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Financial risk review (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of credit risk exposure [abstract] |
Schedule of Credit Risk Exposure | Loans at amortized cost, outstanding balance
| December 31, 2023
| PD Ranges |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Grades 1 - 4 | 0.03 - 0.74 |  | 2,893,562 |  |  | — |  |  | — |  |  | 2,893,562 |
Grades 5 - 6 | 0.75 - 3.80 |  | 3,680,969 |  |  | 237,878 |  |  | — |  |  | 3,918,847 |
Grades 7 - 8 | 3.81 - 34.51 |  | 303,445 |  |  | 69,606 |  |  | — |  |  | 373,051 |
Grades 9 - 10 | 34.52 - 100 |  | — |  |  | — |  |  | 10,107 |  |  | 10,107 |
|  |  | 6,877,976 |  |  | 307,484 |  |  | 10,107 |  |  | 7,195,567 |
Loss allowance |  |  | (34,778) |  |  | (17,734) |  |  | (6,898) |  |  | (59,410) |
Total |  |  | 6,843,198 |  |  | 289,750 |  |  | 3,209 |  |  | 7,136,157 |
| December 31, 2022
| PD Ranges |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Grades 1 - 4 | 0.03 - 0.74 |  | 2,864,686 |  |  | — |  |  | — |  |  | 2,864,686 |
Grades 5 - 6 | 0.75 - 3.80 |  | 3,645,901 |  |  | 50,625 |  |  | — |  |  | 3,696,526 |
Grades 7 - 8 | 3.81 - 34.51 |  | 123,603 |  |  | 48,098 |  |  | 20,000 |  |  | 191,701 |
Grades 9 - 10 | 34.52 - 100 |  | — |  |  | — |  |  | 10,107 |  |  | 10,107 |
|  |  | 6,634,190 |  |  | 98,723 |  |  | 30,107 |  |  | 6,763,020 |
Loss allowance |  |  | (28,589) |  |  | (5,050) |  |  | (21,561) |  |  | (55,200) |
Total |  |  | 6,605,601 |  |  | 93,673 |  |  | 8,546 |  |  | 6,707,820 |
Loan commitments, financial guarantees issued and customers’ liabilities under acceptances
| December 31, 2023
| 12-month PD Ranges |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Commitments and financial guarantees issued |  |  |  |  |  |  |  |  |
Grades 1 - 4 | 0.03 - 0.74 |  | 457,901 |  |  | — |  |  | — |  |  | 457,901 |
Grades 5 - 6 | 0.75 - 3.80 |  | 416,786 |  |  | 24,996 |  |  | — |  |  | 441,782 |
Grades 7 - 8 | 3.81 - 34.51 |  | 160,473 |  |  | 3,550 |  |  | — |  |  | 164,023 |
|  |  | 1,035,160 |  |  | 28,546 |  |  | — |  |  | 1,063,706 |
Customers' liabilities under acceptances |  |  |  |  |  |  |  |  |
Grades 1 - 4 | 0.03 - 0.74 |  | 163,438 |  |  | — |  |  | — |  |  | 163,438 |
Grades 5 - 6 | 0.75 - 3.80 |  | 2,009 |  |  | — |  |  | — |  |  | 2,009 |
Grades 7 - 8 | 3.81 - 34.51 |  | 95,981 |  |  | — |  |  | — |  |  | 95,981 |
|  |  | 261,428 |  |  | — |  |  | — |  |  | 261,428 |
|  |  | 1,296,588 |  |  | 28,546 |  |  | — |  |  | 1,325,134 |
Loss allowance |  |  | (3,905) |  |  | (1,154) |  |  | — |  |  | (5,059) |
Total |  |  | 1,292,683 |  |  | 27,392 |  |  | — |  |  | 1,320,075 |
| December 31, 2022
| 12-month PD Ranges |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Commitments and financial guarantees issued |  |  |  |  |  |  |  |  |
Grades 1 - 4 | 0.03 - 0.74 |  | 302,260 |  |  | — |  |  | — |  |  | 302,260 |
Grades 5 - 6 | 0.75 - 3.80 |  | 279,550 |  |  | 1,700 |  |  | — |  |  | 281,250 |
Grades 7 - 8 | 3.81 - 34.51 |  | 195,864 |  |  | — |  |  | — |  |  | 195,864 |
|  |  | 777,674 |  |  | 1,700 |  |  | — |  |  | 779,374 |
Customers' liabilities under acceptances |  |  |  |  |  |  |  |  |
