12,752,836 | |
Government and public administration [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 12,750,303 | 12,147,380 | |
Government and public administration [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,985,158 | 4,768,891 | |
Electricity, gas and water [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 5,443,235 | 6,397,292 | |
Electricity, gas and water [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,014,319 | 4,312,044 | |
Community services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,864,225 | 4,466,923 | |
Community services [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,858,427 | 4,459,532 | |
Communications, storage and transportation [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 5,569,128 | 5,718,776 | |
Communications, storage and transportation [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,421,095 | 4,377,933 | |
Mining [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,410,973 | 2,852,646 | |
Mining [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,195,049 | 2,661,615 | |
Construction [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,436,842 | 2,237,871 | |
Construction [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,089,164 | 1,848,063 | |
Agriculture [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,069,991 | 2,605,754 | |
Agriculture [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,050,141 | 2,546,889 | |
Insurance [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 129,857 | 1,881,794 | |
Insurance [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 123,771 | 1,862,688 | |
Education, health and other services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,067,020 | 1,722,982 | |
Education, health and other services [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 1,364,542 | 1,296,293 | |
Real Estate and Leasing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 8,604,012 | 8,101,396 | |
Real Estate and Leasing [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 7,158,667 | 6,423,262 | |
Fishing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 417,388 | 449,019 | |
Fishing [Member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 417,067 | 445,603 | |
Others | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,124,035 | 4,022,728 | |
Others | Financial assets at amortised cost, class [member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,036,066 | 3,542,776 | |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 4,942,869 | 4,278,762 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Central Reserve Bank of Peru [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Financial services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 2,856,512 | 1,640,578 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Manufacturing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 202,554 | 97,425 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Mortgage loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Consumer loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Microbusiness loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Commerce [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 21,228 | 27,021 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Government and public administration [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 1,581,527 | 1,790,176 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Electricity, gas and water [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 91,055 | 101,939 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Community services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Communications, storage and transportation [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 17,306 | 24,678 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Mining [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 41,687 | 31,094 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Construction [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 20,847 | 15,068 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Agriculture [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 1,963 | 13,440 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Insurance [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 5,100 | 19,106 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Education, health and other services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 4,543 | 5,419 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Real Estate and Leasing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 43,203 | 62,597 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Fishing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 321 | 3,416 |
Financial assets at fair value through profit or loss, classified as held for trading, category [Member] | Others | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 55,023 | 446,805 |
Designated at inception | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 620,544 | 521,186 | |
Designated at inception | Central Reserve Bank of Peru [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Financial services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 237,240 | 161,498 | |
Designated at inception | Manufacturing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 36,686 | 38,586 | |
Designated at inception | Mortgage loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Consumer loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Microbusiness loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Commerce [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 12,468 | 11,377 | |
Designated at inception | Government and public administration [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 12,994 | 41,060 | |
Designated at inception | Electricity, gas and water [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 50,929 | 42,705 | |
Designated at inception | Community services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Communications, storage and transportation [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 59,392 | 36,794 | |
Designated at inception | Mining [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 27,875 | 5,749 | |
Designated at inception | Construction [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,967 | 1,913 | |
Designated at inception | Agriculture [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Insurance [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Education, health and other services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 53,792 | 21,518 | |
Designated at inception | Real Estate and Leasing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 125,201 | 159,986 | |
Designated at inception | Fishing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Others | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At fair value through other comprehensive income (Debt instruments) | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 26,202,723 | 25,195,835 | |
At fair value through other comprehensive income (Debt instruments) | Central Reserve Bank of Peru [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 8,665,272 | 9,829,584 | |
At fair value through other comprehensive income (Debt instruments) | Financial services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,883,301 | 2,462,343 | |
At fair value through other comprehensive income (Debt instruments) | Manufacturing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 1,225,118 | 1,337,907 | |
At fair value through other comprehensive income (Debt instruments) | Mortgage loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At fair value through other comprehensive income (Debt instruments) | Consumer loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At fair value through other comprehensive income (Debt instruments) | Microbusiness loans [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At fair value through other comprehensive income (Debt instruments) | Commerce [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 452,214 | 330,492 | |
At fair value through other comprehensive income (Debt instruments) | Government and public administration [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 7,170,624 | 5,547,253 | |
At fair value through other comprehensive income (Debt instruments) | Electricity, gas and water [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,286,932 | 1,940,604 | |
At fair value through other comprehensive income (Debt instruments) | Community services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 5,798 | 7,391 | |
At fair value through other comprehensive income (Debt instruments) | Communications, storage and transportation [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 1,071,335 | 1,279,371 | |
At fair value through other comprehensive income (Debt instruments) | Mining [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 146,362 | 154,188 | |
At fair value through other comprehensive income (Debt instruments) | Construction [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 322,864 | 372,827 | |
At fair value through other comprehensive income (Debt instruments) | Agriculture [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 17,887 | 45,425 | |
At fair value through other comprehensive income (Debt instruments) | Insurance [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 986 | 0 | |
At fair value through other comprehensive income (Debt instruments) | Education, health and other services [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 644,143 | 399,752 | |
At fair value through other comprehensive income (Debt instruments) | Real Estate and Leasing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 1,276,941 | 1,455,551 | |
At fair value through other comprehensive income (Debt instruments) | Fishing [Member] | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
At fair value through other comprehensive income (Debt instruments) | Others | |||
Disclosure of financial risk management [line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | S/ 32,946 | S/ 33,147 | |
[1] | It includes non-trading investments that did not pass SPPI test. |
FINANCIAL RISK MANAGEMENT - C_4
FINANCIAL RISK MANAGEMENT - Concentration of Financial Instruments Exposed to Credit Risk by Geographical Areas (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | S/ 179,870,703 | S/ 171,212,821 | |
Peru [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 151,937,236 | 144,951,405 | |
United States of America [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,598,426 | 4,873,309 | |
Bolivia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 10,267,794 | 9,762,896 | |
Colombia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 4,380,478 | 4,180,390 | |
Panama [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 997,246 | 725,512 | |
Chile [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 3,216,761 | 2,893,478 | |
Brazil [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 537,956 | 461,427 | |
Mexico [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 300,614 | 497,164 | |
Canada [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 247,703 | 131,847 | |
Unted Kingdom [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 559,050 | 453,665 | |
Other in Europe [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 275,409 | 288,933 | |
France [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 433,549 | 191,388 | |
Spain [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 76,307 | 32,342 | |
Switzerland [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 27,630 | 116,129 | |
The Netherlands [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 134,367 | 16,379 | |
Other [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 1,880,177 | 1,636,557 | |
Financial assets at amortised cost, class [member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 148,104,567 | 141,217,038 | |
Financial assets at amortised cost, class [member] | Peru [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 130,436,702 | 124,349,120 | |
Financial assets at amortised cost, class [member] | United States of America [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 982,944 | 1,538,853 | |
Financial assets at amortised cost, class [member] | Bolivia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 9,218,219 | 8,531,311 | |
Financial assets at amortised cost, class [member] | Colombia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,627,353 | 2,214,653 | |
Financial assets at amortised cost, class [member] | Panama [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 905,675 | 663,326 | |
