(b)

Following is the detail of debt instruments measured at fair value through other comprehensive income:


			Unrealized gross amount								Annual effective interest rates
	Amortized							Estimated		Maturity	S/				US$
2025	cost		Gains		Losses (c)			fair value			Min		Max		Min		Max
	S/(000)		S/(000)		S/(000)			S/(000)			%		%		%		%
Corporate, leasing and subordinated bonds (*)		9,667,248		213,688		(679,257	)		9,201,679	Jan-26 / Feb-97		3.09		41.26		3.23		18.64
Sovereign Bonds of the Republic of Peru (**)		8,855,018		183,759		(128,769	)		8,910,008	Aug-26 / Feb-55		2.08		6.58		—		—
Negotiable Certificates of Deposit issued by the Central Reserve Bank of Peru		2,057,974		15		(297	)		2,057,692	Jan-26 / Jun-26		3.96		4.04		—		—
Global Bonds of the Republic of Peru		550,343		5,424		(7,727	)		548,040	Jan-26 / Nov-50		—		—		3.96		10.58
Bonds guaranteed by the Peruvian Government		473,317		11,098		(1,062	)		483,353	Apr-28 / Oct-33		3.35		4.30		5.66		6.64
Treasury Bonds of the United States of America		62,364		81		(2,171	)		60,274	Jun-26 / Nov-55		—		—		3.84		4.84
Global Bonds of the United States of Mexico		26,562		165		(1,727	)		25,000	May-31 / Feb-34		—		—		4.98		5.62
Global Bonds of the Republic of Chile		11,357		87		(64	)		11,380	Jan-29 / Jan-32		—		—		4.13		4.55
Negotiable Certificates of Deposit from financial institutions		1,969		2		—			1,971	Apr-26		5.03		5.03		—		—
Total		21,706,152		414,319		(821,074	)		21,299,397
Accrued interest									363,254
Total									21,662,651

			Unrealized gross amount								Annual effective interest rates
	Amortized							Estimated		Maturity	S/				US$
2024	cost		Gains		Losses (c)			fair value			Min		Max		Min		Max
	S/(000)		S/(000)		S/(000)			S/(000)			%		%		%		%
Corporate, leasing and subordinated bonds (*)		9,867,060		111,866		(805,981	)		9,172,945	Jan-25 / Feb-97		2.20		14.00		3.70		10.86
Sovereign Bonds of the Republic of Peru (**)		8,331,426		24,387		(410,536	)		7,945,277	Aug-26 / Feb-55		2.81		7.12		—		—
Negotiable Certificates of Deposit issued by the Central Reserve Bank of Peru		2,113,571		370		(17	)		2,113,924	Jan-25 / Jun-25		4.51		4.68		—		—
Bonds guaranteed by the Peruvian Government		554,359		6,798		(4,603	)		556,554	Apr-28 / Oct-33		3.65		4.74		6.37		7.22
Global Bonds of the Republic of Peru		548,697		—		(27,058	)		521,639	Jul-25 / Nov-50		—		—		5.00		6.14
Treasury Bonds of the United States of America		57,607		—		(5,082	)		52,525	Nov-31 / Aug-34		—		—		4.46		4.53
Global Bonds of the United States of Mexico		18,100		—		(3,159	)		14,941	Feb-34		—		—		6.51		6.51
Total		21,490,820		143,421		(1,256,436	)		20,377,805
Accrued interest									347,087
Total									20,724,892

(*) As of December 31, 2025 and 2024, Inteligo Bank holds corporate bonds from several entities for approximately S/367,151,000 and S/410,509,000, respectively, which guarantee loans with BMO Capital Markets Corp. and Bank J. Safra Sarasin, see Note 12(d).

(**) As of December 31, 2025 and 2024, Interbank holds Sovereign Bonds of the Republic of Peru for approximately S/975,609,000 and S/1,027,038,000, respectively, which guarantee loans with foreign banks, see Note 12(d).