Grades 1 - 4 | 0.03 - 0.74 |  | 34,258 |  |  | — |  |  | — |  |  | 34,258 |
Grades 5 - 6 | 0.75 - 3.80 |  | 19,782 |  |  | — |  |  | — |  |  | 19,782 |
Grades 7 - 8 | 3.81 - 34.51 |  | 109,305 |  |  | — |  |  | — |  |  | 109,305 |
|  |  | 163,345 |  |  | — |  |  | — |  |  | 163,345 |
|  |  | 941,019 |  |  | 1,700 |  |  | — |  |  | 942,719 |
Loss allowance |  |  | (3,605) |  |  | (23) |  |  | — |  |  | (3,628) |
Total |  |  | 937,414 |  |  | 1,677 |  |  | — |  |  | 939,091 |
Securities at amortized cost
| December 31, 2023
| 12-month DP Ranges |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Grades 1 - 4 | 0.03 - 0.74 |  | 913,524 |  |  | — |  |  | — |  |  | 913,524 |
Grades 5 - 6 | 0.75 - 3.80 |  | 57,674 |  |  | 28,346 |  |  | — |  |  | 86,020 |
|  |  | 971,198 |  |  | 28,346 |  |  | — |  |  | 999,544 |
Loss allowance |  |  | (1,230) |  |  | (402) |  |  | — |  |  | (1,632) |
Total |  |  | 969,968 |  |  | 27,944 |  |  | — |  |  | 997,912 |
| December 31, 2022
| 12-month PD Ranges |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Grades 1 - 4 | 0.03 - 0.74 |  | 736,139 |  |  | — |  |  | — |  |  | 736,139 |
Grades 5 - 6 | 0.75 - 3.80 |  | 154,248 |  |  | 46,589 |  |  | — |  |  | 200,837 |
Grades 7 - 8 | 3.81 - 34.51 |  | — |  |  | — |  |  | 4,995 |  |  | 4,995 |
|  |  | 890,387 |  |  | 46,589 |  |  | 4,995 |  |  | 941,971 |
Loss allowance |  |  | (2,170) |  |  | (1,779) |  |  | (4,002) |  |  | (7,951) |
Total |  |  | 888,217 |  |  | 44,810 |  |  | 993 |  |  | 934,020 |
Securities at FVOCI
| December 31, 2023
| 12-month PD Ranges |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Grades 1 - 4 | 0.03 - 0.74 |  | 11,824 |  |  | — |  |  | — |  |  | 11,824 |
|  |  | 11,824 |  |  | — |  |  | — |  |  | 11,824 |
Loss allowance |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Total |  |  | 11,823 |  |  | — |  |  | — |  |  | 11,823 |
| December 31, 2022
| 12-month PD Ranges |  | Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Grades 1 - 4 | 0.03 - 0.74 |  | 77,972 |  |  | — |  |  | — |  |  | 77,972 |
|  |  | 77,972 |  |  | — |  |  | — |  |  | 77,972 |
Loss allowance |  |  | (10) |  |  | — |  |  | — |  |  | (10) |
Total |  |  | 77,962 |  |  | — |  |  | — |  |  | 77,962 |
Schedule of Financial Assets that are Either Past Due or Impaired | The following table presents information of the current and past due balances of loans at amortized cost in stages 1, 2 and 3:
| December 31, 2023
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Current | 6,873,737 |  |  | 311,723 |  |  | — |  |  | 7,185,460 |
Past due | — |  |  | — |  |  | 10,107 |  |  | 10,107 |
Total | 6,873,737 |  |  | 311,723 |  |  | 10,107 |  |  | 7,195,567 |
| December 31, 2022
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Current | 6,634,190 |  |  | 98,723 |  |  | — |  |  | 6,732,913 |
Defaulters | — |  |  | — |  |  | 20,000 |  |  | 20,000 |
Past due | — |  |  | — |  |  | 10,107 |  |  | 10,107 |
Total | 6,634,190 |  |  | 98,723 |  |  | 30,107 |  |  | 6,763,020 |
Schedule of Credit Exposure of Derivative Transactions | The following table presents an analysis of counterparty credit exposures arising from derivative transactions. The Bank's derivative fair values are generally secured by cash.