Financial assets at amortised cost, class [member] | Chile [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,047,951 | 1,868,149 | |
Financial assets at amortised cost, class [member] | Brazil [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 485,594 | 436,580 | |
Financial assets at amortised cost, class [member] | Mexico [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 5,962 | 147,632 | |
Financial assets at amortised cost, class [member] | Canada [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 109,233 | 30,537 | |
Financial assets at amortised cost, class [member] | Unted Kingdom [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 273,477 | 116,262 | |
Financial assets at amortised cost, class [member] | Other in Europe [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 83,979 | 115,467 | |
Financial assets at amortised cost, class [member] | France [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 27,244 | 7,961 | |
Financial assets at amortised cost, class [member] | Spain [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 32,836 | 22,060 | |
Financial assets at amortised cost, class [member] | Switzerland [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 980 | 91,029 | |
Financial assets at amortised cost, class [member] | The Netherlands [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 26,024 | 989 | |
Financial assets at amortised cost, class [member] | Other [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 840,394 | 1,083,109 | |
Held for trading and hedging [member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 4,942,869 | 4,278,762 |
Held for trading and hedging [member] | Peru [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 688,099 | 839,713 |
Held for trading and hedging [member] | United States of America [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 568,588 | 476,593 |
Held for trading and hedging [member] | Bolivia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 494,547 | 716,740 |
Held for trading and hedging [member] | Colombia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 1,346,042 | 1,450,342 |
Held for trading and hedging [member] | Panama [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 5,406 |
Held for trading and hedging [member] | Chile [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 683,822 | 306,299 |
Held for trading and hedging [member] | Brazil [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 6,023 | 7,773 |
Held for trading and hedging [member] | Mexico [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 28,846 | 51,091 |
Held for trading and hedging [member] | Canada [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 29,976 | 9,478 |
Held for trading and hedging [member] | Unted Kingdom [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 189,658 | 192,141 |
Held for trading and hedging [member] | Other in Europe [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 127,915 | 54,252 |
Held for trading and hedging [member] | France [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 227,823 | 119,572 |
Held for trading and hedging [member] | Spain [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 11,105 | 8,960 |
Held for trading and hedging [member] | Switzerland [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 514 | 1,315 |
Held for trading and hedging [member] | The Netherlands [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 0 | 0 |
Held for trading and hedging [member] | Other [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | [1] | 539,911 | 39,087 |
Designated at inception | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 620,544 | 521,186 | |
Designated at inception | Peru [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 138,293 | 121,725 | |
Designated at inception | United States of America [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 275,991 | 241,743 | |
Designated at inception | Bolivia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Colombia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 21,289 | 23,274 | |
Designated at inception | Panama [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Chile [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 34,606 | 41,290 | |
Designated at inception | Brazil [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 5,867 | 0 | |
Designated at inception | Mexico [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 18,093 | 12,206 | |
Designated at inception | Canada [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Unted Kingdom [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 14,950 | 18,451 | |
Designated at inception | Other in Europe [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 17,184 | 15,244 | |
Designated at inception | France [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 8,850 | 0 | |
Designated at inception | Spain [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | Switzerland [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 0 | |
Designated at inception | The Netherlands [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 0 | 15,390 | |
Designated at inception | Other [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 85,421 | 31,863 | |
At fair value through other comprehensive income (Debt instruments) | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 26,202,723 | 25,195,835 | |
At fair value through other comprehensive income (Debt instruments) | Peru [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 20,674,142 | 19,640,847 | |
At fair value through other comprehensive income (Debt instruments) | United States of America [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 2,770,903 | 2,616,120 | |
At fair value through other comprehensive income (Debt instruments) | Bolivia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 555,028 | 514,845 | |
At fair value through other comprehensive income (Debt instruments) | Colombia [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 385,794 | 492,121 | |
At fair value through other comprehensive income (Debt instruments) | Panama [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 91,571 | 56,780 | |
At fair value through other comprehensive income (Debt instruments) | Chile [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 450,382 | 677,740 | |
At fair value through other comprehensive income (Debt instruments) | Brazil [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 40,472 | 17,074 | |
At fair value through other comprehensive income (Debt instruments) | Mexico [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 247,713 | 286,235 | |
At fair value through other comprehensive income (Debt instruments) | Canada [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 108,494 | 91,832 | |
At fair value through other comprehensive income (Debt instruments) | Unted Kingdom [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 80,965 | 126,811 | |
At fair value through other comprehensive income (Debt instruments) | Other in Europe [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 46,331 | 103,970 | |
At fair value through other comprehensive income (Debt instruments) | France [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 169,632 | 63,855 | |
At fair value through other comprehensive income (Debt instruments) | Spain [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 32,366 | 1,322 | |
At fair value through other comprehensive income (Debt instruments) | Switzerland [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 26,136 | 23,785 | |
At fair value through other comprehensive income (Debt instruments) | The Netherlands [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | 108,343 | ||
At fair value through other comprehensive income (Debt instruments) | Other [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Maximum exposure to credit risk of financial assets designated as measured at fair value through profit or loss | S/ 414,451 | S/ 482,498 | |
[1] | It includes non-trading investments that did not pass SPPI test. |
FINANCIAL RISK MANAGEMENT - Fin
FINANCIAL RISK MANAGEMENT - Financial Assets Subject to Offsetting (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial risks management [Line Items] | ||
Gross amounts recognized financial assets | S/ 8,538,612 | S/ 9,850,775 |
Gross amounts of recognized financial liabilities and offset in the consolidated statement of financial positions | 0 | 0 |
Net of financial assets presented in the consolidated statements of financial position | 8,538,612 | 9,850,775 |
Related amounts not offset in the consolidated statement of financial position Financial Instruments | (3,483,068) | (3,203,097) |
Related amounts not offset in the consolidated statement of financial position Cash collateral received | (3,037,898) | (3,348,855) |
Net amount | 2,017,646 | 3,298,823 |
Payables from derivatives [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross amounts recognized financial assets | 1,092,107 | 766,317 |
Gross amounts of recognized financial liabilities and offset in the consolidated statement of financial positions | 0 | 0 |
Net of financial assets presented in the consolidated statements of financial position | 1,092,107 | 766,317 |
Related amounts not offset in the consolidated statement of financial position Financial Instruments | (122,557) | (44,159) |
Related amounts not offset in the consolidated statement of financial position Cash collateral received | (144,175) | (28,906) |
Net amount | 825,375 | 693,252 |
Available-for-sale and held-to-maturity investments pledged as collateral [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross amounts recognized financial assets | 5,001,516 | |
Gross amounts of recognized financial liabilities and offset in the consolidated statement of financial positions | 0 | |
Net of financial assets presented in the consolidated statements of financial position | 5,001,516 | |
Related amounts not offset in the consolidated statement of financial position Financial Instruments | (3,123,930) | |
Related amounts not offset in the consolidated statement of financial position Cash collateral received | 0 | |
Net amount | 1,877,586 | |
Cash collateral, reverse repurchase agreements and securities borrowings [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross amounts recognized financial assets | 4,288,524 | 4,082,942 |
Gross amounts of recognized financial liabilities and offset in the consolidated statement of financial positions | 0 | 0 |
Net of financial assets presented in the consolidated statements of financial position | 4,288,524 | 4,082,942 |
Related amounts not offset in the consolidated statement of financial position Financial Instruments | (151,538) | (35,008) |
Related amounts not offset in the consolidated statement of financial position Cash collateral received | (2,893,723) | (3,319,949) |
Net amount | 1,243,263 | S/ 727,985 |
Investments At Fair Value Through Other Comprehensive Income And Amortized Cost Pledged As Collateral [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Gross amounts recognized financial assets | 3,157,981 | |
Gross amounts of recognized financial liabilities and offset in the consolidated statement of financial positions | 0 | |
Net of financial assets presented in the consolidated statements of financial position | 3,157,981 | |
Related amounts not offset in the consolidated statement of financial position Financial Instruments | (3,208,973) | |
Related amounts not offset in the consolidated statement of financial position Cash collateral received | 0 | |
Net amount | S/ 50,992 |
FINANCIAL RISK MANAGEMENT - F_2
FINANCIAL RISK MANAGEMENT - Financial Liabilities Subject to Offsetting (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Assets And Liabilities Subject To Offsetting Enforceable Master Netting Arrangements And Similar Agreements [Line Items] | ||
Gross amounts recognized financial liabilities | S/ 8,718,298 | S/ 10,131,161 |
Net amounts of financial liabilities presented in the consolidated statements of financial position | 8,718,298 | 10,131,161 |
Related amounts not offset in the consolidated statement of financial position Financial instruments | (3,086,416) | (3,168,089) |
Related amounts not offset in the consolidated statement of financial position cash collateral pledged | (3,480,221) | (3,600,102) |
Net amount | 2,151,661 | 3,362,970 |
Payables from derivatives [Member] | ||
Disclosure Of Financial Assets And Liabilities Subject To Offsetting Enforceable Master Netting Arrangements And Similar Agreements [Line Items] | ||
Gross amounts recognized financial liabilities | 1,040,282 | 715,804 |
