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Derivatives | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
Derivatives | Note 6 - Derivatives ITAÚ UNIBANCO HOLDING trades in derivative financial instruments with various counterparties to manage its overall exposures and to assist its customers in managing their own exposures. Futures - Interest rate and foreign currency futures contracts are commitments to buy or sell a financial instrument at a future date, at an agreed price or yield, and may be settled in cash or through delivery. The notional amount represents the face value of the underlying instrument. Commodity futures contracts or financial instruments are commitments to buy or sell commodities (mainly gold, coffee and orange juice) on a future date, at an agreed price, which are settled in cash. The notional amount represents the quantity of such commodities multiplied by the future price on the contract date. Daily cash settlements of price movements are made for all instruments. Forwards - Interest rate forward contracts are agreements to exchange payments on a specified future date, based on the variation in market interest rates from trade date to contract settlement date. Foreign exchange forward contracts represent agreements to exchange the currency of one country for the currency of another at an agreed price, on an agreed settlement date. Financial instrument forward contracts are commitments to buy or sell a financial instrument on a future date at an agreed price and are settled in cash. Swaps - Interest rate and foreign exchange swap contracts are commitments to settle in cash on a future date or dates the differentials between two specific financial indices (either two different interest rates in a single currency or two different rates each in a different currency), as applied to a notional principal amount. Swap contracts shown under Other in the table below correspond substantially to inflation rate swap contracts. Options - Option contracts give the purchaser, for a fee, the right, but not the obligation, to buy or sell a financial instrument within a limited time, including a flow of interest, foreign currencies, commodities, or financial instruments at an agreed price that may also be settled in cash, based on the differential between specific indices. Credit Derivatives - Credit derivatives are financial instruments with value deriving from the credit risk on debt issued by a third party (the reference entity), which permit one party (the buyer of the hedge) to transfer the risk to the counterparty (the seller of the hedge). The seller of the hedge must pay out as provided for in the contract if the reference entity undergoes a credit event, such as bankruptcy, default or debt restructuring. The seller of the hedge receives a premium for the hedge but, on the other hand, assumes the risk that the underlying instrument referenced in the contract undergoes a credit event, and the seller may have to make payment to the purchaser of the hedge for up to the notional amount of the credit derivative. The total value of margins pledged in guarantee by ITAÚ UNIBANCO HOLDING was R$ 24,254 (R$ 24,812 at 12/31/2023) and was basically composed of government securities. Further information on parameters used to manage risks, may be found in Note 32 – Risk and Capital Management. a) Derivatives Summary See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and maturity date.