| December 31, 2023
| Notional value USD |  | Derivative financial instruments - fair value assets |  | Derivative financial instruments - fair value liabilities
Interest rate swaps | 987,394 |  |  | 11,358 |  |  | (790) |
Cross-currency swaps | 1,678,042 |  |  | 145,909 |  |  | (39,823) |
Total | 2,665,436 |  |  | 157,267 |  |  | (40,613) |
| December 31, 2022
| Notional value USD |  | Derivative financial instruments - fair value assets |  | Derivative financial instruments - fair value liabilities
Interest rate swaps | 368,711 |  |  | 483 |  |  | (544) |
Cross-currency swaps | 1,175,570 |  |  | 45,806 |  |  | (33,217) |
Foreign exchange forwards | 189,173 |  |  | 21,870 |  |  | — |
Total | 1,733,454 |  |  | 68,159 |  |  | (33,761) |
Schedule of Macroeconomic Assumptions Used in the Base, Optimistic and Pessimistic Scenarios | The table below lists the alert model's macroeconomic assumptions for countries representing the higher exposures, for the base, upside and downside scenarios over the five-year forecasted average available for each reporting period.
|  |  |  | Variable
|  |  |  | GDP Growth (Var.% ) |  | ComEx Growth Index (Var.% )
|  | Scenario |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
|  | Base |  | 2.1 | % |  | 1.9 | % |  | 2.5 | % |  | 7.1 | %
Brazil |  | Upside |  | 3.1 | % |  | 2.9 | % |  | 6.0 | % |  | 10.6 | %
|  | Downside |  | 0.7 | % |  | 0.5 | % |  | -1.5 | % |  | 3.1 | %
|  | Base |  | 1.8 | % |  | 1.7 | % |  | 1.4 | % |  | 3.1 | %
Chile |  | Upside |  | 2.9 | % |  | 2.8 | % |  | 4.9 | % |  | 6.6 | %
|  | Downside |  | 0.6 | % |  | 0.5 | % |  | -2.6 | % |  | -0.9 | %
|  | Base |  | 2.4 | % |  | 3.6 | % |  | 0.2 | % |  | 8.4 | %
Colombia |  | Upside |  | 3.5 | % |  | 4.7 | % |  | 3.2 | % |  | 11.4 | %
|  | Downside |  | 1.1 | % |  | 2.3 | % |  | -3.3 | % |  | 4.9 | %
|  | Base |  | 4.2 | % |  | 4.8 | % |  | 3.6 | % |  | 5.8 | %
Dominican Republic |  | Upside |  | 5.4 | % |  | 6.0 | % |  | 7.1 | % |  | 9.3 | %
|  | Downside |  | 2.9 | % |  | 3.5 | % |  | -0.4 | % |  | 1.8 | %
|  | Base |  | 1.8 | % |  | 2.6 | % |  | 0.2 | % |  | 5.7 | %
Ecuador |  | Upside |  | 2.8 | % |  | 3.6 | % |  | 3.2 | % |  | 8.7 | %
|  | Downside |  | 0.3 | % |  | 1.1 | % |  | -3.3 | % |  | 2.2 | %
|  | Base |  | 3.4 | % |  | 3.5 | % |  | 4.7 | % |  | 5.8 | %
Guatemala |  | Upside |  | 4.4 | % |  | 4.5 | % |  | 7.7 | % |  | 8.8 | %
|  | Downside |  | 2.2 | % |  | 2.3 | % |  | 1.2 | % |  | 2.3 | %
|  | Base |  | 2.4 | % |  | 1.9 | % |  | 4.9 | % |  | 6.4 | %
Mexico |  | Upside |  | 3.4 | % |  | 2.9 | % |  | 8.9 | % |  | 10.4 | %
|  | Downside |  | 1.2 | % |  | 0.7 | % |  | 0.4 | % |  | 1.9 | %
|  | Base |  | 2.3 | % |  | 2.9 | % |  | 2.7 | % |  | 4.9 | %