Net amounts of financial liabilities presented in the consolidated statements of financial position | 1,040,282 | 715,804 |
Related amounts not offset in the consolidated statement of financial position Financial instruments | (122,557) | (44,159) |
Related amounts not offset in the consolidated statement of financial position cash collateral pledged | (186,384) | (190,212) |
Net amount | 976,455 | 481,433 |
Payables from repurchase agreements and security lendings [Member] | ||
Disclosure Of Financial Assets And Liabilities Subject To Offsetting Enforceable Master Netting Arrangements And Similar Agreements [Line Items] | ||
Gross amounts recognized financial liabilities | 7,678,016 | 9,415,357 |
Net amounts of financial liabilities presented in the consolidated statements of financial position | 7,678,016 | 9,415,357 |
Related amounts not offset in the consolidated statement of financial position Financial instruments | (3,208,973) | (3,123,930) |
Related amounts not offset in the consolidated statement of financial position cash collateral pledged | (3,293,837) | (3,409,890) |
Net amount | S/ 1,175,206 | S/ 2,881,537 |
FINANCIAL RISK MANAGEMENT - VAR
FINANCIAL RISK MANAGEMENT - VAR by Risk Type (Details) - Price Risk [Member] - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Consolidated VaR by Type Of Asset [Line Items] | ||
Value at risk | S/ 11,301 | S/ 10,426 |
Interest Rate Risk [Member] | ||
Disclosure Of Consolidated VaR by Type Of Asset [Line Items] | ||
Value at risk | 9,274 | 9,527 |
Price Risk [Member] | ||
Disclosure Of Consolidated VaR by Type Of Asset [Line Items] | ||
Value at risk | 7,809 | 4,476 |
Volatility Risk [Member] | ||
Disclosure Of Consolidated VaR by Type Of Asset [Line Items] | ||
Value at risk | 463 | 10 |
Diversification effect [member] | ||
Disclosure Of Consolidated VaR by Type Of Asset [Line Items] | ||
Value at risk | S/ (6,245) | S/ (3,587) |
FINANCIAL RISK MANAGEMENT - Exp
FINANCIAL RISK MANAGEMENT - Exposure to Interest Rate Risk (Details) - Interest Rate Risk [Member] - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative financial assets [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | S/ 6,548,011 | S/ 7,755,665 | |
Derivative financial liabilities [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 6,460,957 | 7,660,925 | |
Derivative Net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 87,054 | 94,740 | |
Cash and due from banks, Cash collateral, reverse repurchase agreements and securities borrowings [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 30,275,286 | 26,251,458 | |
Investment [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 29,679,769 | 29,350,673 | |
Loans, net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 110,485,717 | 105,806,998 | |
Financial assets designated at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 620,544 | 521,186 | |
Premiums and other policies Accounts receivable [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 838,731 | 887,273 | |
Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 791,704 | 842,043 | |
Other asset [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [1] | 2,335,254 | 2,450,645 |
Asset total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 175,027,005 | 166,110,276 | |
Deposits and obligations [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 112,005,385 | 104,551,310 | |
Payables from repurchase agreements, security lending and due to banks and correspondents [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 16,519,748 | 17,863,497 | |
Accounts payable to reinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 216,734 | 291,693 | |
Technical, insurance claims reserves and reserves for unearned premiums [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 9,950,233 | 8,452,671 | |
Financial liabilities at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 493,700 | 362,310 | |
Bonds and notes issued [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 14,946,363 | 15,457,540 | |
Other liabilitie [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [2] | 3,811,376 | 3,039,408 |
Equity [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 26,746,310 | 24,266,076 | |
Liabilities and equity total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 184,689,849 | 174,284,505 | |
Marginal gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (9,575,790) | (8,079,489) | |
Accumulated Gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Non-Interest Bearing Assets [Member] | Derivative financial assets [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Non-Interest Bearing Assets [Member] | Derivative financial liabilities [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Non-Interest Bearing Assets [Member] | Derivative Net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Non-Interest Bearing Assets [Member] | Cash and due from banks, Cash collateral, reverse repurchase agreements and securities borrowings [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 6,571,315 | 7,997,867 | |
Non-Interest Bearing Assets [Member] | Investment [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 578,788 | 648,579 | |
Non-Interest Bearing Assets [Member] | Loans, net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (332,893) | (845,658) | |
Non-Interest Bearing Assets [Member] | Financial assets designated at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 620,544 | 521,186 | |
Non-Interest Bearing Assets [Member] | Premiums and other policies Accounts receivable [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Non-Interest Bearing Assets [Member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Non-Interest Bearing Assets [Member] | Other asset [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [1] | 2,023,067 | 2,408,072 |
Non-Interest Bearing Assets [Member] | Asset total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 9,460,821 | 10,730,046 | |
Non-Interest Bearing Assets [Member] | Deposits and obligations [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 3,180,085 | 3,782,992 | |
Non-Interest Bearing Assets [Member] | Payables from repurchase agreements, security lending and due to banks and correspondents [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 225,797 | 1,592,318 | |
Non-Interest Bearing Assets [Member] | Accounts payable to reinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Non-Interest Bearing Assets [Member] | Technical, insurance claims reserves and reserves for unearned premiums [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 54,293 | 52,014 | |
Non-Interest Bearing Assets [Member] | Financial liabilities at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 493,700 | 362,310 | |
Non-Interest Bearing Assets [Member] | Bonds and notes issued [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 15,905 | 69,273 | |
Non-Interest Bearing Assets [Member] | Other liabilitie [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [2] | 3,008,995 | 2,613,602 |
Non-Interest Bearing Assets [Member] | Equity [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 26,746,310 | 24,266,076 | |
Non-Interest Bearing Assets [Member] | Liabilities and equity total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 33,725,085 | 32,738,585 | |
Non-Interest Bearing Assets [Member] | Marginal gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (24,264,264) | (22,008,539) | |
Non-Interest Bearing Assets [Member] | Accumulated Gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (9,575,790) | (8,079,489) | |
Not later than one month [member] | Derivative financial assets [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 2,806,693 | 3,393,623 | |
Not later than one month [member] | Derivative financial liabilities [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 323,360 | 823,012 | |
Not later than one month [member] | Derivative Net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 2,483,333 | 2,570,611 | |
Not later than one month [member] | Cash and due from banks, Cash collateral, reverse repurchase agreements and securities borrowings [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 12,702,384 | 8,348,880 | |
Not later than one month [member] | Investment [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 1,462,956 | 1,024,895 | |
Not later than one month [member] | Loans, net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 14,595,317 | 12,671,779 | |
Not later than one month [member] | Financial assets designated at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Not later than one month [member] | Premiums and other policies Accounts receivable [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 802,558 | 848,662 | |
Not later than one month [member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 734 | 89 | |
Not later than one month [member] | Other asset [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [1] | 273,338 | 42,057 |
Not later than one month [member] | Asset total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 29,837,287 | 22,936,362 | |
Not later than one month [member] | Deposits and obligations [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 29,478,976 | 27,696,282 | |
Not later than one month [member] | Payables from repurchase agreements, security lending and due to banks and correspondents [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 3,742,155 | 1,825,899 | |
Not later than one month [member] | Accounts payable to reinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 46,144 | 5,504 | |
Not later than one month [member] | Technical, insurance claims reserves and reserves for unearned premiums [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 266,556 | 217,240 | |
Not later than one month [member] | Financial liabilities at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Not later than one month [member] | Bonds and notes issued [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 180,311 | 27 | |
Not later than one month [member] | Other liabilitie [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [2] | 437,529 | 175,892 |
Not later than one month [member] | Equity [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Not later than one month [member] | Liabilities and equity total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 34,151,671 | 29,920,844 | |
Not later than one month [member] | Marginal gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (1,831,051) | (4,413,871) | |
Not later than one month [member] | Accumulated Gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (1,831,051) | (4,413,871) | |
Later than one month and not later than three months [member] | Derivative financial assets [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 2,849,046 | 2,736,835 | |
Later than one month and not later than three months [member] | Derivative financial liabilities [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 821,872 | 819,882 | |
Later than one month and not later than three months [member] | Derivative Net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 2,027,174 | 1,916,953 | |
Later than one month and not later than three months [member] | Cash and due from banks, Cash collateral, reverse repurchase agreements and securities borrowings [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 1,841,425 | 2,192,245 | |
Later than one month and not later than three months [member] | Investment [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 1,346,028 | 4,143,332 | |
Later than one month and not later than three months [member] | Loans, net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 17,107,120 | 17,663,723 | |
Later than one month and not later than three months [member] | Financial assets designated at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Later than one month and not later than three months [member] | Premiums and other policies Accounts receivable [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 22,866 | 24,303 | |
Later than one month and not later than three months [member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 120,600 | 106,421 | |
Later than one month and not later than three months [member] | Other asset [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [1] | 38,841 | 46 |
Later than one month and not later than three months [member] | Asset total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 20,476,880 | 24,130,070 | |
Later than one month and not later than three months [member] | Deposits and obligations [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 9,711,623 | 9,545,250 | |
Later than one month and not later than three months [member] | Payables from repurchase agreements, security lending and due to banks and correspondents [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 3,269,341 | 3,895,312 | |