Schedule of composition of the derivative financial instruments portfolio |  |  |  |  |  |  |  |
| 12/31/2024
| Fair value | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Assets |  |  |  |  |  |  |  |
Swaps – adjustment receivable | 55,428 | 59.9% | 4,511 | 1,276 | 1,653 | 2,610 | 8,237 | 37,141
Option agreements | 21,170 | 22.9% | 6,209 | 2,371 | 1,892 | 8,767 | 1,454 | 477
Forwards | 1,739 | 1.9% | 1,568 | 62 | 87 | 5 | - | 17
Credit derivatives | 633 | 0.7% | 2 | 1 | 25 | 26 | 19 | 560
NDF - Non Deliverable Forward | 12,207 | 13.2% | 2,227 | 2,565 | 2,254 | 2,478 | 1,614 | 1,069
Other Derivative Financial Instruments | 1,262 | 1.4% | 715 | 130 | 5 | 2 | 6 | 404
Total | 92,439 | 100.0% | 15,232 | 6,405 | 5,916 | 13,888 | 11,330 | 39,668
% per maturity date |  |  | 16.5% | 6.9% | 6.4% | 15.0% | 12.3% | 42.9%
| 12/31/2024
| Fair value | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Liabilities |  |  |  |  |  |  |  |
Swaps – adjustment payable | (51,394) | 60.2% | (3,187) | (1,889) | (2,403) | (3,665) | (10,065) | (30,185)
Option agreements | (20,588) | 24.1% | (3,902) | (2,424) | (2,177) | (10,224) | (1,065) | (796)
Forwards | (1,450) | 1.7% | (1,435) | - | - | (2) | - | (13)
Credit derivatives | (795) | 0.9% | - | - | (153) | (58) | (6) | (578)
NDF - Non Deliverable Forward | (10,761) | 12.6% | (2,048) | (2,884) | (2,235) | (1,676) | (1,415) | (503)
Other Derivative Financial Instruments | (425) | 0.5% | (203) | (9) | (5) | (1) | (15) | (192)
Total | (85,413) | 100.0% | (10,775) | (7,206) | (6,973) | (15,626) | (12,566) | (32,267)
% per maturity date |  |  | 12.6% | 8.4% | 8.2% | 18.3% | 14.7% | 37.8%
| 12/31/2023
| Fair value | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Assets |  |  |  |  |  |  |  |
Swaps – adjustment receivable | 37,957 | 68.7% | 4,310 | 1,063 | 1,177 | 2,915 | 7,921 | 20,571
Option agreements | 7,718 | 14.0% | 1,374 | 3,095 | 675 | 1,638 | 710 | 226
Forwards | 3,274 | 5.9% | 3,129 | 85 | 32 | 9 | - | 19
Credit derivatives | 282 | 0.5% | 2 | - | 5 | 11 | 73 | 191
NDF - Non Deliverable Forward | 5,378 | 9.7% | 1,048 | 1,191 | 1,025 | 1,032 | 789 | 293
Other Derivative Financial Instruments | 642 | 1.2% | 464 | 2 | 7 | 8 | 7 | 154
Total | 55,251 | 100.0% | 10,327 | 5,436 | 2,921 | 5,613 | 9,500 | 21,454
% per maturity date |  |  | 18.7% | 9.8% | 5.3% | 10.2% | 17.2% | 38.8%
| 12/31/2023
| Fair value | % | 0-30 | 31-90 | 91-180 | 181-365 | 366-720 | Over 720 days
Liabilities |  |  |  |  |  |  |  |
Swaps – adjustment payable | (35,741) | 63.8% | (3,231) | (745) | (1,245) | (2,074) | (6,476) | (21,970)
Option agreements | (8,972) | 20.4% | (903) | (775) | (1,542) | (4,693) | (595) | (464)
Forwards | (2,982) | 5.3% | (2,965) | - | - | - | (1) | (16)
Credit derivatives | (149) | 0.5% | - | - | (1) | (2) | (32) | (114)
NDF - Non Deliverable Forward | (4,478) | 9.6% | (887) | (812) | (1,037) | (1,027) | (443) | (272)
Other Derivative Financial Instruments | (153) | 0.4% | (2) | (4) | (4) | (2) | (6) | (135)
Total | (52,475) | 100.0% | (7,988) | (2,336) | (3,829) | (7,798) | (7,553) | (22,971)
% per maturity date |  |  | 15.2% | 4.5% | 7.3% | 14.9% | 14.4% | 43.7%
b) Derivatives by index and Risk Factor
Schedule of composition of derivatives by index |  |  |  |  |