The following table shows the credit quality and maximum exposure to credit risk based on the Group's internal credit rating of debt instruments measured at fair value through other comprehensive income as of December 31, 2025 and 2024. The amounts presented do not consider impairment.


	2025								2024
	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)
Not impaired
High grade		2,888,817		—		—		2,888,817		2,946,070		—		—		2,946,070
Standard grade		17,904,622		424,143		—		18,328,765		16,385,685		823,057		—		17,208,742
Sub-standard grade		—		4,258		77,557		81,815		—		222,993		—		222,993
Impaired
Individual		—		—		—		—		—		—		—		-
Total		20,793,439		428,401		77,557		21,299,397		19,331,755		1,046,050		—		20,377,805

The following table shows the analysis of changes in fair value and the corresponding expected credit loss:


	2025
Gross carrying amount of debt instruments measured at fair value through other comprehensive income	Stage 1			Stage 2			Stage 3			Total
	S/(000)			S/(000)			S/(000)			S/(000)
Beginning of year balances		19,331,755			1,046,050			—			20,377,805
New originated or purchased assets		5,527,693			—			—			5,527,693
Assets matured or derecognized (excluding write-offs)		(4,013,469	)		(164,020	)		(46,364	)		(4,223,853	)
Change in fair value		416,120			(51,589	)		(201,569	)		162,962
Transfers to Stage 1		78,049			(78,049	)		—			—
Transfers to Stage 2		(2,945	)		2,945			—			—
Transfers to Stage 3		—			(325,490	)		325,490			—
Write-offs		—			—			—			—
Foreign exchange effect		(543,764	)		(1,446	)		—			(545,210	)
End of year balances		20,793,439			428,401			77,557			21,299,397

	2025
Movement of the allowance for expected credit losses for debt instruments measured at fair value through other comprehensive income	Stage 1			Stage 2			Stage 3			Total
	S/(000)			S/(000)			S/(000)			S/(000)
Expected credit loss at the beginning of the period		9,383			85,707			—			95,090
New originated or purchased assets		2,140			—			—			2,140
Assets matured or derecognized (excluding write-offs)		(1,977	)		(1,229	)		—			(3,206	)
Transfers to Stage 1		3,371			(3,371	)		—			—
Transfers to Stage 2		(7	)		7			—			—
Transfers to Stage 3		—			(65,103	)		65,103			—
Effect on the expected credit loss due to the change of the stage during the year		(2,935	)		58			267,100			264,223
Others (*)		(1,209	)		1,813			—			604
Write-offs		(26	)		(1,486	)		(70,028	)		(71,540	)
Foreign exchange effect		(80	)		(88	)		(1	)		(169	)
Expected credit loss at the end of the period		8,660			16,308			262,174			287,142

(*) Corresponds mainly to the effects on the expected loss due to changes in investment ratings that do not necessarily have resulted in stage transfers during the year.


	2024
Gross carrying amount of debt instruments measured at fair value through other comprehensive income	Stage 1			Stage 2			Stage 3			Total
	S/(000)			S/(000)			S/(000)			S/(000)
Beginning of year balances		20,160,308			750,179			1,697			20,912,184
New originated or purchased assets		4,916,977			—			—			4,916,977
Assets matured or derecognized (excluding write-offs)		(5,166,123	)		(101,294	)		(1,718	)		(5,269,135	)
Change in fair value		(218,924	)		(28,365	)		—			(247,289	)
Transfers to Stage 1		—			—			—			—
Transfers to Stage 2		(425,221	)		425,221			—			—
Transfers to Stage 3		—			—			—			—
Write-offs		—			—			—			—
Foreign exchange effect		64,738			309			21			65,068
End of year balances		19,331,755			1,046,050			—			20,377,805