Later than one month and not later than three months [member] | Accounts payable to reinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 133,864 | 281,808 | |
Later than one month and not later than three months [member] | Technical, insurance claims reserves and reserves for unearned premiums [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 703,337 | 600,927 | |
Later than one month and not later than three months [member] | Financial liabilities at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Later than one month and not later than three months [member] | Bonds and notes issued [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 252,316 | 1,934 | |
Later than one month and not later than three months [member] | Other liabilitie [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [2] | 361,087 | 247,175 |
Later than one month and not later than three months [member] | Equity [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Later than one month and not later than three months [member] | Liabilities and equity total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 14,431,568 | 14,572,406 | |
Later than one month and not later than three months [member] | Marginal gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 8,072,486 | 11,474,617 | |
Later than one month and not later than three months [member] | Accumulated Gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 6,241,435 | 7,060,746 | |
From 3 months to 1 year [Member] | Derivative financial assets [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 454,349 | 1,204,498 | |
From 3 months to 1 year [Member] | Derivative financial liabilities [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 3,798,631 | 3,728,800 | |
From 3 months to 1 year [Member] | Derivative Net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (3,344,282) | (2,524,302) | |
From 3 months to 1 year [Member] | Cash and due from banks, Cash collateral, reverse repurchase agreements and securities borrowings [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 3,683,141 | 2,644,313 | |
From 3 months to 1 year [Member] | Investment [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 7,786,732 | 6,231,197 | |
From 3 months to 1 year [Member] | Loans, net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 28,291,817 | 25,826,794 | |
From 3 months to 1 year [Member] | Financial assets designated at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
From 3 months to 1 year [Member] | Premiums and other policies Accounts receivable [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 8,496 | 9,124 | |
From 3 months to 1 year [Member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 668,551 | 734,043 | |
From 3 months to 1 year [Member] | Other asset [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [1] | 8 | 498 |
From 3 months to 1 year [Member] | Asset total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 40,438,745 | 35,445,969 | |
From 3 months to 1 year [Member] | Deposits and obligations [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 19,010,084 | 17,413,186 | |
From 3 months to 1 year [Member] | Payables from repurchase agreements, security lending and due to banks and correspondents [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 4,969,337 | 5,128,527 | |
From 3 months to 1 year [Member] | Accounts payable to reinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 25,838 | 3,082 | |
From 3 months to 1 year [Member] | Technical, insurance claims reserves and reserves for unearned premiums [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 1,166,055 | 1,007,817 | |
From 3 months to 1 year [Member] | Financial liabilities at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
From 3 months to 1 year [Member] | Bonds and notes issued [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 1,683,166 | 2,499,807 | |
From 3 months to 1 year [Member] | Other liabilitie [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [2] | 3,765 | 2,739 |
From 3 months to 1 year [Member] | Equity [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
From 3 months to 1 year [Member] | Liabilities and equity total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 26,858,245 | 26,055,158 | |
From 3 months to 1 year [Member] | Marginal gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 10,236,218 | 6,866,509 | |
From 3 months to 1 year [Member] | Accumulated Gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 16,477,653 | 13,927,255 | |
Later than one year and not later than five years [member] | Derivative financial assets [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 272,223 | 347,883 | |
Later than one year and not later than five years [member] | Derivative financial liabilities [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 1,110,774 | 1,754,972 | |
Later than one year and not later than five years [member] | Derivative Net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (838,551) | (1,407,089) | |
Later than one year and not later than five years [member] | Cash and due from banks, Cash collateral, reverse repurchase agreements and securities borrowings [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 5,351,933 | 4,973,228 | |
Later than one year and not later than five years [member] | Investment [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 5,876,624 | 5,288,235 | |
Later than one year and not later than five years [member] | Loans, net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 35,086,667 | 36,908,775 | |
Later than one year and not later than five years [member] | Financial assets designated at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Later than one year and not later than five years [member] | Premiums and other policies Accounts receivable [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 4,811 | 5,184 | |
Later than one year and not later than five years [member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 1,348 | 1,104 | |
Later than one year and not later than five years [member] | Other asset [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [1] | 0 | 1,735 |
Later than one year and not later than five years [member] | Asset total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 46,321,383 | 47,178,261 | |
Later than one year and not later than five years [member] | Deposits and obligations [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 43,285,525 | 39,389,207 | |
Later than one year and not later than five years [member] | Payables from repurchase agreements, security lending and due to banks and correspondents [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 1,784,133 | 3,811,941 | |
Later than one year and not later than five years [member] | Accounts payable to reinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 10,888 | 1,299 | |
Later than one year and not later than five years [member] | Technical, insurance claims reserves and reserves for unearned premiums [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 2,703,092 | 2,327,437 | |
Later than one year and not later than five years [member] | Financial liabilities at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Later than one year and not later than five years [member] | Bonds and notes issued [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 10,060,986 | 12,441,149 | |
Later than one year and not later than five years [member] | Other liabilitie [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [2] | 0 | 0 |
Later than one year and not later than five years [member] | Equity [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
Later than one year and not later than five years [member] | Liabilities and equity total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 57,844,624 | 57,971,033 | |
Later than one year and not later than five years [member] | Marginal gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (12,361,792) | (12,199,861) | |
Later than one year and not later than five years [member] | Accumulated Gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 4,115,861 | 1,727,394 | |
More than 5 years [Member] | Derivative financial assets [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 165,700 | 72,826 | |
More than 5 years [Member] | Derivative financial liabilities [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 406,320 | 534,259 | |
More than 5 years [Member] | Derivative Net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | (240,620) | (461,433) | |
More than 5 years [Member] | Cash and due from banks, Cash collateral, reverse repurchase agreements and securities borrowings [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 125,088 | 94,925 | |
More than 5 years [Member] | Investment [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 12,628,641 | 12,014,435 | |
More than 5 years [Member] | Loans, net [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 15,737,689 | 13,581,585 | |
More than 5 years [Member] | Financial assets designated at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
More than 5 years [Member] | Premiums and other policies Accounts receivable [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
More than 5 years [Member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 471 | 386 | |
More than 5 years [Member] | Other asset [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [1] | 0 | (1,763) |
More than 5 years [Member] | Asset total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 28,491,889 | 25,689,568 | |
More than 5 years [Member] | Deposits and obligations [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 7,339,092 | 6,724,393 | |
More than 5 years [Member] | Payables from repurchase agreements, security lending and due to banks and correspondents [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 2,528,985 | 1,609,500 | |
More than 5 years [Member] | Accounts payable to reinsurers [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
More than 5 years [Member] | Technical, insurance claims reserves and reserves for unearned premiums [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 5,056,900 | 4,247,236 | |
More than 5 years [Member] | Financial liabilities at fair value through profit or loss [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
More than 5 years [Member] | Bonds and notes issued [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 2,753,679 | 445,350 | |
More than 5 years [Member] | Other liabilitie [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | [2] | 0 | 0 |
More than 5 years [Member] | Equity [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 0 | 0 | |
More than 5 years [Member] | Liabilities and equity total [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 17,678,656 | 13,026,479 | |
More than 5 years [Member] | Marginal gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | 10,572,613 | 12,201,656 | |
More than 5 years [Member] | Accumulated Gap [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Credit exposure | S/ 14,688,474 | S/ 13,929,050 | |
[1] | Other assets and other liabilities only include financial accounts. The balances of the year 2018 have been adjusted and confirmed said guidelines in the information disclosed for this report. | ||
[2] | Includes banker’s acceptances outstanding and other liabilities. |
FINANCIAL RISK MANAGEMENT - Sen
FINANCIAL RISK MANAGEMENT - Sensitivity Analysis regarding Change in Interest Rates (Details) - Interest Rate Risk [Member] S/ in Thousands | 12 Months Ended | |
Dec. 31, 2019PEN (S/)item | Dec. 31, 2018PEN (S/)item | |
Soles at 50 basis points change [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Changes In Basis Points | item | 50 | 50 |
Sensitivity Analysis, Net Profit | S/ 7,696 | S/ 10,463 |
Sensitivity Analysis, Net Economic Value | S/ 520,389 | S/ 439,964 |
Soles at 75 basis points change [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Changes In Basis Points | item | 75 | 75 |
Sensitivity Analysis, Net Profit | S/ 11,544 | S/ 15,695 |
Sensitivity Analysis, Net Economic Value | S/ 780,584 | S/ 659,946 |
Soles at 100 basis points change [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Changes In Basis Points | item | 100 | 100 |
Sensitivity Analysis, Net Profit | S/ 15,392 | S/ 20,926 |
Sensitivity Analysis, Net Economic Value | S/ 1,040,778 | S/ 879,928 |
Soles at 150 basis points change [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Changes In Basis Points | item | 150 | 150 |
Sensitivity Analysis, Net Profit | S/ 23,088 | S/ 31,389 |
Sensitivity Analysis, Net Economic Value | S/ 1,561,167 | S/ 1,319,893 |