|  | Off-balance sheet / notional amount | Balance sheet account receivable / (received) (payable) / paid | Adjustment to fair value (in income / stockholders' equity) | Fair value
|  | 12/31/2024
Future contracts |  | 868,983 | - | - | -
Purchase commitments |  | 322,323 | - | - | -
Shares |  | 11,490 | - | - | -
Commodities |  | 1,266 | - | - | -
Interest |  | 275,950 | - | - | -
Foreign currency |  | 33,617 | - | - | -
Commitments to sell |  | 546,660 | - | - | -
Shares |  | 14,438 | - | - | -
Commodities |  | 6,878 | - | - | -
Interest |  | 490,906 | - | - | -
Foreign currency |  | 34,438 | - | - | -
Swap contracts |  |  | (7,451) | 11,485 | 4,034
Asset position |  | 2,844,414 | 24,685 | 30,743 | 55,428
Shares |  | 24,730 | 128 | (45) | 83
Commodities |  | 147 | 1 | 4 | 5
Interest |  | 2,613,244 | 15,244 | 27,868 | 43,112
Foreign currency |  | 206,293 | 9,312 | 2,916 | 12,228
Liability position |  | 2,844,414 | (32,136) | (19,258) | (51,394)
Shares |  | 30,542 | (1,484) | 985 | (499)
Commodities |  | 757 | - | (4) | (4)
Interest |  | 2,586,466 | (18,387) | (18,067) | (36,454)
Foreign currency |  | 226,649 | (12,265) | (2,172) | (14,437)
Option contracts |  | 2,325,428 | 871 | (289) | 582
Purchase commitments – long position |  | 415,232 | 15,680 | 2,908 | 18,588
Shares |  | 57,471 | 13,309 | 21 | 13,330
Commodities |  | 4,761 | 252 | 114 | 366
Interest |  | 302,455 | 725 | 1,705 | 2,430
Foreign currency |  | 50,545 | 1,394 | 1,068 | 2,462
Commitments to sell – long position |  | 745,131 | 3,651 | (1,069) | 2,582
Shares |  | 66,670 | 1,351 | 35 | 1,386
Commodities |  | 1,762 | 59 | (4) | 55
Interest |  | 623,204 | 162 | (153) | 9
Foreign currency |  | 53,495 | 2,079 | (947) | 1,132
Purchase commitments – short position |  | 423,455 | (15,629) | (3,077) | (18,706)
Shares |  | 53,380 | (11,592) | 262 | (11,330)
Commodities |  | 4,822 | (153) | (85) | (238)
Interest |  | 304,499 | (2,191) | (1,708) | (3,899)
Foreign currency |  | 60,754 | (1,693) | (1,546) | (3,239)
Commitments to sell – short position |  | 741,610 | (2,831) | 949 | (1,882)
Shares |  | 66,041 | (1,130) | (256) | (1,386)
Commodities |  | 2,720 | (124) | - | (124)
Interest |  | 623,629 | (159) | 134 | (25)
Foreign currency |  | 49,220 | (1,418) | 1,071 | (347)
Forward operations |  | 5,273 | 287 | 2 | 289
Purchases receivable |  | 328 | 373 | (1) | 372
Shares |  | 37 | 37 | (1) | 36
Interest |  | 291 | 336 | - | 336
Purchases payable obligations |  | - | (305) | - | (305)
Commodities |  | - | (15) | - | (15)
Interest |  | - | (290) | - | (290)
Sales receivable |  | 2,110 | 1,366 | 1 | 1,367
Shares |  | 286 | 281 | 1 | 282
Commodities |  | 18 | 18 | - | 18
Interest |  | - | 1,066 | - | 1,066
Foreign currency |  | 1,806 | 1 | - | 1
Sales deliverable obligations |  | 2,835 | (1,147) | 2 | (1,145)
Interest |  | 1,066 | (1,146) | 4 | (1,142)
Foreign currency |  | 1,769 | (1) | (2) | (3)
Credit derivatives |  | 100,812 | (210) | 48 | (162)
Asset position |  | 72,064 | 584 | 49 | 633
Shares |  | 4,976 | 94 | 80 | 174
Commodities |  | 26 | - | - | -
Interest |  | 67,062 | 490 | (31) | 459
Liability position |  | 28,748 | (794) | (1) | (795)
Shares |  | 2,963 | (41) | (78) | (119)
Interest |  | 25,785 | (753) | 77 | (676)
NDF - Non Deliverable Forward |  | 632,408 | 1,166 | 280 | 1,446
Asset position |  | 316,826 | 11,541 | 666 | 12,207