	2024
Movement of the allowance for expected credit losses for debt instruments measured at fair value through other comprehensive income	Stage 1			Stage 2			Stage 3			Total
	S/(000)			S/(000)			S/(000)			S/(000)
Expected credit loss at the beginning of the period		9,877			37,987			13,182			61,046
New originated or purchased assets		1,095			—			—			1,095
Assets matured or derecognized (excluding write-offs)		(851	)		(2,808	)		(256	)		(3,915	)
Transfers to Stage 1		—			—			—			—
Transfers to Stage 2		(1,053	)		1,053			—			—
Transfers to Stage 3		—			—			—			—
Effect on the expected credit loss due to the change of the stage during the year		—			8,958			—			8,958
Others (*)		457			40,926			—			41,383
Write-offs		—			—			(13,043	)		(13,043	)
Foreign exchange effect		(142	)		(409	)		117			(434	)
Expected credit loss at the end of the period		9,383			85,707			—			95,090

(*) Corresponds mainly to the effects on the expected loss due to changes in investment ratings that do not necessarily have resulted in stage transfers during the year.

In the determination of the expected loss for the portfolio of financial investments, for the years 2025 and 2024; it has not been necessary to perform a subsequent adjustment to the model through expert judgment, as the most significant investments are permanently evaluated by local and international risk rating agencies, in an individual manner. Said agencies periodically modify the ratings of the issuers in accordance with the risk variation of each of the financial instruments, based on specific situation of issuers.

As a result of the assessment of the impairment of its debt instruments at fair value through other comprehensive income, the Group recorded a loss of S/263,761,000, S/47,521,000 and S/7,500,000 during the year 2025, 2024 and 2023, which are presented in the caption “Loss to impairment of financial investments” in the consolidated statement of income. The movement of unrealized results of investments at fair value through other comprehensive income, net of Income Tax and non-controlling interest, is presented in Notes 16(d) and (e).

As of December 31, 2025 and 2024, these investments have maturity dates that range from August 2026 to August 2039, have accrued interest at effective annual rates between 4.36 percent and 7.76 percent, and a fair value amounting to approximately S/4,026,559,000 and S/3,775,935,000, respectively.

Additionally, as of December 31, 2025, term deposits mainly issued in local currency are held, for an amount of S/140,840,000, including accrued interest amounting to S/7,774,000 (as of December 31, 2024, term deposits mainly issued in local currency were held, for an amount of S/98,658,000, included accrued interest amounting to S/12,143,000).Said investments present low credit risk and the impairment loss is not material. As of December 31, 2025, the maturity of these investments fluctuates between January 2026 and February 2029, have accrued interest at effective annual rates between 3.00 percent and 5.00 percent, and their fair value amounts to approximately S/140,840,000 (as of December 31, 2024, the maturity of these investments fluctuated between January 2025 and February 2029, have accrued interest at effective annual rates between 3.10 percent and 8.80 percent, and a fair value amounted to approximately S/98,658,000).

During the years 2024 and 2023, the Government of the Republic of Peru performed public offerings to repurchase certain sovereign bonds, with the purpose of renewing its debt and funding the fiscal deficit. Considering the purpose of this offering, subsequently to it, there should not be existing remaining sovereign bonds of the repurchased issuances or, in case of existing, they would become illiquid on the market. In that sense, during year 2024, Interbank took part of these public offering and sold to the Government of the Republic of Peru, sovereign bonds classified as investments at amortized cost for approximately S/630,749,000, generating a gain amounting to S/866,000 (during year 2023, Interbank sold S/482,632,000, generating a loss amounting to S/490,000), which was recorded in the caption “Net gain (loss) on sale of financial investments” of the consolidated statement of income. Additionally, with the purpose of maintaining its asset management strategy, Interbank, during year 2024, purchased simultaneously other sovereign bonds of the Republic of Peru for approximately S/628,675,000, and classified them as investments at amortized cost (during year 2023, purchased S/488,127,000 and classified them as investments at amortized cost). In Management’s opinion and pursuant to IFRS 9, said transaction is congruent with the Group’s business model because although said sales were significant, they were infrequent and were performed with the sole purpose of facilitating the renewal and the funding of the fiscal deficit of the Republic of Peru, and thus the business model regarding these assets has always been to collection of the contractual cash flows.

