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Hedge accounting (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about hedged items [abstract] |
Summary of detailed information about hedging instruments | The Group undertakes risk management through the economic relationship between hedge instruments and hedged items, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors.
|  | Hedged item |  | Hedge instrument
|  | Book Value |  | Variation in value recognized in Other comprehensive income |  | Notional value |  | Variation in the amounts used to calculate hedge ineffectiveness
|  | Assets |  | Liabilities |  |  |
Strategies |  | 2023
Foreign exchange risk |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations |  | 450,853 |  |  | — |  |  | (34,603) |  |  | 446,442 |  |  | 41,235 |
Total |  | 450,853 |  |  | — |  |  | (34,603) |  |  | 446,442 |  |  | 41,235 |
|  | 2022
Foreign exchange risk |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations |  | 395,594 |  |  | — |  |  | (17,281) |  |  | 414,043 |  |  | 18,480 |
Total |  | 395,594 |  |  | — |  |  | (17,281) |  |  | 414,043 |  |  | 18,480 |
|  | 2021
Foreign exchange risk |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations | 310,069 |  |  | — |  |  | 19,474 |  |  | 440,022 |  |  | (18,758) |
Total |  | 310,069 |  |  | — |  |  | 19,474 |  |  | 440,022 |  |  | (18,758) |
Effects of hedge accounting | The effects of hedge accounting on the financial position and performance of the Group are presented below:
|  | Hedged item |  | Hedge instrument
|  | Book Value |  | Variation in value recognized in income |  | Notional value |  | Variation in the amounts used to calculate hedge ineffectiveness
|  | Assets |  | Liabilities |  |  |
Strategies |  | 2023
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |  |
Structured notes |  | — |  |  | 16,593,439 |  |  | (816,142) |  |  | 16,702,984 |  |  | 849,160 |
Issued bonds |  | — |  |  | 3,542,258 |  |  | 131,181 |  |  | 3,379,798 |  |  | (189,189) |
Total |  | — |  |  | 20,135,697 |  |  | (684,961) |  |  | 20,082,782 |  |  | 659,971 |
|  | Hedged item |  | Hedge instrument
|  | Book Value |  | Variation in value recognized in income |  | Notional value |  | Variation in the amounts used to calculate hedge ineffectiveness
|  | Assets |  | Liabilities |  |  |
Strategies |  | 2022
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |  |
Structured notes |  | — |  |  | 10,648,559 |  |  | 726,798 |  |  | 10,663,672 |  |  | (734,656) |
Issued bonds |  | — |  |  | 3,889,699 |  |  | 323,881 |  |  | 3,646,613 |  |  | (362,994) |
Fixed income bonds |  | 3,589,909 |  |  | — |  |  | (163,541) |  |  | 3,577,084 |  |  | 165,164 |
Total |  | 3,589,909 |  |  | 14,538,258 |  |  | 887,138 |  |  | 17,887,369 |  |  | (932,486) |
The effects of hedge accounting on the financial position and performance of the Group are presented below:
|  | Hedged item |  | Hedge instrument
|  | Book Value |  | Variation in value recognized in Other comprehensive income |  | Notional value |  | Variation in the amounts used to calculate hedge ineffectiveness
|  | Assets |  | Liabilities |  |  |
Strategies |  | 2023
Market price risk |  |  |  |  |  |  |  |  |  |
Long term incentive plan taxes |  | — |  |  | 414,315 |  |  | (59,517) |  |  | 438,765 |  |  | 70,906 |
Total |  | — |  |  | 414,315 |  |  | (59,517) |  |  | 438,765 |  |  | 70,906 |
|  | Hedged item |  | Hedge instrument
|  | Book Value |  | Variation in value recognized in Other comprehensive income |  | Notional value |  | Variation in the amounts used to calculate hedge ineffectiveness
|  | Assets |  | Liabilities |  |  |
Strategies |  | 2022
Market price risk |  |  |  |  |  |  |  |  |  |
Long term incentive plan taxes |  | — |  |  | 262,756 |  |  | 346,900 |  |  | 261,818 |  |  | (348,248) |
Total |  | — |  |  | 262,756 |  |  | 346,900 |  |  | 261,818 |  |  | (348,248) |
The table below presents, for each risk factor and hedging instruments categories, the nominal value and the adjustments to the fair value of the hedging instruments and the book value of the hedged object:
|  | 2023
|  | Notional amount |  | Book value |  | Variation in fair value used to calculate hedge ineffectiveness |  | Hedge ineffectiveness recognized in income
Hedge Instruments |  |  | Assets |  | Liabilities |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |
Futures |  | 19,859,217 |  |  | — |  |  | 19,896,226 |  |  | 675,035 |  |  | (19,807) |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |
Futures |  | 670,007 |  |  | 450,853 |  |  | 239,472 |  |  | 26,171 |  |  | 1,449 |