Peru |  | Upside |  | 3.3 | % |  | 3.9 | % |  | 6.2 | % |  | 8.4 | %
|  | Downside |  | 1.1 | % |  | 1.7 | % |  | -1.3 | % |  | 0.9 | %
Schedule of Reconciliation of Changes in Loss Allowance and Explanation of Changes in Gross Carrying Amount for Financial Instruments | The following tables show reconciliations from the opening to the closing balances of the loss allowance by class of financial instrument. The basis for determining transfers due to changes in credit risk is set out in our accounting policy in Note 3.4 (K). A. Credit risk (continued) Loans at amortized cost
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Allowance for expected credit losses as of December 31, 2022 | 28,589 |  |  | 5,050 |  |  | 21,561 |  |  | 55,200 |
Transfer to lifetime expected credit losses | (752) |  |  | 752 |  |  | — |  |  | — |
Net effect of changes in allowance for expected credit losses | (2,363) |  |  | 11,195 |  |  | 6,481 |  |  | 15,313 |
Financial instruments that have been derecognized during the year | (17,950) |  |  | (879) |  |  | — |  |  | (18,829) |
New instruments originated or purchased | 27,254 |  |  | 1,616 |  |  | — |  |  | 28,870 |
Write-offs | — |  |  | — |  |  | (21,144) |  |  | (21,144) |
Allowance for expected credit losses as of December 31, 2023 | 34,778 |  |  | 17,734 |  |  | 6,898 |  |  | 59,410 |
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Allowance for expected credit losses as of December 31, 2021 | 20,115 |  |  | 16,175 |  |  | 5,186 |  |  | 41,476 |
Transfer to lifetime expected credit losses | (29) |  |  | 29 |  |  | — |  |  | — |
Transfer to 12-month expected credit losses | 176 |  |  | (176) |  |  | — |  |  | — |
Transfer to credit-impaired financial instruments | (130) |  |  | — |  |  | 130 |  |  | — |
Net effect of changes in allowance for expected credit losses | (1,718) |  |  | (10,146) |  |  | 16,072 |  |  | 4,208 |
Financial instruments that have been derecognized during the year | (12,385) |  |  | (832) |  |  | — |  |  | (13,217) |
New instruments originated or purchased | 22,560 |  |  | — |  |  | — |  |  | 22,560 |
Write-offs | — |  |  | — |  |  | (893) |  |  | (893) |
Recoveries | — |  |  | — |  |  | 1,066 |  |  | 1,066 |
Allowance for expected credit losses as of December 31, 2022 | 28,589 |  |  | 5,050 |  |  | 21,561 |  |  | 55,200 |
The allowance for expected credit losses on loan commitments and financial guarantee contracts reflects the Bank’s Management is estimate of expected credit losses of customers’ liabilities under acceptances and contingent liabilities such as: confirmed letters of credit, stand-by letters of credit, guarantees, and credit commitments.