As of December 31, 2025 and 2024, Interbank holds loans with the BCRP that are guaranteed with these sovereign bonds, classified as restricted, for approximately S/1,436,030,000 and S/1,861,524,000, respectively, see Note 12(b).

As of December 31, 2025 and 2024, Interbank holds loans with foreign banks that are guaranteed with these sovereign bonds, classified as restricted, for approximately S/424,005,000 and S/435,242,000, respectively; see Note 12(d).

As of December 31, 2025 and 2024, investments at fair value through profit or loss include investments held for trading for approximately S/163,645,000 and S/152,755,000, respectively; and those assets that are necessarily measured at fair value through profit or loss for approximately S/1,802,346,000 and S/1,623,812,000, respectively.

During the years 2025, 2024 and 2023, the Group recognized gains for S/303,906,000, gains for S/95,783,000 and losses for S/53,134,000, respectively, from valuation of instruments at fair value through profit or loss , which were recorded in the caption “Net gain from financial assets at fair value through profit or loss” of the consolidated statement of income.

During the years 2025, 2024 and 2023, the Group has received dividends from these investments for approximately S/20,518,000, S/12,084,000 and S/8,838,000, respectively, which were recorded as “Dividends on financial instruments” in the caption “Interest and similar income” of the consolidated statement of income, see Note 19.

As of December 31, 2025 and 2024, it corresponds to investments in shares in the biological sciences, distribution of machinery, energy, telecommunications, financial and massive consumption sectors that are listed on the domestic and foreign markets.

During the years 2025, 2024 and 2023, the Group received dividends from these investments for approximately S/56,258,000, S/37,312,000 and S/33,941,000, respectively, which were recorded as “Dividends on financial instruments” in the caption “Interest and similar income” in the consolidated statement of income, see Note 19.

(i)

Below are the debt instruments measured at fair value through other comprehensive income and at amortized cost according to the stages indicated by IFRS 9 as of December 31, 2025 and 2024:


	2025
Debt instruments measured at fair value through other comprehensive income and at amortized cost	Stage 1		Stage 2		Stage 3		Total
	S/(000)		S/(000)		S/(000)		S/(000)
Sovereign Bonds of the Republic of Peru		12,660,521		—		—		12,660,521
Corporate, leasing and subordinated bonds		8,695,720		428,402		77,557		9,201,679
Negotiable Certificates of Deposit issued by the BCRP		2,057,692		—		—		2,057,692
Global Bonds of the Republic of Peru		548,040		—		—		548,040
Bonds guaranteed by the Peruvian government		483,353		—		—		483,353
Term deposits		133,066		—		—		133,066
Treasury Bonds of the United States of America		60,274		—		—		60,274
Global Bonds of the United States of Mexico		25,000		—		—		25,000
Global Bonds of the Republic of Chile		11,380		—		—		11,380
Negotiable Certificates of Deposit from financial institutions		1,971		—		—		1,971
Total		24,677,017		428,402		77,557		25,182,976

	2024
Debt instruments measured at fair value through other comprehensive income and at amortized cost	Stage 1		Stage 2		Stage 3		Total
	S/(000)		S/(000)		S/(000)		S/(000)
Sovereign Bonds of the Republic of Peru		11,643,674		—		—		11,643,674
Corporate, leasing and subordinated bonds		8,126,895		1,046,050		—		9,172,945
Negotiable Certificates of Deposit issued by the BCRP		2,113,924		—		—		2,113,924
Bonds guaranteed by the Peruvian government		556,554		—		—		556,554
Global Bonds of the Republic of Peru		521,639		—		—		521,639
Term deposits		86,515		—		—		86,515
Treasury Bonds of the United States of America		52,525		—		—		52,525
Global Bonds of the United States of Mexico		14,941		—		—		14,941
Total		23,116,667		1,046,050		—		24,162,717