US Dollar at 50 basis points change [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Changes In Basis Points | item | 50 | 50 |
Sensitivity Analysis, Net Profit | S/ 52,276 | S/ 48,325 |
Sensitivity Analysis, Net Economic Value | S/ 50,253 | S/ 6,718 |
US Dollar at 75 basis points change [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Changes In Basis Points | item | 75 | 75 |
Sensitivity Analysis, Net Profit | S/ 78,413 | S/ 72,487 |
Sensitivity Analysis, Net Economic Value | S/ 75,379 | S/ 10,078 |
US Dollar at 100 basis points change [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Changes In Basis Points | item | 100 | 100 |
Sensitivity Analysis, Net Profit | S/ 104,551 | S/ 96,650 |
Sensitivity Analysis, Net Economic Value | S/ 100,506 | S/ 13,437 |
US Dollar at 150 basis points change [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Changes In Basis Points | item | 150 | 150 |
Sensitivity Analysis, Net Profit | S/ 156,827 | S/ 144,975 |
Sensitivity Analysis, Net Economic Value | S/ 150,759 | S/ 20,155 |
FINANCIAL RISK MANAGEMENT - Mar
FINANCIAL RISK MANAGEMENT - Market Price Sensitivity Tests (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity securities at 10 percent change [Member] | Measured at fair value through other comprehensive Change in income | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 10.00% | 10.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 57,920 | S/ 64,947 |
Equity securities at 25 percent change [Member] | Measured at fair value through other comprehensive Change in income | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 25.00% | 25.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 144,800 | S/ 162,368 |
Equity securities at 30 percent change [Member] | Measured at fair value through other comprehensive Change in income | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 30.00% | 30.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 173,760 | S/ 194,841 |
Participation in Mutual Funds at 10 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 10.00% | 10.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 59,127 | S/ 25,687 |
Participation in Mutual Funds at 25 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 25.00% | 25.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 147,818 | S/ 64,219 |
Participation in Mutual Funds at 30 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 30.00% | 30.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 177,381 | S/ 77,062 |
Restricted mutual funds at 10 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 10.00% | 10.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 46,009 | S/ 40,735 |
Restricted mutual funds at 25 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 25.00% | 25.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 115,022 | S/ 101,838 |
Restricted mutual funds at 30 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 30.00% | 30.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 138,026 | S/ 122,205 |
Participation in RAL funds at 10 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 10.00% | 10.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 30,040 | S/ 44,504 |
Participation in RAL funds at 25 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 25.00% | 25.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 75,100 | S/ 111,260 |
Participation in RAL funds at 30 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 30.00% | 30.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 90,119 | S/ 133,512 |
Investment funds at 10 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 10.00% | 10.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 30,576 | S/ 32,346 |
Investment funds at 25 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 25.00% | 25.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 76,440 | S/ 80,864 |
Investment funds at 30 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 30.00% | 30.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 91,728 | S/ 97,037 |
Hedge Funds at 10 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 10.00% | 10.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 3,364 | S/ 4,434 |
Hedge Funds at 25 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 25.00% | 25.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 8,410 | S/ 11,084 |
Hedge Funds at 30 percent change [Member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 30.00% | 30.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 10,092 | S/ 13,301 |
Exchange Trade Funds at 10 percent change | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 10.00% | 10.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 1,360 | S/ 2,556 |
Exchange Trade Funds at 25 percent change | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 25.00% | 25.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 3,399 | S/ 6,391 |
Exchange Trade Funds at 30 percent change | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Sensitivity Analysis, Percentage Changes In Market Price | 30.00% | 30.00% |
Sensitivity Analysis,expected unrealized gain or loss due to change in market price | S/ 4,079 | S/ 7,669 |
FINANCIAL RISK MANAGEMENT - Ass
FINANCIAL RISK MANAGEMENT - Assets and Liabilities by Currencies (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure of financial risks management [Line Items] | |||||
Cash and due from banks | S/ 25,986,762 | S/ 22,168,516 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 4,288,524 | 4,082,942 | S/ 7,480,420 | ||
At fair value through profit or loss | 3,850,762 | 3,512,445 | |||
At fair value through other comprehensive income | 26,202,723 | 25,195,835 | |||
Available-for-sale | 25,370,413 | 24,331,543 | |||
Amortized cost | 1,907,738 | 1,292,203 | |||
Loans | 110,485,717 | 105,806,998 | |||
Financial assets designated at fair value through profit or loss | 620,544 | 521,186 | |||
Other assets | 2,792,968 | 3,072,777 | |||
Total monetary assets | 187,876,691 | 177,263,201 | S/ 170,472,000 | ||
Deposits and obligations | (112,005,385) | (104,551,310) | |||
Payables from repurchase agreements and security Lendings | (7,678,016) | (9,415,357) | |||
Due to bank and correspondents | (8,841,732) | (8,448,140) | |||
Lease liabilities | (847,504) | S/ (852,800) | 0 | ||
Financial liabilities at fair value through profit or loss | (493,700) | (362,310) | |||
Technical reserves for claims and insurance premiums | (9,950,233) | (8,452,671) | |||
Bonds and notes issued | (14,946,363) | (15,457,540) | |||
Other liabilities | (5,481,288) | (4,941,533) | |||
Total monetary liabilities | (161,130,381) | (152,997,125) | S/ (148,219,000) | ||
Forwards position, net | 66,635 | (309) | |||
Currency swaps position, net | 0 | 0 | |||
Cross currency swaps position, net | (152,545) | 0 | |||
Options, net | 0 | 0 | |||
Net monetary position | 18,009,803 | 17,531,453 | |||
Monetary Assets [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Cash and due from banks | 25,986,762 | 22,168,516 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 4,288,524 | 4,082,942 | |||
At fair value through profit or loss | 3,850,762 | 3,512,445 | |||
At fair value through other comprehensive income | 25,623,524 | 24,546,365 | |||
Amortized cost | 3,477,046 | 4,154,838 | |||
Loans | 110,485,717 | 105,806,998 | |||
Financial assets designated at fair value through profit or loss | 620,544 | 521,186 | |||
Other assets | 4,893,215 | 5,735,597 | |||
Total monetary assets | 179,226,094 | 170,528,887 | |||
Monetary Liabilities [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Deposits and obligations | (112,005,385) | (104,551,310) | |||
Payables from repurchase agreements and security Lendings | (7,678,016) | (9,415,357) | |||
Due to bank and correspondents | (8,841,732) | (8,448,140) | |||
Financial liabilities at fair value through profit or loss | (493,700) | (362,310) | |||
Technical reserves for claims and insurance premiums | (9,950,233) | (8,452,671) | |||
Bonds and notes issued | (14,946,363) | (15,457,540) | |||
Other liabilities | (6,367,448) | (6,309,797) | |||
Total monetary liabilities | (161,130,381) | (152,997,125) | |||
Gains (losses) on net monetary position | 18,095,713 | 17,531,762 | |||
Lease liabilities [member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Lease liabilities | (847,504) | 0 | |||
The Soles [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Forwards position, net | 1,534,948 | 1,820,527 | |||
Currency swaps position, net | 281,672 | (199,746) | |||
Cross currency swaps position, net | (787,355) | (1,833,236) | |||
Options, net | 25,071 | (23,414) | |||
Net monetary position | 17,384,067 | 15,840,098 | |||
The Soles [Member] | Monetary Assets [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Cash and due from banks | 3,960,190 | 3,582,390 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 150,009 | 6,654 | |||
At fair value through profit or loss | 800,370 | 541,649 | |||
At fair value through other comprehensive income | 18,221,102 | 16,757,917 | |||
Amortized cost | 3,355,579 | 3,239,330 | |||
Loans | 66,737,870 | 61,665,634 | |||
Financial assets designated at fair value through profit or loss | 44,223 | 44,109 | |||
Other assets | 2,072,867 | 2,561,684 | |||
Total monetary assets | 95,342,210 | 88,399,367 | |||
The Soles [Member] | Monetary Liabilities [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Deposits and obligations | (56,769,748) | (51,559,266) | |||
Payables from repurchase agreements and security Lendings | (5,068,896) | (5,914,736) | |||
Due to bank and correspondents | (3,798,717) | (3,442,620) | |||
Financial liabilities at fair value through profit or loss | 0 | (35,220) | |||
Technical reserves for claims and insurance premiums | (5,642,772) | (4,318,973) | |||
Bonds and notes issued | (4,028,893) | (3,599,610) | |||
Other liabilities | (3,541,350) | (3,452,975) | |||
Total monetary liabilities | (79,012,479) | (72,323,400) | |||
Gains (losses) on net monetary position | 16,329,731 | 16,075,967 | |||
The Soles [Member] | Lease liabilities [member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Lease liabilities | (162,103) | 0 | |||
US Dollars [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Forwards position, net | (1,351,414) | (1,719,788) | |||
Currency swaps position, net | (281,672) | 199,512 | |||
Cross currency swaps position, net | 692,525 | 1,918,994 | |||
Options, net | (25,071) | 23,414 | |||
Net monetary position | 149,989 | 998,747 | |||
US Dollars [Member] | Monetary Assets [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Cash and due from banks | 20,762,648 | 17,117,551 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 3,389,090 | 3,362,285 | |||
At fair value through profit or loss | 1,053,925 | 733,801 | |||
At fair value through other comprehensive income | 6,869,840 | 7,057,303 | |||
Amortized cost | 100,299 | 915,508 | |||
Loans | 35,598,141 | 37,032,752 | |||
Financial assets designated at fair value through profit or loss | 576,321 | 477,077 | |||
Other assets | 2,142,237 | 2,765,000 | |||
Total monetary assets | 70,492,501 | 69,461,277 | |||
US Dollars [Member] | Monetary Liabilities [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Deposits and obligations | (46,319,179) | (44,122,875) | |||
Payables from repurchase agreements and security Lendings | (734,441) | (1,860,424) | |||
Due to bank and correspondents | (4,709,610) | (4,751,314) | |||
Financial liabilities at fair value through profit or loss | (94,475) | (58,031) | |||
Technical reserves for claims and insurance premiums | (4,301,468) | (4,131,263) | |||
Bonds and notes issued | (10,660,989) | (11,752,328) | |||
Other liabilities | (1,951,682) | (2,208,427) | |||
Total monetary liabilities | (69,376,880) | (68,884,662) | |||
Gains (losses) on net monetary position | 1,115,621 | 576,615 | |||
US Dollars [Member] | Lease liabilities [member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Lease liabilities | (605,036) | 0 | |||
Other Currency [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Forwards position, net | (116,899) | (101,048) | |||
Currency swaps position, net | 0 | 234 | |||
Cross currency swaps position, net | (57,715) | (85,758) | |||
Options, net | 0 | 0 | |||
Net monetary position | 475,747 | 692,608 | |||
Other Currency [Member] | Monetary Assets [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Cash and due from banks | 1,263,924 | 1,468,575 | |||
Cash collateral, reverse repurchase agreements and securities borrowings | 749,425 | 714,003 | |||
At fair value through profit or loss | 1,996,467 | 2,236,995 | |||
At fair value through other comprehensive income | 532,582 | 731,145 | |||
Amortized cost | 21,168 | 0 | |||
