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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Financial Instruments  
Schedule of derivatives instruments
               
  R$ thousands
On December 31, 2024 On December 31, 2023
Notional value Amortized cost Fair value adjustment Fair value Notional value Amortized cost Fair value adjustment Fair value
Futures contracts                
Purchase commitments: 211,703,083 -   -   -   164,372,715 -   -   -  
- Interbank market 178,029,255 -   -   -   132,161,908 -   -   -  
- Foreign currency 22,985,640 -   -   -   14,481,278 -   -   -  
- Other 10,688,188 -   -   -   17,729,529 -   -   -  
Sale commitments: 161,641,895 -   -   -   220,715,317 -   -   -  
- Interbank market (1) 95,605,090 -   -   -   163,879,990 -   -   -  
- Foreign currency (2) 48,246,297 -   -   -   49,212,584 -   -   -  
- Other 17,790,508 -   -   -   7,622,743 -   -   -  
                 
Option contracts                
Purchase commitments: 685,622,189 1,151,336 27,409 1,178,745 1,030,322,549 3,175,395 257,087 3,432,482
- Interbank market 529,190,365 504,563 34,350 538,913 928,351,318 2,354,374 -   2,354,374
- Foreign currency 3,949,723 156,053 (42,981) 113,072 4,580,443 77,305 20,244 97,549
- Other 152,482,101 490,720 36,040 526,760 97,390,788 743,716 236,843 980,559
Sale commitments: 672,980,325 (1,779,852) 123,200 (1,656,652) 1,022,551,043 (2,071,414) (165,205) (2,236,619)
- Interbank market 513,818,125 (440,226) -   (440,226) 919,050,649 (719,366) -   (719,366)
- Foreign currency 6,870,683 (220,375) (180,480) (400,855) 4,573,904 (68,382) 47,472 (20,910)
- Other 152,291,517 (1,119,251) 303,680 (815,571) 98,926,490 (1,283,666) (212,677) (1,496,343)
                 
Forward contracts                
Purchase commitments: 64,273,935 2,540,319 (11,634) 2,528,685 34,113,304 (855,134) (3,953) (859,087)
- Foreign currency 62,442,929 2,569,853 -   2,569,853 33,043,985 (849,505) (551) (850,056)
- Other 1,831,006 (29,534) (11,634) (41,168) 1,069,319 (5,629) (3,402) (9,031)
Sale commitments: 47,310,325 (1,099,617) (17,442) (1,117,059) 28,256,407 772,080 (8,496) 763,584
- Foreign currency (2) 46,463,548 (1,522,017) -   (1,522,017) 24,698,728 449,969 -   449,969
- Other 846,777 422,400 (17,442) 404,958 3,557,679 322,111 (8,496) 313,615
                 
Swap contracts                
Assets (long position): 1,080,360,424 9,792,714 3,841,711 13,634,425 786,364,992 6,973,332 828,588 7,801,920
- Interbank market 57,567,711 949,727 3,611,358 4,561,085 45,590,283 1,799,507 1,093,110 2,892,617
- Fixed rate 692,873,598 893,378 (513,808) 379,570 541,219,843 1,389,077 (5,992) 1,383,085
- Foreign currency 319,020,245 7,213,979 258,094 7,472,073 194,344,754 2,960,898 (345,557) 2,615,341
- IGPM (General Index of market pricing) 41,362 41,466 399 41,865 87,639 74,582 3,334 77,916
  R$ thousands
On December 31, 2024 On December 31, 2023
Notional value Amortized cost Fair value adjustment Fair value Notional value Amortized cost Fair value adjustment Fair value
- Other 10,857,508 694,164 485,668 1,179,832 5,122,473 749,268 83,693 832,961
Liabilities (short position): 934,060,342 (10,271,413) (702,357) (10,973,770) 783,299,290 (8,124,013) (907,138) (9,031,151)
- Interbank market 246,185,275 (1,575,404) (832,866) (2,408,270) 32,577,474 (1,721,999) (1,190,305) (2,912,304)
- Fixed rate 477,454,859 (221,059) (93,611) (314,670) 438,339,819 (1,734,296) (614,622) (2,348,918)
- Foreign currency 202,546,445 (7,735,810) 208,073 (7,527,737) 284,842,617 (2,985,854) (109,307) (3,095,161)
- IGPM (General Index of market pricing) 103,000 (157,830) (1,063) (158,893) 190,560 (238,476) (13,896) (252,372)
- Other 7,770,763 (581,310) 17,110 (564,200) 27,348,820 (1,443,388) 1,020,992 (422,396)
Total 3,857,952,518 333,487 3,260,887 3,594,374 4,069,995,617 (129,754) 883 (128,871)

Derivatives include operations maturing in D+1 (day after reporting date).