Commodities |  | 2,689 | 284 | (32) | 252
Foreign currency |  | 314,137 | 11,257 | 698 | 11,955
Liability position |  | 315,582 | (10,375) | (386) | (10,761)
Commodities |  | 3,854 | (310) | 5 | (305)
Foreign currency |  | 311,728 | (10,065) | (391) | (10,456)
Other derivative financial instruments |  | 18,128 | 125 | 712 | 837
Asset position |  | 15,649 | 200 | 1,062 | 1,262
Shares |  | 1,137 | (1) | 25 | 24
Commodities |  | 143 | - | 6 | 6
Interest |  | 6,696 | 201 | 188 | 389
Foreign currency |  | 7,673 | - | 843 | 843
Liability position |  | 2,479 | (75) | (350) | (425)
Shares |  | 1,970 | (5) | (20) | (25)
Commodities |  | 184 | - | (6) | (6)
Interest |  | 275 | (36) | (86) | (122)
Foreign currency |  | 50 | (34) | (238) | (272)
|  | Asset | 58,080 | 34,359 | 92,439
|  | Liability | (63,292) | (22,121) | (85,413)
|  | Total | (5,212) | 12,238 | 7,026
Derivative contracts mature as follows (in days):
Schedule of derivative contracts maturity |  |  |  |  |
Off-balance sheet / notional amount | 0 - 30 | 31 - 180 | 181 - 365 | Over 365 days | 12/31/2024
Future contracts | 205,732 | 342,884 | 113,961 | 206,406 | 868,983
Swap contracts | 442,179 | 391,153 | 329,901 | 1,681,181 | 2,844,414
Option contracts | 845,197 | 289,010 | 1,139,192 | 52,029 | 2,325,428
Forwards (onshore) | 1,535 | 758 | 2,963 | 17 | 5,273
Credit derivatives | 7,044 | 21,839 | 17,740 | 54,189 | 100,812
NDF - Non Deliverable Forward | 159,559 | 235,623 | 113,305 | 123,921 | 632,408
Other derivative financial instruments | 5,245 | 3,139 | 782 | 8,962 | 18,128
Schedule of composition of derivatives by index |  |  |  |  |
|  | Off-balance sheet notional amount | Balance sheet account receivable / (received) (payable) / paid | Adjustment to fair value (in income / stockholders' equity) | Fair value
|  | 12/31/2023
Future contracts |  | 844,005 | - | - | -
Purchase commitments |  | 267,803 | - | - | -
Shares |  | 6,721 | - | - | -
Commodities |  | 774 | - | - | -
Interest |  | 236,105 | - | - | -
Foreign currency |  | 24,203 | - | - | -
Commitments to sell |  | 576,202 | - | - | -
Shares |  | 6,580 | - | - | -
Commodities |  | 4,982 | - | - | -
Interest |  | 547,150 | - | - | -
Foreign currency |  | 17,490 | - | - | -
Swap contracts |  |  | 230 | 1,986 | 2,216
Asset position |  | 2,396,474 | 19,890 | 18,067 | 37,957
Shares |  | 369 | 7 | 6 | 13
Commodities |  | 708 | 19 | 1 | 20
Interest |  | 2,213,528 | 17,807 | 15,079 | 32,886
Foreign currency |  | 181,869 | 2,057 | 2,981 | 5,038
Liability position |  | 2,396,474 | (19,660) | (16,081) | (35,741)
Shares |  | 3,416 | (612) | 405 | (207)
Commodities |  | 2,088 | (37) | 4 | (33)
Interest |  | 2,175,623 | (17,168) | (13,225) | (30,393)
Foreign currency |  | 215,347 | (1,843) | (3,265) | (5,108)
Option contracts |  | 1,648,851 | (1,005) | (249) | (1,254)
Purchase commitments – long position |  | 226,918 | 4,313 | 688 | 5,001
Shares |  | 42,955 | 3,072 | 1,529 | 4,601
Commodities |  | 3,130 | 280 | (123) | 157
Interest |  | 146,915 | 241 | (103) | 138
Foreign currency |  | 33,918 | 720 | (615) | 105
Commitments to sell – long position |  | 588,977 | 3,364 | (647) | 2,717
Shares |  | 45,623 | 2,332 | (887) | 1,445
Commodities |  | 1,409 | 55 | 5 | 60
Interest |  | 521,735 | 306 | 74 | 380
Foreign currency |  | 20,210 | 671 | 161 | 832
Purchase commitments – short position |  | 212,969 | (4,679) | (447) | (5,126)