Loans | 8,149,706 | 7,108,612 | |||
Financial assets designated at fair value through profit or loss | 0 | 0 | |||
Other assets | 678,111 | 408,913 | |||
Total monetary assets | 13,391,383 | 12,668,243 | |||
Other Currency [Member] | Monetary Liabilities [Member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Deposits and obligations | (8,916,458) | (8,869,169) | |||
Payables from repurchase agreements and security Lendings | (1,874,679) | (1,640,197) | |||
Due to bank and correspondents | (333,405) | (254,206) | |||
Financial liabilities at fair value through profit or loss | (399,225) | (269,059) | |||
Technical reserves for claims and insurance premiums | (5,993) | (2,435) | |||
Bonds and notes issued | (256,481) | (105,602) | |||
Other liabilities | (874,416) | (648,395) | |||
Total monetary liabilities | (12,741,022) | (11,789,063) | |||
Gains (losses) on net monetary position | 650,361 | 879,180 | |||
Other Currency [Member] | Lease liabilities [member] | |||||
Disclosure of financial risks management [Line Items] | |||||
Lease liabilities | S/ (80,365) | S/ 0 |
FINANCIAL RISK MANAGEMENT - S_2
FINANCIAL RISK MANAGEMENT - Sensitivity Analysis of the U.S.Dollar (Details) - Currency risk [member] - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Devalualtion at 5 in US Dollar [Member] | ||
disclosure of detailed information about assets and liabilities by currencies at the free market exchnage rates [Line Items] | ||
Sensitivity Analysis, Percent Change In Currency | 5.00% | 5.00% |
Sensitivity Analysis, change in non-trading monetary assets and liabilities | S/ 7,142 | S/ 47,559 |
Devalualtion at 10 in US Dollar [Member] | ||
disclosure of detailed information about assets and liabilities by currencies at the free market exchnage rates [Line Items] | ||
Sensitivity Analysis, Percent Change In Currency | 10.00% | 10.00% |
Sensitivity Analysis, change in non-trading monetary assets and liabilities | S/ 13,635 | S/ 90,795 |
Revaluation In 5 In US Dollar [Member] | ||
disclosure of detailed information about assets and liabilities by currencies at the free market exchnage rates [Line Items] | ||
Sensitivity Analysis, Percent Change In Currency | 5.00% | 5.00% |
Sensitivity Analysis, change in non-trading monetary assets and liabilities | S/ (7,894) | S/ (52,566) |
Revaluation In 10 In US Dollar [Member] | ||
disclosure of detailed information about assets and liabilities by currencies at the free market exchnage rates [Line Items] | ||
Sensitivity Analysis, Percent Change In Currency | 10.00% | 10.00% |
Sensitivity Analysis, change in non-trading monetary assets and liabilities | S/ (16,665) | S/ (110,972) |
FINANCIAL RISK MANAGEMENT - Cas
FINANCIAL RISK MANAGEMENT - Cash Flows Payable by Remaining Contractual Maturities (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about cash flows associated with the remaining contractual maturities [Line Items] | ||
Undiscounted cash outflow required to repurchase derecognised financial assets | S/ 212,961,084 | S/ 201,306,222 |
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 157,710,225 | 154,246,748 |
Derivative financial liabilities | ||
Contractual amounts receivable (Inflows) | 4,821,700 | 6,682,203 |
Contractual amounts payable (outflows) | 3,932,898 | 4,933,898 |
Total liabilities | 888,802 | 1,748,305 |
Deposits and obligations [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 118,029,083 | 109,045,074 |
Payables from reverse purchase agreements and security lendings and due to banks and correspondents [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 16,367,464 | 23,411,112 |
Accounts payable to reinsurers and and coinsurers [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 214,657 | 306,533 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 493,700 | 362,310 |
Bonds and notes [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 16,802,657 | 17,056,705 |
Lease liabilities [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,031,631 | |
Other financial liabilities [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 4,771,033 | 4,065,014 |
Up to one month [Member] | ||
Disclosure of detailed information about cash flows associated with the remaining contractual maturities [Line Items] | ||
Undiscounted cash outflow required to repurchase derecognised financial assets | 35,352,840 | 29,543,745 |
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 40,755,817 | 36,011,933 |
Derivative financial liabilities | ||
Contractual amounts receivable (Inflows) | 921,774 | 1,537,102 |
Contractual amounts payable (outflows) | 501,611 | 556,987 |
Total liabilities | 420,163 | 980,115 |
Up to one month [Member] | Deposits and obligations [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 33,056,293 | 30,659,602 |
Up to one month [Member] | Payables from reverse purchase agreements and security lendings and due to banks and correspondents [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 3,880,781 | 2,920,477 |
Up to one month [Member] | Accounts payable to reinsurers and and coinsurers [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 45,702 | 9,087 |
Up to one month [Member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 493,700 | 362,310 |
Up to one month [Member] | Bonds and notes [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 549,434 | 71,272 |
Up to one month [Member] | Lease liabilities [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 10,857 | |
Up to one month [Member] | Other financial liabilities [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,719,050 | 1,989,185 |
One to three months [Member] | ||
Disclosure of detailed information about cash flows associated with the remaining contractual maturities [Line Items] | ||
Undiscounted cash outflow required to repurchase derecognised financial assets | 22,105,919 | 26,446,311 |
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 13,278,945 | 15,469,550 |
Derivative financial liabilities | ||
Contractual amounts receivable (Inflows) | 722,448 | 1,267,858 |
Contractual amounts payable (outflows) | 435,484 | 274,168 |
Total liabilities | 286,964 | 993,690 |
One to three months [Member] | Deposits and obligations [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 10,879,383 | 10,717,381 |
One to three months [Member] | Payables from reverse purchase agreements and security lendings and due to banks and correspondents [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,810,265 | 3,995,758 |
One to three months [Member] | Accounts payable to reinsurers and and coinsurers [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 132,581 | 290,214 |
One to three months [Member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
One to three months [Member] | Bonds and notes [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 149,009 | 133,642 |
One to three months [Member] | Lease liabilities [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 21,751 | |
One to three months [Member] | Other financial liabilities [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 285,956 | 332,555 |
Three to twelve months [Member] | ||
Disclosure of detailed information about cash flows associated with the remaining contractual maturities [Line Items] | ||
Undiscounted cash outflow required to repurchase derecognised financial assets | 49,635,736 | 42,823,710 |
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 25,734,617 | 28,566,865 |
Derivative financial liabilities | ||
Contractual amounts receivable (Inflows) | 1,244,120 | 1,155,340 |
Contractual amounts payable (outflows) | 787,985 | 1,116,070 |
Total liabilities | 456,135 | 39,270 |
Three to twelve months [Member] | Deposits and obligations [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 22,008,052 | 20,100,704 |
Three to twelve months [Member] | Payables from reverse purchase agreements and security lendings and due to banks and correspondents [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,118,503 | 4,976,816 |
Three to twelve months [Member] | Accounts payable to reinsurers and and coinsurers [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 25,590 | 5,088 |
Three to twelve months [Member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Three to twelve months [Member] | Bonds and notes [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,138,869 | 3,062,572 |
Three to twelve months [Member] | Lease liabilities [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 96,013 | |
Three to twelve months [Member] | Other financial liabilities [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 347,590 | 421,685 |
One to five years [Member] | ||
Disclosure of detailed information about cash flows associated with the remaining contractual maturities [Line Items] | ||
Undiscounted cash outflow required to repurchase derecognised financial assets | 63,189,798 | 65,551,209 |
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 56,117,910 | 56,867,332 |
Derivative financial liabilities | ||
Contractual amounts receivable (Inflows) | 966,488 | 1,663,518 |
Contractual amounts payable (outflows) | 1,224,424 | 1,882,494 |
Total liabilities | (257,936) | (218,976) |
One to five years [Member] | Deposits and obligations [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 42,265,306 | 38,903,924 |
One to five years [Member] | Payables from reverse purchase agreements and security lendings and due to banks and correspondents [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 1,933,857 | 4,639,124 |
One to five years [Member] | Accounts payable to reinsurers and and coinsurers [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 10,784 | 2,144 |
One to five years [Member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
One to five years [Member] | Bonds and notes [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 11,255,465 | 13,316,127 |
One to five years [Member] | Lease liabilities [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 434,797 | |
One to five years [Member] | Other financial liabilities [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 217,701 | 6,013 |
Later than 5 years [Member] | ||
Disclosure of detailed information about cash flows associated with the remaining contractual maturities [Line Items] | ||
Undiscounted cash outflow required to repurchase derecognised financial assets | 42,676,791 | 36,941,247 |
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 21,822,936 | 17,331,068 |
Derivative financial liabilities | ||
Contractual amounts receivable (Inflows) | 966,870 | 1,058,385 |
Contractual amounts payable (outflows) | 983,394 | 1,104,179 |
Total liabilities | (16,524) | (45,794) |
Later than 5 years [Member] | Deposits and obligations [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 9,820,049 | 8,663,463 |
Later than 5 years [Member] | Payables from reverse purchase agreements and security lendings and due to banks and correspondents [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 7,624,058 | 6,878,937 |
Later than 5 years [Member] | Accounts payable to reinsurers and and coinsurers [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than 5 years [Member] | Financial liabilities at fair value through profit or loss, category [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 0 | 0 |
Later than 5 years [Member] | Bonds and notes [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 2,709,880 | 473,092 |
Later than 5 years [Member] | Lease liabilities [member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | 468,213 | |
Later than 5 years [Member] | Other financial liabilities [Member] | ||
Financial liabilities by type | ||
Non-derivative financial liabilities, undiscounted cash flows | S/ 1,200,736 | S/ 1,315,576 |
FINANCIAL RISK MANAGEMENT - F_3
FINANCIAL RISK MANAGEMENT - Financial Instruments Recorded At Fair Value and Fair Value Hierarchy (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | S/ 31,766,136 | S/ 29,995,783 |
Financial liabilities, at fair value | 1,533,982 | 1,078,114 |
Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 26,202,723 | 25,195,835 |
Available for sale [Member] | Certificates of deposit BCRP [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 8,665,272 | 9,829,584 |
Available for sale [Member] | Government Treasury Bonds [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 6,814,581 | 5,268,546 |
Available for sale [Member] | Securitization instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 629,818 | 521,452 |
Available for sale [Member] | Negotiable certificates of deposits [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 377,296 | 289,148 |
Available for sale [Member] | Other instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 177,417 | 53,637 |