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Allowance for expected credit losses as of December 31, 2022 | 3,605 |  |  | 23 |  |  | — |  |  | 3,628 |
Transfer to lifetime expected credit losses | (24) |  |  | 24 |  |  | — |  |  | — |
Transfer to 12-month expected credit losses | 22 |  |  | (22) |  |  | — |  |  | — |
Net effect of changes in reserve for expected credit losses | (58) |  |  | 21 |  |  | — |  |  | (37) |
Financial instruments that have been derecognized during the year | (2,824) |  |  | — |  |  | — |  |  | (2,824) |
New instruments originated or purchased | 3,184 |  |  | 1,108 |  |  | — |  |  | 4,292 |
Allowance for expected credit losses as of December 31, 2023 | 3,905 |  |  | 1,154 |  |  | — |  |  | 5,059 |
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Allowance for expected credit losses as of December 31, 2021 | 3,472 |  |  | 331 |  |  | — |  |  | 3,803 |
Transfer to 12-month expected credit losses | 133 |  |  | (133) |  |  | — |  |  | — |
Net effect of changes in reserve for expected credit losses | (160) |  |  | (39) |  |  | — |  |  | (199) |
Financial instruments that have been derecognized during the year | (2,981) |  |  | (136) |  |  | — |  |  | (3,117) |
New instruments originated or purchased | 3,141 |  |  | — |  |  | — |  |  | 3,141 |
Allowance for expected credit losses as of December 31, 2022 | 3,605 |  |  | 23 |  |  | — |  |  | 3,628 |
Securities at amortized cost
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Allowance for expected credit losses as of December 31, 2022 | 2,170 |  |  | 1,779 |  |  | 4,002 |  |  | 7,951 |
Transfer to lifetime expected credit losses | (46) |  |  | 46 |  |  | — |  |  | — |
Net effect of changes in allowance for expected credit losses | (58) |  |  | 547 |  |  | 1,252 |  |  | 1,741 |
Financial instruments that have been derecognized during the year | (1,074) |  |  | (218) |  |  | — |  |  | (1,292) |
New financial assets originated or purchased | 238 |  |  | — |  |  | — |  |  | 238 |
Writte-offs | — |  |  | (1,752) |  |  | (5,254) |  |  | (7,006) |
Allowance for expected credit losses as of December 31, 2023 | 1,230 |  |  | 402 |  |  | — |  |  | 1,632 |
A. Credit risk (continued)
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Allowance for expected credit losses as of December 31, 2021 | 1,790 |  |  | — |  |  | — |  |  | 1,790 |
Transfer to lifetime expected credit losses | (46) |  |  | 46 |  |  | — |  |  | — |
Transfer to credit-impaired financial instruments | (33) |  |  | — |  |  | 33 |  |  | — |
Net effect of changes in allowance for expected credit losses | (13) |  |  | 941 |  |  | 3,969 |  |  | 4,897 |
Financial instruments that have been derecognized during the year | (420) |  |  | — |  |  | — |  |  | (420) |
New financial assets originated or purchased | 892 |  |  | 792 |  |  | — |  |  | 1,684 |
Allowance for expected credit losses as of December 31, 2022 | 2,170 |  |  | 1,779 |  |  | 4,002 |  |  | 7,951 |
Securities at FVOCI
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Allowance for expected credit losses as of December 31, 2022 | 10 |  |  | — |  |  | — |  |  | 10 |
Financial instruments that have been derecognized during the year | (11) |  |  | — |  |  | — |  |  | (11) |
