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Securities | 12 Months Ended
--- | ---
Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract] |
Securities | 7. Securities
a) Securities classified at fair value through profit and loss are presented in the following table:
| 2023 |  | 2022
| Gross carrying amount |  | Fair value |  | Group portfolio |  | Retirement plan assets (i) |  | Gross carrying amount |  | Fair value |  | Group portfolio |  | Retirement plan assets (i)
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available portfolio | 102,381,532 |  |  | 103,282,212 |  |  | 46,930,511 |  |  | 56,351,701 |  |  | 86,273,732 |  |  | 86,336,920 |  |  | 40,648,295 |  |  | 45,688,625 |
Brazilian onshore sovereign bonds | 29,587,276 |  |  | 30,172,040 |  |  | 28,000,854 |  |  | 2,171,186 |  |  | 25,262,407 |  |  | 25,127,998 |  |  | 22,799,302 |  |  | 2,328,696 |
Investment funds | 55,922,364 |  |  | 55,922,364 |  |  | 3,022,360 |  |  | 52,900,004 |  |  | 42,274,069 |  |  | 42,274,069 |  |  | 2,389,131 |  |  | 39,884,938 |
Stocks issued by public-held company | 3,981,237 |  |  | 3,981,237 |  |  | 3,642,365 |  |  | 338,872 |  |  | 5,494,957 |  |  | 5,494,957 |  |  | 5,155,761 |  |  | 339,196 |
Debentures | 4,642,827 |  |  | 4,575,326 |  |  | 4,133,285 |  |  | 442,041 |  |  | 5,013,524 |  |  | 4,990,882 |  |  | 2,768,843 |  |  | 2,222,039 |
Structured notes | 90,876 |  |  | 113,816 |  |  | 113,816 |  |  | — |  |  | 243,790 |  |  | 285,560 |  |  | 285,560 |  |  | — |
Bank deposit certificates (ii) | 756,066 |  |  | 765,741 |  |  | 663,985 |  |  | 101,756 |  |  | 525,778 |  |  | 541,294 |  |  | 523,859 |  |  | 17,435 |
Agribusiness receivables certificates | 1,132,479 |  |  | 1,200,254 |  |  | 1,183,214 |  |  | 17,040 |  |  | 1,998,287 |  |  | 1,984,686 |  |  | 1,964,977 |  |  | 19,709 |
Real estate receivable certificates | 1,843,651 |  |  | 1,924,269 |  |  | 1,921,927 |  |  | 2,342 |  |  | 1,799,625 |  |  | 1,803,111 |  |  | 1,800,671 |  |  | 2,440 |
Financial credit bills | 435,425 |  |  | 469,943 |  |  | 153,994 |  |  | 315,949 |  |  | 663,589 |  |  | 738,028 |  |  | 16,981 |  |  | 721,047 |
Real estate credit bill | 29,126 |  |  | 29,157 |  |  | 29,157 |  |  | — |  |  | 2,299,236 |  |  | 2,302,124 |  |  | 2,302,124 |  |  | — |
Agribusiness credit bills | 101,796 |  |  | 103,541 |  |  | 103,541 |  |  | — |  |  | 254,300 |  |  | 256,129 |  |  | 256,129 |  |  | — |
Commercial notes | 803,256 |  |  | 892,569 |  |  | 886,149 |  |  | 6,420 |  |  | 64,568 |  |  | 65,837 |  |  | 10,517 |  |  | 55,320 |
Others (iv) | 3,055,153 |  |  | 3,131,955 |  |  | 3,075,864 |  |  | 56,091 |  |  | 379,602 |  |  | 472,245 |  |  | 374,440 |  |  | 97,805 |
Investments held in trust accounts | — |  |  | — |  |  | — |  |  | — |  |  | 1,176,084 |  |  | 1,176,084 |  |  | 1,176,084 |  |  | — |
US government bonds (iii) | — |  |  | — |  |  | — |  |  | — |  |  | 1,176,084 |  |  | 1,176,084 |  |  | 1,176,084 |  |  | — |
Total | 102,381,532 |  |  | 103,282,212 |  |  | 46,930,511 |  |  | 56,351,701 |  |  | 87,449,816 |  |  | 87,513,004 |  |  | 41,824,379 |  |  | 45,688,625 |
(i)Those financial products represent investment contracts that have the legal form of retirement plans, which do not transfer substantial insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and an asset of the participant in the linked Specially Constituted Investment Fund (“FIE”). Besides assets which are presented segregated above, as retirement plan assets, the Group has proprietary assets to guarantee the solvency of our insurance and pension plan operations, under the terms of CNSP Resolution No. 432/2021, presented as Group portfolio, within the investment funds line. As of December 31, 2023, those assets represent R$ 202,678 (December 31, 2022 - R$183,732). (ii)Bank deposit certificates include R$67,985 (December 31, 2022 – R$252,877) presented as cash equivalents in the statements of cash flows. (iii)Related to investments received through IPO transactions derived by XPAC Acquisition Corp. These funds are restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in XPAC Acquisition Corp. trust agreement. See note 5(ii)(c)(i). (iv)Mainly related to bonds issued and traded overseas and other securities. b) Securities at fair value through other comprehensive income are presented in the following table:
| 2023 |  | 2022
| Gross carrying amount |  | Fair value |  | Gross carrying amount |  | Fair value
Financial assets |  |  |  |  |  |  |
At fair value through other comprehensive income |  |  |  |  |  |  |
Brazilian onshore sovereign bonds | 41,023,844 |  |  | 41,343,987 |  |  | 33,532,740 |  |  | 32,931,403 |
Brazilian offshore sovereign bonds | — |  |  | — |  |  | 1,379,129 |  |  | 1,321,258 |
