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Hedge accounting (Tables)

12 Months Ended

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

X

- References

No definition available.

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- Definition

The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2023-01-01
-Paragraph 24A
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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
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X

- 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
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