Shares |  | 41,220 | (2,905) | (1,048) | (3,953)
Commodities |  | 1,799 | (79) | (2) | (81)
Interest |  | 140,310 | (1,001) | 123 | (878)
Foreign currency |  | 29,640 | (694) | 480 | (214)
Commitments to sell – short position |  | 619,987 | (4,003) | 157 | (3,846)
Shares |  | 46,400 | (2,776) | 653 | (2,123)
Commodities |  | 2,947 | (122) | (48) | (170)
Interest |  | 545,656 | (340) | (51) | (391)
Foreign currency |  | 24,984 | (765) | (397) | (1,162)
Forward operations |  | 6,022 | 290 | 2 | 292
Purchases receivable |  | 2,533 | 2,602 | (2) | 2,600
Shares |  | 38 | 38 | (2) | 36
Interest |  | 2,495 | 2,564 | - | 2,564
Purchases payable obligations |  | - | (2,511) | - | (2,511)
Commodities |  | - | (16) | - | (16)
Interest |  | - | (2,495) | - | (2,495)
Sales receivable |  | 2,869 | 671 | 3 | 674
Shares |  | 225 | 223 | - | 223
Commodities |  | 16 | 16 | 3 | 19
Interest |  | 1 | 432 | - | 432
Foreign currency |  | 2,627 | - | - | -
Sales deliverable obligations |  | 620 | (472) | 1 | (471)
Interest |  | 431 | (472) | 1 | (471)
Foreign currency |  | 189 | - | - | -
Credit derivatives |  | 53,033 | (17) | 150 | 133
Asset position |  | 38,069 | (196) | 478 | 282
Shares |  | 4,255 | 69 | 75 | 144
Commodities |  | 15 | - | - | -
Interest |  | 33,799 | (265) | 403 | 138
Liability position |  | 14,964 | 179 | (328) | (149)
Shares |  | 1,347 | (18) | (12) | (30)
Commodities |  | 1 | - | - | -
Interest |  | 13,616 | 197 | (316) | (119)
NDF - Non Deliverable Forward |  | 316,620 | 682 | 218 | 900
Asset position |  | 175,223 | 4,769 | 609 | 5,378
Commodities |  | 2,406 | 269 | (45) | 224
Foreign currency |  | 172,817 | 4,500 | 654 | 5,154
Liability position |  | 141,397 | (4,087) | (391) | (4,478)
Commodities |  | 2,734 | (134) | (12) | (146)
Foreign currency |  | 138,663 | (3,953) | (379) | (4,332)
Other derivative financial instruments |  | 8,415 | 180 | 309 | 489
Asset position |  | 6,279 | 188 | 454 | 642
Shares |  | 855 | - | 17 | 17
Commodities |  | 196 | - | 4 | 4
Interest |  | 5,194 | 188 | (33) | 155
Foreign currency |  | 34 | - | 466 | 466
Liability position |  | 2,136 | (8) | (145) | (153)
Shares |  | 1,385 | (1) | (14) | (15)
Commodities |  | 209 | - | (4) | (4)
Interest |  | 382 | (7) | (15) | (22)
Foreign currency |  | 160 | - | (112) | (112)
|  | Asset | 35,601 | 19,650 | 55,251
|  | Liability | (35,241) | (17,234) | (52,475)
|  | Total | 360 | 2,416 | 2,776
Derivative contracts mature as follows (in days):
Schedule of derivative contracts maturity |  |  |  |  |
Off-balance sheet – notional amount | 0 - 30 | 31 - 180 | 181 - 365 | Over 365 days | 12/31/2023
Future contracts | 257,896 | 282,162 | 98,490 | 205,457 | 844,005
Swap contracts | 363,159 | 529,896 | 232,080 | 1,271,339 | 2,396,474
Option contracts | 1,043,317 | 201,220 | 371,901 | 32,413 | 1,648,851
Forwards | 3,291 | 977 | 1,738 | 16 | 6,022
Credit derivatives | 3,919 | 827 | 8,228 | 40,059 | 53,033
NDF - Non Deliverable Forward | 116,815 | 110,717 | 51,623 | 37,465 | 316,620
Other derivative financial instruments | 218 | 706 | 873 | 6,618 | 8,415
c) Derivatives by notional amount See below the composition of the Derivative Financial Instruments portfolio by type of instrument, stated at their notional amounts, per trading location (organized or over-the-counter market) and counterparties.