(1)Includes: (i) accounting cash flow hedges to protect DI-indexed funding totaling R$59,956,404 thousand (R$102,934,940 thousand on December 31, 2023); and (ii) accounting cash flow hedges to protect DI-indexed (Interbank Deposit Rate) investments totaling R$24,468,458 thousand (R$44,821,117 thousand on December 31, 2023); and
(2)Includes specific hedges to protect assets and liabilities, arising from foreign investments. Investments abroad total R$42,019,674 thousand (R$31,320,736 thousand on December 31, 2023).
Schedule of credit default swap
   
  R$ thousands
On December 31, 2024 On December 31, 2023
Risk received in credit swaps - Notional 1,954,290 2,044,989
- Debt securities issued by companies 783,357 637,962
- Brazilian government bonds 714,560 808,158
- Foreign government bonds 456,373 598,869
Risk transferred in credit swaps - Notional (1,120,806) (1,297,469)
- Companies bonds (154,807) -  
- Brazilian government bonds (705,922) (706,830)
- Foreign government bonds (260,077) (590,639)
Schedule of cash flow hedge
       
Strategy R$ thousands
Hedge instrument nominal value Hedge book value Accumulated fair value adjustments in shareholders' equity (gross of tax effects) Accumulated fair value adjustments in shareholders' equity (net of tax effects)
Hedge of interest receipts from investments in securities (1) 24,468,458 24,913,057 (147,831) (81,307)
Hedge of interest payments on funding (1) 59,956,404 61,308,525 258,194 142,045
Total on December 31, 2024 84,424,862 86,221,582 110,363 60,738
         
Hedge of interest receipts from investments in securities (1) 44,821,117 45,285,081 138,891 76,390
Hedge of interest payments on funding (1) 102,934,940 103,287,896 (779,599) (428,779)
Total on December 31, 2023 147,756,057 148,572,977 (640,708) (352,389)
(1)Refers to the DI interest rate risk, using DI Futures contracts in B3, Swaps and e FED funds, with the maturity dates until 2030, making the cash flow fixed.
Schedule of fair value hedge
       
Strategy R$ thousands
Hedge instrument nominal value Hedge object book value Accumulated fair value adjustments in shareholders' equity (gross of tax effects) Accumulated fair value adjustments in shareholders' equity (net of tax effects)
Debenture hedge 18,555 22,072 79 43
Total on December 31, 2024 (1) 18,555 22,072 79 43

(1) Referring to the risk of Debentures, using Swap contracts, with maturity dates through 2031. There were no strategies in this operation as of December 31, 2023.
Schedule of hedge of investments abroad
       
Strategy R$ thousands
Hedge instrument nominal value Hedge object book value Accumulated fair value adjustments in shareholders' equity (gross of tax effects) Accumulated fair value adjustments in shareholders' equity (net of tax effects)
Hedge of exchange variation on future cash flows (1) 5,603,750 5,166,624 (1,536,225) (805,635)
Total on December 31, 2024 5,603,750 5,166,624 (1,536,225) (805,635)
         
Hedge of exchange variation on future cash flows (1) 4,477,297 4,149,708 (702,728) (368,528)
Total on December 31, 2023 4,477,297 4,149,708 (702,728) (368,528)
(1)For subsidiaries with functional currency is different from the Real, using Forward and Futures contracts of US dollar, with the objective of hedging the foreign investment referenced to MXN (Mexican Peso) and US$ (American Dollar).
Schedule of financial assets and liabilities subject to net settlement
           
  R$ thousands
On December 31, 2024 On December 31, 2023
Gross amount Related amount offset in the statement of financial position Net amount Gross amount Related amount offset in the statement of financial position Net amount
Financial assets            
Interbank investments 178,260,906 -   178,260,906 186,599,349 -   186,599,349
Derivative financial instruments 19,834,985 -   19,834,985 15,413,349 -   15,413,349
              
Financial liabilities            
Securities sold under agreements to repurchase 165,916,852 -   165,916,852 169,570,218 -   169,570,218
Derivative financial instruments 16,240,611 -   16,240,611 15,542,220 -   15,542,220