Available for sale [Member] | Equity instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 579,199 | 649,470 |
Investments At Fair Value Through Profit or Loss [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 3,850,762 | 3,512,445 |
At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 620,544 | 521,186 |
Financial liabilities, at fair value | 493,700 | 362,310 |
Corporate bonds | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 8,793,753 | 8,416,518 |
Subordinated bonds | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 165,387 | 167,480 |
Level 1 of fair value hierarchy [member] | Fair value | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 12,513,512 | 8,480,454 |
Financial liabilities, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 9,634,900 | 6,319,912 |
Level 1 of fair value hierarchy [member] | Available for sale [Member] | Certificates of deposit BCRP [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Available for sale [Member] | Government Treasury Bonds [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 6,194,116 | 4,587,264 |
Level 1 of fair value hierarchy [member] | Available for sale [Member] | Securitization instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Available for sale [Member] | Negotiable certificates of deposits [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Available for sale [Member] | Other instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Available for sale [Member] | Equity instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 239,555 | 235,566 |
Level 1 of fair value hierarchy [member] | Investments At Fair Value Through Profit or Loss [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 2,320,141 | 1,690,430 |
Level 1 of fair value hierarchy [member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 558,471 | 470,112 |
Financial liabilities, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Bonds and notes issued at fair value [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 of fair value hierarchy [member] | Corporate bonds | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 3,171,451 | 1,487,110 |
Level 1 of fair value hierarchy [member] | Subordinated bonds | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 29,778 | 9,972 |
Level 2 of fair value hierarchy [member] | Fair value | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 18,488,476 | 20,683,455 |
Financial liabilities, at fair value | 1,533,982 | 1,078,114 |
Level 2 of fair value hierarchy [member] | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 16,547,819 | 18,853,263 |
Level 2 of fair value hierarchy [member] | Available for sale [Member] | Certificates of deposit BCRP [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 8,665,272 | 9,829,584 |
Level 2 of fair value hierarchy [member] | Available for sale [Member] | Government Treasury Bonds [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 620,465 | 681,282 |
Level 2 of fair value hierarchy [member] | Available for sale [Member] | Securitization instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 629,818 | 521,452 |
Level 2 of fair value hierarchy [member] | Available for sale [Member] | Negotiable certificates of deposits [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 377,296 | 289,148 |
Level 2 of fair value hierarchy [member] | Available for sale [Member] | Other instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 177,417 | 53,637 |
Level 2 of fair value hierarchy [member] | Available for sale [Member] | Equity instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 320,579 | 396,523 |
Level 2 of fair value hierarchy [member] | Investments At Fair Value Through Profit or Loss [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 786,477 | 1,012,801 |
Level 2 of fair value hierarchy [member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 62,073 | 51,074 |
Financial liabilities, at fair value | 493,700 | 362,310 |
Level 2 of fair value hierarchy [member] | Bonds and notes issued at fair value [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | |
Level 2 of fair value hierarchy [member] | Corporate bonds | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 5,621,363 | 6,924,129 |
Level 2 of fair value hierarchy [member] | Subordinated bonds | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 135,609 | 157,508 |
Level 3 of fair value hierarchy [member] | Fair value | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 764,148 | 831,874 |
Financial liabilities, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 20,004 | 22,660 |
Level 3 of fair value hierarchy [member] | Available for sale [Member] | Certificates of deposit BCRP [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | Available for sale [Member] | Government Treasury Bonds [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | Available for sale [Member] | Securitization instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | Available for sale [Member] | Negotiable certificates of deposits [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | Available for sale [Member] | Other instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | Available for sale [Member] | Equity instruments [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 19,065 | 17,381 |
Level 3 of fair value hierarchy [member] | Investments At Fair Value Through Profit or Loss [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 744,144 | 809,214 |
Level 3 of fair value hierarchy [member] | At fair value through profit or loss | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Financial liabilities, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | Bonds and notes issued at fair value [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 of fair value hierarchy [member] | Corporate bonds | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 939 | 5,279 |
Level 3 of fair value hierarchy [member] | Subordinated bonds | Available for sale [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Fair value | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 1,092,107 | 766,317 |
Derivative financial assets [Member] | Interest Rate Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 269,219 | 165,172 |
Derivative financial assets [Member] | Cross currency swaps [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 98,585 | 120,744 |
Derivative financial assets [Member] | Cross Currency Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 411,656 | 354,432 |
Derivative financial assets [Member] | Foreign currency options [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 6,489 | 1,281 |
Derivative financial assets [Member] | Forward contract [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 306,148 | 124,124 |
Derivative financial assets [Member] | Futures [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 10 | 564 |
Derivative financial assets [Member] | Level 1 of fair value hierarchy [member] | Fair value | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 1 of fair value hierarchy [member] | Interest Rate Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 1 of fair value hierarchy [member] | Cross currency swaps [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 1 of fair value hierarchy [member] | Cross Currency Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 1 of fair value hierarchy [member] | Foreign currency options [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 1 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 1 of fair value hierarchy [member] | Futures [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 2 of fair value hierarchy [member] | Fair value | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 1,092,107 | 766,317 |
Derivative financial assets [Member] | Level 2 of fair value hierarchy [member] | Interest Rate Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 269,219 | 165,172 |
Derivative financial assets [Member] | Level 2 of fair value hierarchy [member] | Cross currency swaps [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 98,585 | 120,744 |
Derivative financial assets [Member] | Level 2 of fair value hierarchy [member] | Cross Currency Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 411,656 | 354,432 |
Derivative financial assets [Member] | Level 2 of fair value hierarchy [member] | Foreign currency options [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 6,489 | 1,281 |
Derivative financial assets [Member] | Level 2 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 306,148 | 124,124 |
Derivative financial assets [Member] | Level 2 of fair value hierarchy [member] | Futures [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 10 | 564 |
Derivative financial assets [Member] | Level 3 of fair value hierarchy [member] | Fair value | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 3 of fair value hierarchy [member] | Interest Rate Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 3 of fair value hierarchy [member] | Cross currency swaps [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 3 of fair value hierarchy [member] | Cross Currency Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 3 of fair value hierarchy [member] | Foreign currency options [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 3 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial assets [Member] | Level 3 of fair value hierarchy [member] | Futures [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 1,040,282 | 715,804 |
Derivative financial liabilities [Member] | Interest Rate Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 365,774 | 153,560 |
Derivative financial liabilities [Member] | Cross currency swaps [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 54,775 | 55,454 |
Derivative financial liabilities [Member] | Cross Currency Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 366,545 | 401,856 |
Derivative financial liabilities [Member] | Foreign currency options [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 6,089 | 728 |
Derivative financial liabilities [Member] | Forward contract [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 246,960 | 101,548 |
Derivative financial liabilities [Member] | Futures [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 139 | 2,658 |
Derivative financial liabilities [Member] | Level 1 of fair value hierarchy [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 1 of fair value hierarchy [member] | Interest Rate Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 1 of fair value hierarchy [member] | Cross currency swaps [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 1 of fair value hierarchy [member] | Cross Currency Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 1 of fair value hierarchy [member] | Foreign currency options [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 1 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 1 of fair value hierarchy [member] | Futures [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 1,040,282 | 715,804 |
Derivative financial liabilities [Member] | Level 2 of fair value hierarchy [member] | Interest Rate Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 365,774 | 153,560 |
Derivative financial liabilities [Member] | Level 2 of fair value hierarchy [member] | Cross currency swaps [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 54,775 | 55,454 |
Derivative financial liabilities [Member] | Level 2 of fair value hierarchy [member] | Cross Currency Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 366,545 | 401,856 |
Derivative financial liabilities [Member] | Level 2 of fair value hierarchy [member] | Foreign currency options [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 6,089 | 728 |
Derivative financial liabilities [Member] | Level 2 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 246,960 | 101,548 |
Derivative financial liabilities [Member] | Level 2 of fair value hierarchy [member] | Futures [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 139 | 2,658 |
Derivative financial liabilities [Member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 3 of fair value hierarchy [member] | Interest Rate Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 3 of fair value hierarchy [member] | Cross currency swaps [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 3 of fair value hierarchy [member] | Cross Currency Swap | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 3 of fair value hierarchy [member] | Foreign currency options [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 3 of fair value hierarchy [member] | Forward contract [member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivative financial liabilities [Member] | Level 3 of fair value hierarchy [member] | Futures [Member] | ||