Schedule of derivative financial instruments portfolio by type of instrument |  |  |  |  |  |  |
| 12/31/2024
| Future contracts | Swap contracts | Option contracts | Forwards | Credit derivatives | NDF - Non Deliverable Forward | Other derivative financial instruments
Stock exchange | 868,953 | 123,051 | 2,169,517 | 3,897 | 49,473 | 237,917 | 106
Over-the-counter market | 30 | 2,721,363 | 155,911 | 1,376 | 51,339 | 394,491 | 18,022
Financial institutions | - | 2,443,581 | 103,011 | 1,357 | 51,339 | 160,989 | 6,190
Companies | 30 | 251,138 | 49,989 | 19 | - | 228,292 | 11,832
Individuals | - | 26,644 | 2,911 | - | - | 5,210 | -
Total | 868,983 | 2,844,414 | 2,325,428 | 5,273 | 100,812 | 632,408 | 18,128
| 12/31/2023
| Future contracts | Swap contracts | Option contracts | Forwards | Credit derivatives | NDF - Non Deliverable Forward | Other derivative financial instruments
Stock exchange | 843,998 | 1,270,415 | 1,567,679 | 3,080 | 23,672 | 97,152 | -
Over-the-counter market | 7 | 1,126,059 | 81,172 | 2,942 | 29,361 | 219,468 | 8,415
Financial institutions | - | 972,002 | 45,513 | 2,926 | 29,361 | 87,784 | 5,225
Companies | 7 | 137,068 | 33,826 | 16 | - | 129,034 | 3,190
Individuals | - | 16,989 | 1,833 | - | - | 2,650 | -
Total | 844,005 | 2,396,474 | 1,648,851 | 6,022 | 53,033 | 316,620 | 8,415
d) Credit derivatives ITAÚ UNIBANCO HOLDING buys and sells credit protection in order to meet the needs of its customers, to manage and mitigate its portfolios' risk. CDS (credit default swap) is a credit derivative in which, upon a default related to the reference entity, the protection buyer is entitled to receive the amount equivalent to the difference between the face value of the CDS contract and the fair value of the liability on the date the contract was settled, also known as the recovered amount. The protection buyer does not need to hold the reference entity's debt instrument in order to receive the amounts due when a credit event occurs, as per the terms of the CDS contract. TRS (total return swap) is a transaction in which a party swaps the total return of an asset or of a basket of assets for regular cash flows, usually interest and a guarantee against capital loss. In a TRS contract, the parties do not transfer the ownership of the assets. ITAÚ UNIBANCO HOLDING assesses the risk of a credit derivative based on the credit ratings attributed to the reference entity by independent credit rating agencies. Investment grade entities are those for which credit risk is rated as Baa3 or higher, as rated by Moody's, and BBB- or higher, by Standard & Poor’s and Fitch Ratings.
Schedule of portfolio of credit derivatives |  |  |  |  |
| 12/31/2024
| Maximum potential of future payments, gross | Up to 1 year | From 1 to 3 years | From 3 to 5 years | Over 5 years
By instrument |  |  |  |  |
CDS | 37,066 | 6,463 | 11,940 | 18,192 | 471
TRS | 36,037 | 36,037 | - | - | -
Total by instrument | 73,103 | 42,500 | 11,940 | 18,192 | 471
By risk rating |  |  |  |  |
Investment grade | 10,014 | 1,222 | 1,544 | 7,153 | 95
Below investment grade | 63,089 | 41,278 | 10,396 | 11,039 | 376
Total by risk | 73,103 | 42,500 | 11,940 | 18,192 | 471
By reference entity |  |  |  |  |
Brazilian government | 59,799 | 40,664 | 8,678 | 10,284 | 173
Governments – abroad | 411 | 78 | 141 | 192 | -
Private entities | 12,893 | 1,758 | 3,121 | 7,716 | 298
Total by entity | 73,103 | 42,500 | 11,940 | 18,192 | 471
| 12/31/2023
| Maximum potential of future payments, gross | Up to 1 year | From 1 to 3 years | From 3 to 5 years | Over 5 years
By instrument |  |  |  |  |
CDS | 20,268 | 1,141 | 6,492 | 12,528 | 107
TRS | 18,738 | 11,569 | 7,169 | - | -
Total by instrument | 39,006 | 12,710 | 13,661 | 12,528 | 107
By risk rating |  |  |  |  |
Investment grade | 3,086 | 55 | 1,291 | 1,706 | 34
Below investment grade | 35,920 | 12,655 | 12,370 | 10,822 | 73
Total by risk | 39,006 | 12,710 | 13,661 | 12,528 | 107
By reference entity |  |  |  |  |
Brazilian government | 33,341 | 12,168 | 11,355 | 9,745 | 73
Governments – abroad | 193 | 1 | 69 | 123 | -
Private entities | 5,472 | 541 | 2,237 | 2,660 | 34
Total by entity | 39,006 | 12,710 | 13,661 | 12,528 | 107
The following table presents the notional amount of credit derivatives purchased. The underlying amounts are identical to those for which ITAÚ UNIBANCO HOLDING has sold credit protection.
