Derivative financial instruments (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Summary of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument

Below is the composition of the derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity:


	March 31, 2020
	Notional		Fair Value		%		Up to 3 months		From 3 to 12 months		Above 12 months
Assets
Options		380,556,621		7,156,611		84		2,612,257		2,482,728		2,061,626
Swap contracts		3,864,467		789,707		8		392,631		11,953		385,123
Forward contracts		707,973		567,259		7		545,521		3,679		18,059
Future contracts		6,201		1,216		1		1,216		—		—

Total		385,135,262		8,514,793		100		3,551,625		2,498,360		2,464,808

Liabilities
Options		439,211,735		6,469,055		86		1,932,259		2,354,129		2,182,667
Swap contracts		2,915,357		425,108		6		22,309		13,866		388,933
Forward contracts		4,223,982		631,912		8		558,697		73,152		63

Total		446,351,074		7,526,075		100		2,513,265		2,441,147		2,571,663



	December 31, 2019
	Notional		Fair Value		%		Up to 3 months		From 3 to 12 months		Above 12 months
Assets
Options		498,484,022		2,742,035		67		1,837,073		577,177		327,785
Swap contracts		3,955,473		1,133,768		27		10,418		700,668		422,682
Forward contracts		1,857,542		187,392		5		159,163		28,175		54
Future contracts		15,920,584		21,809		1		21,809		—		—

Total		520,217,621		4,085,004		100		2,028,463		1,306,020		750,521

Liabilities
Options		488,482,756		2,741,592		85		1,745,532		637,393		358,667
Swap contracts		3,420,857		485,164		14		15,838		40,687		428,639
Forward contracts		164,209		2,480		1		1,693		325		462

Total		492,067,822		3,229,236		100		1,763,063		678,405		787,768

Below is the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and by maturity:


	2019
	Fair Value		%		Up to 3 months		From 3 to 12 months		Above 12 months
Assets
Swap contracts		1,133,768		27		10,418		700,668		422,682
Forward contracts		187,392		5		159,163		28,175		54
Future contracts		21,809		1		21,809		—		—
Options		2,742,035		67		1,837,073		577,177		327,785

Total		4,085,004		100		2,028,463		1,306,020		750,521

Liabilities
Options		2,741,592		85		1,745,532		637,393		358,667
Forward contracts		2,480		1		1,693		325		462
Swap contracts		485,164		14		15,838		40,687		428,639

Total		3,229,236		100		1,763,063		678,405		787,768


	2018
	Fair value		%		Up to 3 months		From 3 to 12 months		Above 12 months
Assets
Swap contracts		244,262		14		4,675		25,054		214,533
Forward contracts		573,963		34		363,863		210,100		—
Future contracts		6,599		1		4,613		1,986		—
Options		867,207		51		255,281		234,742		377,184

Total		1,692,031		100		628,432		471,882		591,717

Liability
Options		726,497		73		128,470		217,387		380,640
Forward contracts		17,170		2		16,972		25		173
Swap contracts		247,732		25		7,710		25,094		214,928

Total		991,399		100		153,152		242,506		595,741

Summary of positions with derivative financial instruments

Positions with derivative financial instruments as of December 31, 2019 and 2018 are shown below:


	2019
	Assets				Liabilities
	Fair value		Notional		Fair value		Notional
Swaps		1,133,768		3,955,473		485,164		3,420,857
Forward contracts		187,392		1,857,542		2,480		164,209
Futures contracts		21,809		15,920,584		—		—
Options		2,742,035		498,484,022		2,741,592		488,482,756

Total		4,085,004		520,217,621		3,229,236		492,067,822


	2018
	Assets				Liabilities
	Fair value		Notional		Fair value		Notional
Swaps		244,262		3,454,728		247,732		3,981,304
Forward contracts		573,963		809,202		17,170		19,142
Futures contracts		6,599		5,679,425		—		—
Options		867,207		78,746,383		726,497		82,579,675

Total		1,692,031		88,689,738		991,399		86,580,121

Summary of derivatives financial instruments by index

Derivatives financial instruments by index:


	2019					2018
	Notional		Fair Value			Notional		Fair Value
Swap Contracts
Asset Position
Interest		3,955,473		1,133,768			3,454,728		244,262
Liability Position
Interest		3,420,857		(485,164	)		3,981,304		(247,732	)
Forward Contracts
Asset Position
Foreign exchange		1,710,648		40,499			239,478		4,239
Share		—		—			342,681		342,681
Interest		146,893		146,893			227,043		227,043
Liability Position
Foreign exchange		162,551		(822	)		2,234		(262	)
Shares		1,658		(1,658	)		16,908		(16,908	)
Future Contracts
Purchase commitments
Foreign exchange		965		329			5,679,425		6,599
Interest		15,919,619		21,480			—		—
Options
Purchase commitments
Foreign exchange		37,500		82,369			1,734,063		115,570
Share		1,770,220		210,448			5,500,627		365,631
Commodities		—		—			213		1,582
Interest		496,676,302		2,449,218			71,511,480		384,424
Commitments to sell
Foreign exchange		37,500		(94,612	)		2,059,104		(171,918	)
Shares		2,511,960		(229,291	)		3,245,796		(172,748	)
Commodities		—		—			130		(1,391	)
Interest		485,933,296		(2,417,689	)		77,274,645		(380,440	)
Assets				4,085,004					1,692,031
Liabilities				(3,229,236	)				(991,399	)

Net				855,768					700,632