Foreign sovereign bonds | 2,669,993 |  |  | 2,718,963 |  |  | — |  |  | — |
Corporate bonds | — |  |  | — |  |  | 238,730 |  |  | 226,007 |
Total | 43,693,837 |  |  | 44,062,950 |  |  | 35,150,599 |  |  | 34,478,668 |
c) Securities evaluated at amortized cost are presented in the following table:
| 2023 |  | 2022
| Gross carrying amount |  | Book value |  | Gross carrying amount |  | Book value
Financial assets |  |  |  |  |  |  |
At amortized cost (i) |  |  |  |  |  |  |
Brazilian onshore sovereign bonds | 3,773,404 |  |  | 3,772,534 |  |  | 5,835,971 |  |  | 5,834,628 |
Foreign sovereign bonds | — |  |  | — |  |  | 1,743,688 |  |  | 1,742,311 |
Rural product note | 616,083 |  |  | 615,576 |  |  | 507,131 |  |  | 506,927 |
Commercial notes | 2,472,006 |  |  | 2,467,311 |  |  | 1,188,237 |  |  | 1,188,237 |
Total | 6,861,493 |  |  | 6,855,421 |  |  | 9,275,027 |  |  | 9,272,103 |
(i)Includes expected credit loss in the amount of R$ 6,072 (December 31, 2022 – R$2,924). The reconciliation of gross carrying amount and the expected credit losses segregated by stages are presented in the Note 14. d) Securities on the financial liabilities classified at fair value through profit or loss are presented in the following table:
| 2023 |  | 2022
| Gross carrying amount |  | Fair value |  | Gross carrying amount |  | Fair value
Financial liabilities |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |
Securities loaned | 19,949,021 |  |  | 19,949,021 |  |  | 13,048,246 |  |  | 13,048,246 |
e) Debentures designated at fair value through profit or loss are presented in the following table: On May 6, 2021, XP Investimentos, issued non-convertible Debentures, in the aggregate amount of R$500,018, with the objective of funding the Group’s working capital for the construction of “Vila XP” at São Roque, State of São Paulo and designated this instrument as fair value through profit or loss in order to align it with the Group’s risk management and investment strategy. The principal amount is due on April 10, 2036. The accrued interest is payable every month from the issuance date and is calculated based on the IPCA (Brazilian inflation index) plus 5% p.a.
| 2023 |  | 2022
| Gross carrying amount |  | Fair value |  | Gross carrying amount |  | Fair value
Financial liabilities |  |  |  |  |  |  |
At fair value through profit or loss |  |  |  |  |  |  |
Debentures | 594,332 |  |  | 474,053 |  |  | 567,838 |  |  | 481,019 |
Unrealized gains/(losses) due to own credit risk for liabilities for which the fair value option has been elected are recorded in other comprehensive income. Gain/(losses) due to own credit risk were not material for the period ended December 31, 2023. Determination of own credit risk for items for which the fair value option was elected The debenture’s own credit risk is calculated as the difference between its yield and its benchmark rate for similar Brazilian federal securities. e.1) Difference between aggregate fair value and aggregate remaining contractual principal balance outstanding The following table reflects the difference between the aggregate fair value and the aggregate remaining contractual principal balance outstanding as of December 31, 2023 for instruments for which the fair value option has been elected.
|  | 2023
|  | Contractual principal outstanding |  | Fair value |  | Fair value/(under) contractual principal outstanding
Long-term debt |  |  |  |  |  |
Debentures |  | 594,332 |  |  | 474,053 |  |  | (120,279) |
f) Securities classified by maturity:
| Assets |  | Liabilities
| 2023 |  | 2022 |  | 2023 |  | 2022
Financial assets |  |  |  |  |  |  |
At fair value through PL and at OCI |  |  |  |  |  |  |
Current | 74,520,326 |  |  | 73,569,049 |  |  | 19,949,021 |  |  | 13,048,246 |
Non-stated maturity | 47,996,237 |  |  | 49,001,359 |  |  | 19,949,021 |  |  | 13,048,246 |
Up to 3 months | 18,207,233 |  |  | 18,739,708 |  |  | — |  |  | — |
From 4 to 12 months | 8,316,856 |  |  | 5,827,982 |  |  | — |  |  | — |
Non-current | 72,824,836 |  |  | 48,422,623 |  |  | 474,053 |  |  | 481,019 |
After one year | 72,824,836 |  |  | 48,422,623 |  |  | 474,053 |  |  | 481,019 |
Evaluated at amortized cost |  |  |  |  |  |  |
Current | 4,560,263 |  |  | 7,952,328 |  |  | — |  |  | — |
Up to 3 months | 2,015,126 |  |  | 3,327,313 |  |  | — |  |  | — |
From 4 to 12 months | 2,545,137 |  |  | 4,625,015 |  |  | — |  |  | — |
Non-current | 2,295,158 |  |  | 1,319,775 |  |  | — |  |  | — |
After one year | 2,295,158 |  |  | 1,319,775 |  |  | — |  |  | — |
Total | 154,200,583 |  |  | 131,263,775 |  |  | 20,423,074 |  |  | 13,529,265 |
The reconciliation of expected loss to financial assets at amortized cost segregated by stage is demonstrated in Note 14.

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