New financial assets originated or purchased | 2 |  |  | — |  |  | — |  |  | 2 |
Allowance for expected credit losses as of December 31, 2023 | 1 |  |  | — |  |  | — |  |  | 1 |
| Stage 1 |  | Stage 2 |  | Stage 3 |  | Total
Allowance for expected credit losses as of December 31, 2021 | 26 |  |  | — |  |  | — |  |  | 26 |
Financial instruments that have been derecognized during the year | (16) |  |  | — |  |  | — |  |  | (16) |
Allowance for expected credit losses as of December 31, 2022 | 10 |  |  | — |  |  | — |  |  | 10 |
The following table provides a reconciliation between: - Amounts shown in the previous tables reconciling opening and closing balances of loss allowance per class of financial instrument; and - The (reversal) provision for credit losses’ line item in the consolidated statement of profit or loss. A. Credit risk (continued)
|  | Loans at amortized cost |  | Loan commitments and financial guarantee contracts |  | Securities |  |
December 31, 2023 |  |  |  | At amortized cost |  | FVOCI |  | Total
Net effect of changes in allowance for expected credit losses |  | 15,313 |  |  | (37) |  |  | 1,741 |  |  | — |  |  | 17,017 |
Financial instruments that have been derecognized during the year |  | (18,829) |  |  | (2,824) |  |  | (1,292) |  |  | (11) |  |  | (22,956) |
New financial assets originated or purchased |  | 28,870 |  |  | 4,292 |  |  | 238 |  |  | 2 |  |  | 33,402 |
Total |  | 25,354 |  |  | 1,431 |  |  | 687 |  |  | (9) |  |  | 27,463 |
|  | Loans at amortized cost |  | Loan commitments and financial guarantee contracts |  | Securities |  |
December 31, 2022 |  |  |  | At amortized cost |  | FVOCI |  | Total
Net effect of changes in allowance for expected credit losses |  | 4,208 |  |  | (199) |  |  | 4,897 |  |  | — |  |  | 8,906 |
Financial instruments that have been derecognized during the year |  | (13,217) |  |  | (3,117) |  |  | (420) |  |  | (16) |  |  | (16,770) |
New financial assets originated or purchased |  | 22,560 |  |  | 3,141 |  |  | 1,684 |  |  | — |  |  | 27,385 |
Total |  | 13,551 |  |  | (175) |  |  | 6,161 |  |  | (16) |  |  | 19,521 |
|  | Loans at amortized cost |  | Loan commitments and financial guarantee contracts |  | Securities |  |
December 31, 2021 |  |  |  | At amortized cost |  | FVOCI |  | Total
Net effect of changes in allowance for expected credit losses |  | (2,477) |  |  | (54) |  |  | (20) |  |  | — |  |  | (2,551) |
Financial instruments that have been derecognized during the year |  | (14,715) |  |  | (1,948) |  |  | (193) |  |  | (17) |  |  | (16,873) |
New financial assets originated or purchased |  | 17,343 |  |  | 2,901 |  |  | 1,508 |  |  | — |  |  | 21,752 |
Total |  | 151 |  |  | 899 |  |  | 1,295 |  |  | (17) |  |  | 2,328 |
Schedule of Reconciliation of Changes in the Net Carrying Amount of Credit-Impaired Loans | The following table sets out a reconciliation of changes in the carrying amount of the allowance for credit losses for credit-impaired financial assets:
| December 31,
| 2023 |  | 2022
Credit-impaired loans at beginning of year | 21,561 |  |  | 5,186 |
Classified as credit-impaired during the year | — |  |  | 130 |