Schedule of notional amount of purchased credit derivatives |  |  |
| 12/31/2024
| Notional amount of credit protection sold | Notional amount of credit protection purchased with identical underlying amount | Net position
CDS | (37,066) | 27,708 | (9,358)
TRS | (36,037) | - | (36,037)
Total | (73,103) | 27,708 | (45,395)
| 12/31/2023
| Notional amount of credit protection sold | Notional amount of credit protection purchased with identical underlying amount | Net position
CDS | (20,268) | 14,027 | (6,241)
TRS | (18,738) | - | (18,738)
Total | (39,006) | 14,027 | (24,979)
e) Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following tables set forth the financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements and similar agreements, as well as how these financial assets and liabilities have been presented in ITAÚ UNIBANCO HOLDING's consolidated financial statements. These tables also reflect the amounts of collateral pledged or received in relation to financial assets and liabilities subject to enforceable arrangements that have not been presented on a net basis in accordance with IAS 32. Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements:
Schedule of financial assets subject to offsetting, enforceable master netting arrangements and similar agreements |  |  |  |  |  |
| 12/31/2024
| Gross amount of recognized financial assets (1) | Gross amount offset in the Balance Sheet | Net amount of financial assets presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral received
Securities purchased under agreements to resell | 243,219 | - | 243,219 | (11,648) | - | 231,571
Derivative financial instruments | 92,439 | - | 92,439 | (637) | (367) | 91,435
| 12/31/2023
| Gross amount of recognized financial assets (1) | Gross amount offset in the Balance Sheet | Net amount of financial assets presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral received
Securities purchased under agreements to resell | 238,308 | - | 238,308 | (1,504) | - | 236,804
Derivative financial instruments | 55,251 | - | 55,251 | (16,409) | (356) | 38,486
Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements:
| 12/31/2024
| Gross amount of recognized financial liabilities (1) | Gross amount offset in the Balance Sheet | Net amount of financial liabilities presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral pledged
Securities sold under repurchase agreements | 388,787 | - | 388,787 | (309,008) | - | 79,779
Derivative financial instruments | 85,413 | - | 85,413 | (637) | - | 84,776
| 12/31/2023
| Gross amount of recognized financial liabilities (1) | Gross amount offset in the Balance Sheet | Net amount of financial liabilities presented in the Balance Sheet | Related amounts not offset in the Balance Sheet (2) | Total
| Financial instruments (3) | Cash collateral pledged
Securities sold under repurchase agreements | 362,786 | - | 362,786 | (39,708) | - | 323,078
Derivative financial instruments | 52,475 | - | 52,475 | (16,409) | - | 36,066
1) | Includes amounts of master offset agreements and other such agreements, both enforceable and unenforceable.
2) | Limited to amounts subject to enforceable master offset agreements and other such agreements.
3) | Includes amounts subject to enforceable master offset agreements and other such agreements, and guarantees in financial instruments.
Financial assets and financial liabilities are offset in the balance sheet only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. Derivative financial instruments and repurchased agreements not set off in the balance sheet relate to transactions in which there are enforceable master netting agreements or similar agreements, but the offset criteria have not been met in accordance with paragraph 42 of IAS 32 mainly because ITAÚ UNIBANCO HOLDING has no intention to settle on a net basis, or realize the asset and settle the liability simultaneously.

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