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Derivative financial instruments | 12 Months Ended
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Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract] |
Derivative financial instruments | Derivative financial instruments The Group trades derivative financial instruments with various counterparties to manage its overall exposures (interest rate, foreign currency and fair value of financial instruments) and to assist its customers in managing their own exposures. The fair value of derivative financial instruments, comprised of futures, forward, options, and swaps operations, is determined in accordance with the following criteria: • Swap – These operations swap cash flow based on the comparison of profitability between two indexers, thus, the agent assumes both positions – put in one indexer and call on another. • Forward - at the market quotation value, and the installments receivable or payable are fixed to a future date, adjusted to present value, based on market rates published at B3. • Futures – Foreign exchange rates, prices of shares and commodities are commitments to buy or sell a financial instrument at a future date, at a contracted price or yield and may be settled in cash or through delivery. Daily cash settlements of price movements are made for all instruments. • Options - option contracts give the purchaser the right to buy or sell the instrument at a fixed price negotiated at a future date. Those who acquire the right must pay a premium to the seller of the right. This premium is not the price of the instrument, but only an amount paid to have the option (possibility) to buy or sell the instrument at a future date for a previously agreed price. Positions with derivative financial instruments as of December 31, 2023 and 2022 are shown below:
| 2023
| Notional |  | Fair Value |  | % |  | Up to 3 months |  | From 4 to 12 months |  | Above 12 months
Assets |  |  |  |  |  |  |  |  |  |  |
Options | 3,053,641,595 |  |  | 15,982,949 |  |  | 85 |  | 6,240,115 |  |  | 6,455,786 |  |  | 3,287,048 |
Swap contracts | 392,133,687 |  |  | 3,883,112 |  |  | 11 |  | 381,744 |  |  | 531,023 |  |  | 2,970,345 |
Forward contracts | 125,343,466 |  |  | 2,889,964 |  |  | 3 |  | 2,508,142 |  |  | 250,756 |  |  | 131,066 |
Future contracts | 8,005,705 |  |  | 977,441 |  |  | 1 |  | 833,172 |  |  | 104,758 |  |  | 39,511 |
Total | 3,579,124,453 |  |  | 23,733,466 |  |  | 100 |  | 9,963,173 |  |  | 7,342,323 |  |  | 6,427,970 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Options | 2,308,283,883 |  |  | 17,970,099 |  |  | 74 |  | 5,996,813 |  |  | 5,601,569 |  |  | 6,371,717 |
Swap contracts | 403,391,373 |  |  | 3,448,067 |  |  | 13 |  | 56,590 |  |  | 842,922 |  |  | 2,548,555 |
Forward contracts | 82,074,317 |  |  | 2,705,166 |  |  | 3 |  | 2,216,996 |  |  | 250,030 |  |  | 238,140 |
Future contracts | 311,303,078 |  |  | 662,084 |  |  | 10 |  | 29,918 |  |  | 79,459 |  |  | 552,707 |
Total | 3,105,052,651 |  |  | 24,785,416 |  |  | 100 |  | 8,300,317 |  |  | 6,773,980 |  |  | 9,711,119 |
| 2022
| Notional |  | Fair Value |  | % |  | Up to 3 months |  | From 4 to 12 months |  | Above 12 months
Assets |  |  |  |  |  |  |  |  |  |  |
Options | 1,253,758,408 |  |  | 5,542,340 |  |  | 94 |  |  | 1,209,290 |  |  | 1,931,618 |  |  | 2,401,432 |
Swap contracts | 32,705,136 |  |  | 2,828,613 |  |  | 2 |  |  | 62,729 |  |  | 350,012 |  |  | 2,415,872 |
Forward contracts | 16,058,162 |  |  | 549,953 |  |  | 1 |  |  | 352,796 |  |  | 132,119 |  |  | 65,038 |
Future contracts | 34,679,065 |  |  | 296,249 |  |  | 3 |  |  | 73,621 |  |  | 222,628 |  |  | — |