Change in allowance for expected credit losses | 6,181 |  |  | 14,606 |
Write-offs | (21,144) |  |  | (893) |
Recoveries of amounts previously written off | — |  |  | 1,066 |
Interest income | 300 |  |  | 1,466 |
Credit-impaired loans at end of year | 6,898 |  |  | 21,561 |
| December 31, |  |  |  |
| 2023 |  | 2022
Investments at amortized cost with credit impairment at beginning of year | 4,002 |  |  | — |  |  |  |  |
Classified as credit-impaired during the year | — |  |  | 33 |  |  |  |  |
Change in allowance for expected credit losses | 1,249 |  |  | 3,717 |  |  |  |  |
Interest income | 3 |  |  | 252 |  |  |  |  |
Write-offs | (5,254) |  |  | — |  |  |  |  |
Investments at amortized cost with credit impairment at end of year | — |  |  | 4,002 |  |  |  |  |
Schedule of Concentrations of Credit Risk by Sector and Industry | Concentration by sector and industry
| Loans at amortized cost |  | Loan commitments and financial guarantee contracts |  | Securities
|  |  | At amortized cost |  | FVOCI
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Carrying amount - principal | 7,195,567 |  |  | 6,763,020 |  |  | 261,428 |  |  | 163,345 |  |  | 999,544 |  |  | 941,971 |  |  | 11,824 |  |  | 77,972 |
Amount committed/guaranteed | — |  |  | — |  |  | 1,063,706 |  |  | 779,374 |  |  | — |  |  | — |  |  | — |  |  | — |
Concentration by sector |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private | 3,192,357 |  |  | 2,553,193 |  |  | 727,379 |  |  | 409,139 |  |  | 582,877 |  |  | 543,381 |  |  | — |  |  | 24,773 |
State-owned | 1,204,471 |  |  | 1,115,932 |  |  | 115,542 |  |  | 110,468 |  |  | 20,619 |  |  | 51,388 |  |  | — |  |  | — |
Financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private | 2,248,150 |  |  | 2,245,385 |  |  | 97,381 |  |  | 120,614 |  |  | 311,870 |  |  | 250,975 |  |  | — |  |  | — |
State-owned | 464,917 |  |  | 719,882 |  |  | 384,832 |  |  | 302,498 |  |  | 35,149 |  |  | 31,902 |  |  | 11,824 |  |  | 53,199 |
Sovereign | 85,672 |  |  | 128,628 |  |  | — |  |  | — |  |  | 49,029 |  |  | 64,325 |  |  | — |  |  | — |
Total | 7,195,567 |  |  | 6,763,020 |  |  | 1,325,134 |  |  | 942,719 |  |  | 999,544 |  |  | 941,971 |  |  | 11,824 |  |  | 77,972 |
Concentration by industry |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institutions | 2,713,067 |  |  | 2,965,266 |  |  | 482,213 |  |  | 423,112 |  |  | 351,463 |  |  | 282,878 |  |  | 11,824 |  |  | 53,199 |
Manufacturing | 1,702,514 |  |  | 1,341,453 |  |  | 464,433 |  |  | 293,659 |  |  | 346,140 |  |  | 339,914 |  |  | — |  |  | 14,898 |
Oil and petroleum derived products | 1,330,526 |  |  | 1,244,491 |  |  | 106,518 |  |  | 104,426 |  |  | 95,144 |  |  | 77,553 |  |  | — |  |  | 9,875 |
Agricultural | 239,498 |  |  | 317,037 |  |  | 22,546 |  |  | 3,854 |  |  | — |  |  | — |  |  | — |  |  | — |
Services | 465,113 |  |  | 267,868 |  |  | 108,632 |  |  | 55,430 |  |  | 84,840 |  |  | 64,412 |  |  | — |  |  | — |
Mining | 328,415 |  |  | 150,707 |  |  | 26,329 |  |  | — |  |  | 9,690 |  |  | 24,381 |  |  | — |  |  | — |
Sovereign | 85,672 |  |  | 128,628 |  |  | — |  |  | — |  |  | 49,029 |  |  | 64,325 |  |  | — |  |  | — |