Market price risk |  |  |  |  |  |  |  |  |  |
Swaps |  | 438,765 |  |  | — |  |  | 414,315 |  |  | 70,906 |  |  | 11,389 |
|  | 2022
|  | Notional amount |  | Book value (i) |  | Variation in fair value used to calculate hedge ineffectiveness |  | Hedge ineffectiveness recognized in income
Hedge Instruments |  |  | Assets |  | Liabilities |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |
Futures |  | 17,604,185 |  |  | 3,589,909 |  |  | 14,218,543 |  |  | (890,103) |  |  | (41,295) |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |
Futures |  | 697,227 |  |  | 395,594 |  |  | 319,715 |  |  | (23,903) |  |  | (2,825) |
Market price risk |  |  |  |  |  |  |  |  |  |
Swaps |  | 261,818 |  |  | — |  |  | 262,756 |  |  | (348,248) |  |  | (1,348) |
The table below presents, for each strategy, the notional amount and the fair value adjustments of hedging instruments and the book value of the hedged item:
|  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
|  | Hedge instruments |  | Hedge item |  | Hedge instruments |  | Hedge item |  | Hedge instruments |  | Hedge item
Strategies |  | Notional amount |  | Fair value adjustments |  | Book value |  | Notional amount |  | Fair value adjustments |  | Book value |  | Notional amount |  | Fair value adjustments |  | Book value
Hedge of fair value |  | 20,082,782 |  |  | 659,971 |  |  | (684,961) |  |  | 17,887,369 |  |  | (932,486) |  |  | 887,138 |  |  | 9,297,999 |  |  | (495,191) |  |  | 506,190 |
Hedge of net investment in foreign operations |  | 446,442 |  |  | 41,235 |  |  | (34,603) |  |  | 414,043 |  |  | 18,480 |  |  | (17,252) |  |  | 440,022 |  |  | (18,758) |  |  | 19,474 |
Hedge of cash flow |  | 438,765 |  |  | 70,906 |  |  | (59,517) |  |  | 261,818 |  |  | (348,248) |  |  | 346,900 |  |  | — |  |  | — |  |  | — |
Total |  | 20,967,989 |  |  | 772,112 |  |  | (779,081) |  |  | 18,563,230 |  |  | (1,262,254) |  |  | 1,216,786 |  |  | 9,738,021 |  |  | (513,949) |  |  | 525,664 |
Information about how designated risk component relates to hedged item in its entirety [text block] | The table below shows the breakdown notional value by maturity of the hedging strategies:
|  | 2023
|  | 0-1 year |  | 1-2 years |  | 2-3 years |  | 3-4 years |  | 4-5 years |  | 5-10 years |  | Total
Hedge of fair value |  | 696,906 |  |  | 1,653,677 |  |  | 6,001,602 |  |  | 6,920,470 |  |  | 2,888,836 |  |  | 1,921,291 |  |  | 20,082,782 |
Hedge of net investment in foreign operations |  | 400,918 |  |  | 45,524 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 446,442 |
Hedge of cash flow |  | 438,765 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 438,765 |
Total |  | 1,536,589 |  |  | 1,699,201 |  |  | 6,001,602 |  |  | 6,920,470 |  |  | 2,888,836 |  |  | 1,921,291 |  |  | 20,967,989 |
|  | 2022
|  | 0-1 year |  | 1-2 years |  | 2-3 years |  | 3-4 years |  | 4-5 years |  | 5-10 years |  | Total
Hedge of fair value |  | 229,368 |  |  | 707,421 |  |  | 2,773,333 |  |  | 5,913,477 |  |  | 5,930,291 |  |  | 2,333,479 |  |  | 17,887,369 |
Hedge of net investment in foreign operations |  | 381,958 |  |  | — |  |  | 32,085 |  |  | — |  |  | — |  |  | — |  |  | 414,043 |
Hedge of cash flow |  | 261,818 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 261,818 |
Total |  | 873,144 |  |  | 707,421 |  |  | 2,805,418 |  |  | 5,913,477 |  |  | 5,930,291 |  |  | 2,333,479 |  |  | 18,563,230 |
|  | 2021
|  | 0-1 year |  | 1-2 years |  | 2-3 years |  | 3-4 years |  | 4-5 years |  | 5-10 years |  | Total
Hedge of fair value |  | 136,636 |  |  | 276,219 |  |  | 478,745 |  |  | 972,199 |  |  | 4,510,125 |  |  | 2,924,075 |  |  | 9,297,999 |
Hedge of net investment in foreign operations |  | 384,217 |  |  | — |  |  | — |  |  | 55,805 |  |  | — |  |  | — |  |  | 440,022 |
Total |  | 520,853 |  |  | 276,219 |  |  | 478,745 |  |  | 1,028,004 |  |  | 4,510,125 |  |  | 2,924,075 |  |  | 9,738,021 |

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- Definition The disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 24C -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_24C&doctype=Standard -URIDate 2023-03-23 + Details
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- Definition The disclosure of information about how the designated risk component relates to the hedged item in its entirety. [Refer: Hedged items [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 22C -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_22C_b&doctype=Standard -URIDate 2023-03-23 + Details
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