Total | 1,337,200,771 |  |  | 9,217,155 |  |  | 100 |  |  | 1,698,436 |  |  | 2,636,377 |  |  | 4,882,342 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Options | 852,098,826 |  |  | 7,086,946 |  |  | 84 |  |  | 1,387,988 |  |  | 1,781,457 |  |  | 3,917,501 |
Swap contracts | 13,755,838 |  |  | 839,421 |  |  | 1 |  |  | 44,526 |  |  | 261,669 |  |  | 533,226 |
Forward contracts | 13,548,954 |  |  | 511,167 |  |  | 1 |  |  | 150,119 |  |  | 224,932 |  |  | 136,116 |
Future contracts | 140,039,765 |  |  | 161,574 |  |  | 14 |  |  | 53,421 |  |  | 72,349 |  |  | 35,804 |
Others (i) | 84,184 |  |  | 6,301 |  |  | — |  |  | 6,301 |  |  | — |  |  | — |
Total | 1,019,527,567 |  |  | 8,605,409 |  |  | 100 |  |  | 1,642,355 |  |  | 2,340,407 |  |  | 4,622,647 |
(i)Related to Public Warrants liabilities issued by XPAC Acquisition Corp. Derivatives financial instruments by index:
| 2023 |  | 2022
| Notional |  | Fair value |  | Notional |  | Fair value
Swap Contracts |  |  |  |  |  |  |
Asset Position |  |  |  |  |  |  |
Interest | 367,589,959 |  |  | 1,863,359 |  |  | 20,616,960 |  |  | 739,698 |
Foreign exchange | 6,446,652 |  |  | 611,709 |  |  | 1,647,089 |  |  | 15,906 |
Share | 17,870,871 |  |  | 1,363,195 |  |  | 10,302,018 |  |  | 2,054,430 |
Commodities | 226,205 |  |  | 44,849 |  |  | 139,069 |  |  | 18,579 |
Liability Position |  |  |  |  |  |  |
Interest | 403,391,373 |  |  | (3,448,067) |  |  | 13,106,906 |  |  | (630,539) |
Foreign exchange | — |  |  | — |  |  | 648,932 |  |  | (208,882) |
Forward Contracts |  |  |  |  |  |  |
Asset Position |  |  |  |  |  |  |
Foreign exchange | 100,765,753 |  |  | 341,835 |  |  | 15,516,883 |  |  | 213,311 |
Share | — |  |  | — |  |  | 305,614 |  |  | 306,516 |
Interest | 24,577,713 |  |  | 2,548,129 |  |  | 233,977 |  |  | 30,126 |
Commodities | — |  |  | — |  |  | 1,688 |  |  | — |
Liability Position |  |  |  |  |  |  |
Foreign exchange | 60,387,358 |  |  | (759,693) |  |  | 13,548,954 |  |  | (511,167) |
Interest | 21,686,959 |  |  | (1,945,473) |  |  | — |  |  | — |
Future Contracts |  |  |  |  |  |  |
Purchase commitments |  |  |  |  |  |  |
Foreign exchange | 387,663 |  |  | 908 |  |  | 6,041,572 |  |  | 1,182 |
Interest | 4,887,109 |  |  | 972,355 |  |  | 26,020,396 |  |  | 291,057 |
Share | 3,520 |  |  | — |  |  | 180,720 |  |  | — |
Commodities | 2,727,413 |  |  | 4,178 |  |  | 2,436,377 |  |  | 4,010 |
Commitments to sell |  |  |  |  |  |  |
Interest | 35,365,170 |  |  | (560,676) |  |  | 111,237,614 |  |  | (111,009) |
Foreign exchange | 43,572 |  |  | (131) |  |  | 25,134,918 |  |  | (20,290) |
Share | 274,874,389 |  |  | (99,779) |  |  | 3,006,462 |  |  | (23,268) |
Commodities | 1,019,947 |  |  | (1,498) |  |  | 660,771 |  |  | (7,007) |
Options |  |  |  |  |  |  |
Purchase commitments |  |  |  |  |  |  |
Foreign exchange | 14,346,184 |  |  | 520 |  |  | 237,680,984 |  |  | 1,352,521 |
Share | 18,780,035 |  |  | 385,921 |  |  | 462,926,358 |  |  | 2,394,104 |
Interest | 3,019,606,208 |  |  | 15,593,786 |  |  | 544,855,750 |  |  | 1,681,487 |
Commodities | 909,168 |  |  | 2,722 |  |  | 8,295,316 |  |  | 114,228 |
Commitments to sell |  |  |  |  |  |  |
Foreign exchange | 9,308,549 |  |  | (123,346) |  |  | 234,719,499 |  |  | (1,504,068) |
Share | 20,296,428 |  |  | (4,026,023) |  |  | 26,017,420 |  |  | (4,245,924) |
Interest | 2,278,678,906 |  |  | (13,820,730) |  |  | 590,924,462 |  |  | (1,223,999) |
Commodities | — |  |  | — |  |  | 437,445 |  |  | (112,956) |
Others |  |  |  |  |  |  |
Liability Position |  |  |  |  |  |  |
Share | — |  |  | — |  |  | 84,184 |  |  | (6,301) |
Assets |  |  | 23,733,466 |  |  |  |  | 9,217,155 |
Liabilities |  |  | (24,785,416) |  |  |  |  | (8,605,409) |
Net |  |  | (1,051,950) |  |  |  |  | 611,746 |

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- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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