Disclosure of financial risks management [Line Items] | ||
Financial liabilities, at fair value | S/ 0 | S/ 0 |
FINANCIAL RISK MANAGEMENT - F_4
FINANCIAL RISK MANAGEMENT - Financial Instruments Not Measured At Fair Value (Details) - PEN (S/) S/ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets | S/ 164,228,539 | ||
Financial liabilities | S/ 139,747,905 | ||
Not measured at fair value [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | S/ 148,524,252 | S/ 141,215,322 | |
Financial liabilities, at fair value | 149,160,417 | 142,653,850 | |
Financial assets | 148,104,567 | 141,217,038 | |
Financial liabilities | 148,277,500 | 142,110,522 | |
Deposits and obligations [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 112,005,385 | 104,551,310 | |
Financial liabilities | 112,005,385 | 104,551,310 | |
Payables from repurchase agreements [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 7,678,016 | 9,415,357 | |
Financial liabilities | 7,678,016 | 9,415,357 | |
Due to Banks and correspondents and other entities [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 9,032,177 | 8,520,401 | |
Financial liabilities | 8,841,732 | 8,448,140 | |
Bank acceptances liabilities [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 535,222 | 967,968 | |
Financial liabilities | 535,222 | 967,968 | |
Payable to reinsurers and coinsurers [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 216,734 | 291,693 | |
Financial liabilities | 216,734 | 291,693 | |
Lease liabilities [member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 847,504 | 0 | |
Bond and notes issued [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 15,638,835 | 15,928,607 | |
Financial liabilities | 14,946,363 | 15,457,540 | |
Other liabilitie [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 3,206,544 | 2,978,514 | |
Financial liabilities | 3,206,544 | 2,978,514 | |
Cash and due from banks [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 25,986,762 | 22,168,516 | |
Financial assets | 25,986,762 | 22,168,516 | |
Cash collateral reverse repurchase [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 4,288,524 | 4,082,942 | |
Financial assets | 4,288,524 | 4,082,942 | |
Loans, net [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 110,485,717 | 105,806,998 | |
Financial assets | 110,485,717 | 105,806,998 | |
Premiums and other policies receivable [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 838,731 | 887,273 | |
Financial assets | 838,731 | 887,273 | |
Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 791,704 | 842,043 | |
Financial assets | 791,704 | 842,043 | |
Other asset [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 1,700,861 | 2,306,460 | |
Financial assets | 1,700,861 | 2,306,460 | |
Investments at Amortized Cost [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 3,896,731 | 4,153,122 | |
Financial assets | 3,477,046 | 4,154,838 | |
Due from Customers on Acceptances [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 535,222 | 967,968 | |
Financial assets | 535,222 | 967,968 | |
Level 1 of fair value hierarchy [member] | Not measured at fair value [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 3,772,509 | 3,815,301 | |
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Deposits and obligations [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Payables from repurchase agreements [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Due to Banks and correspondents and other entities [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Bank acceptances liabilities [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Payable to reinsurers and coinsurers [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Lease liabilities [member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Bond and notes issued [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Other liabilitie [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Cash and due from banks [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Cash collateral reverse repurchase [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Loans, net [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Premiums and other policies receivable [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Other asset [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 1 of fair value hierarchy [member] | Investments at Amortized Cost [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 3,772,509 | 3,815,301 | |
Level 1 of fair value hierarchy [member] | Due from Customers on Acceptances [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 2 of fair value hierarchy [member] | Not measured at fair value [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 144,751,743 | 137,400,021 | |
Financial liabilities, at fair value | 149,160,417 | 142,653,850 | |
Level 2 of fair value hierarchy [member] | Deposits and obligations [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 112,005,385 | 104,551,310 | |
Level 2 of fair value hierarchy [member] | Payables from repurchase agreements [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 7,678,016 | 9,415,357 | |
Level 2 of fair value hierarchy [member] | Due to Banks and correspondents and other entities [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 9,032,177 | 8,520,401 | |
Level 2 of fair value hierarchy [member] | Bank acceptances liabilities [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 535,222 | 967,968 | |
Level 2 of fair value hierarchy [member] | Payable to reinsurers and coinsurers [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 216,734 | 291,693 | |
Level 2 of fair value hierarchy [member] | Lease liabilities [member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 847,504 | 0 | |
Level 2 of fair value hierarchy [member] | Bond and notes issued [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 15,638,835 | 15,928,607 | |
Level 2 of fair value hierarchy [member] | Other liabilitie [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 3,206,544 | 2,978,514 | |
Level 2 of fair value hierarchy [member] | Cash and due from banks [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 25,986,762 | 22,168,516 | |
Level 2 of fair value hierarchy [member] | Cash collateral reverse repurchase [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 4,288,524 | 4,082,942 | |
Level 2 of fair value hierarchy [member] | Loans, net [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 110,485,717 | 105,806,998 | |
Level 2 of fair value hierarchy [member] | Premiums and other policies receivable [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 838,731 | 887,273 | |
Level 2 of fair value hierarchy [member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 791,704 | 842,043 | |
Level 2 of fair value hierarchy [member] | Other asset [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 1,700,861 | 2,306,460 | |
Level 2 of fair value hierarchy [member] | Investments at Amortized Cost [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 124,222 | 337,821 | |
Level 2 of fair value hierarchy [member] | Due from Customers on Acceptances [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 535,222 | 967,968 | |
Level 3 of fair value hierarchy [member] | Not measured at fair value [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Deposits and obligations [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Payables from repurchase agreements [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Due to Banks and correspondents and other entities [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Bank acceptances liabilities [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Payable to reinsurers and coinsurers [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Lease liabilities [member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Bond and notes issued [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Other liabilitie [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Cash and due from banks [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Cash collateral reverse repurchase [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Loans, net [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Premiums and other policies receivable [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Accounts receivable from reinsurers and coinsurers [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Other asset [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Investments at Amortized Cost [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | 0 | 0 | |
Level 3 of fair value hierarchy [member] | Due from Customers on Acceptances [Member] | |||
Disclosure of detailed information about comparison between carrying amounts and fair value of financial instruments which are not measured at fair value [Line Items] | |||
Financial assets, at fair value | S/ 0 | S/ 0 |
FINANCIAL RISK MANAGEMENT - Net
FINANCIAL RISK MANAGEMENT - Net Assets Under Administration Off the Balance Sheet (Details) - PEN (S/) S/ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about assigned value of financial assets [Line Items] | ||
Assigned value of the financial assets | S/ 120,768 | S/ 107,643 |
Pension funds [Member] | ||
Disclosure of detailed information about assigned value of financial assets [Line Items] | ||
Assigned value of the financial assets | 53,912 | 47,452 |
Investment funds | ||
Disclosure of detailed information about assigned value of financial assets [Line Items] | ||
Assigned value of the financial assets | 43,635 | 40,186 |
Equity managed [Member] | ||
Disclosure of detailed information about assigned value of financial assets [Line Items] | ||
Assigned value of the financial assets | 18,387 | 15,397 |
Bank trusts [Member] | ||
Disclosure of detailed information about assigned value of financial assets [Line Items] | ||
Assigned value of the financial assets | S/ 4,834 | S/ 4,608 |
FINANCIAL RISK MANAGEMENT - Add
FINANCIAL RISK MANAGEMENT - Additional Information (Details) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2019PEN (S/) | Dec. 31, 2018PEN (S/) | Jan. 01, 2018PEN (S/) | |
Disclosure of financial risks management [Line Items] | |||
Regulatory capital requirement | S/ 25,732,000 | S/ 25,063,900 | |
Regulatory Capital Exceeds Minimum Regulatory Capital Required | 4,151,600 | 4,658,100 | |
Derivative financial assets | 1,092,107 | 766,317 | S/ 701,826 |
Derivative financial liabilities | 1,040,282 | 715,804 | |
Increase (decrease) in fair value of financial assets designated as measured at fair value through profit or loss, attributable to changes in credit risk of financial assets | 12,600 | 15,400 | |
Increase (decrease) in fair value of financial liability, attributable to changes in credit risk of liability | 14,000 | 17,100 | |
Net impact of debit valuation and credit valuation adjustments | 3,200 | 200 | |
Net unrealized gain of Level 3 financial instruments | S/ 1,900 | S/ 2,300 | |
Foreign exchange rate for buying and selling | 3.314 | 3.373 | |
Financial assets | 164,228,539 | ||
Renegotiated Credits [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Financial assets | S/ 1,186,300 | S/ 1,281,500 | |
Loans to commercial [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Increase (decrease) in allowance account for credit losses of financial assets | S/ 124,700 | ||
Percentage of increase in allowance account for credit losses of financial assets | 2.80% | ||
Microbusiness loans [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Percentage of increase in allowance account for credit losses of financial assets | 3.22% | ||
Consumer loans [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Percentage of increase in allowance account for credit losses of financial assets | 5.69% | ||
Residential mortgage loans [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Percentage of increase in allowance account for credit losses of financial assets | 2.35% | ||
Financial assets impaired [member] | |||
Disclosure of financial risks management [Line Items] | |||
Derivative financial assets | 0 | ||
Financial assets | S/ 216,340 | ||
Financial assets impaired [member] | Renegotiated Credits [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Financial assets | S/ 907,400 | 671,500 | |
Past due but not impaired [Member] | Renegotiated Credits [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Financial assets | 160,300 | 270,300 | |
Neither past due nor impaired [Member] | Renegotiated Credits [Member] | |||
Disclosure of financial risks management [Line Items] | |||
Financial assets | S/ 118,600 | S/ 339,600 |