Other | 330,762 |  |  | 347,570 |  |  | 114,463 |  |  | 62,238 |  |  | 63,238 |  |  | 88,508 |  |  | — |  |  | — |
Total | 7,195,567 |  |  | 6,763,020 |  |  | 1,325,134 |  |  | 942,719 |  |  | 999,544 |  |  | 941,971 |  |  | 11,824 |  |  | 77,972 |
Schedule of Concentrations of Credit Risk by Rating and Country | Risk rating and concentration by country
| Loans at amortized cost |  | Loan commitments and financial guarantee contracts |  | Securities
|  |  | At amortized cost |  | FVOCI
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
Carrying amount - principal | 7,195,567 |  |  | 6,763,020 |  |  | 261,428 |  |  | 163,345 |  |  | 999,544 |  |  | 941,971 |  |  | 11,824 |  |  | 77,972 |
Amount committed/guaranteed | — |  |  | — |  |  | 1,063,706 |  |  | 779,374 |  |  | — |  |  | — |  |  | — |  |  | — |
Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 | 2,893,562 |  |  | 2,864,685 |  |  | 621,339 |  |  | 336,519 |  |  | 913,524 |  |  | 736,139 |  |  | 11,824 |  |  | 77,972 |
5-6 | 3,918,848 |  |  | 3,696,527 |  |  | 443,791 |  |  | 301,031 |  |  | 86,020 |  |  | 200,837 |  |  | — |  |  | — |
7-8 | 373,050 |  |  | 191,701 |  |  | 260,004 |  |  | 305,169 |  |  | — |  |  | 4,995 |  |  | — |  |  | — |
10 | 10,107 |  |  | 10,107 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 7,195,567 |  |  | 6,763,020 |  |  | 1,325,134 |  |  | 942,719 |  |  | 999,544 |  |  | 941,971 |  |  | 11,824 |  |  | 77,972 |
Concentration by country |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentina | 52,264 |  |  | 55,598 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Australia | — |  |  | — |  |  | — |  |  | — |  |  | 4,803 |  |  | 9,628 |  |  | — |  |  | — |
Belgium | 14,223 |  |  | 25,362 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Bolivia | — |  |  | — |  |  | 4,270 |  |  | 3,759 |  |  | — |  |  | — |  |  | — |  |  | — |
Brazil | 1,008,633 |  |  | 980,205 |  |  | 83,932 |  |  | 54,907 |  |  | 31,009 |  |  | 69,501 |  |  | — |  |  | — |
Canada | 22,599 |  |  | — |  |  | 24,996 |  |  | — |  |  | 38,508 |  |  | 13,503 |  |  | — |  |  | — |
Chile | 454,885 |  |  | 416,714 |  |  | 16,423 |  |  | 44,846 |  |  | 79,495 |  |  | 112,586 |  |  | — |  |  | — |
Colombia | 938,897 |  |  | 702,409 |  |  | 67,545 |  |  | 54,333 |  |  | 23,837 |  |  | 54,484 |  |  | — |  |  | — |
Korea | — |  |  | — |  |  | — |  |  | — |  |  | 1,839 |  |  | — |  |  | — |  |  | — |
Costa Rica | 284,709 |  |  | 260,625 |  |  | 51,895 |  |  | 56,718 |  |  | 7,988 |  |  | 9,926 |  |  | — |  |  | — |
Denmark | — |  |  | — |  |  | — |  |  | 11,880 |  |  | — |  |  | — |  |  | — |  |  | — |
Dominican Republic | 637,199 |  |  | 579,918 |  |  | 157,986 |  |  | 27,534 |  |  | 4,705 |  |  | 4,828 |  |  | — |  |  | — |
Ecuador | 190,628 |  |  | 110,466 |  |  | 259,597 |  |  | 305,168 |  |  | — |  |  | — |  |  | — |  |  | — |
El Salvador | 82,500 |  |  | 30,032 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
France | 27,454 |  |  | 126,929 |  |  | 96,249 |  |  | 66,906 |  |  | — |  |  | — |  |  | — |  |  | — |
Germany | — |  |  | — |  |  | 15,000 |  |  | 10,000 |  |  | 14,750 |  |  | — |  |  | — |  |  | — |
Guatemala | 704,012 |  |  | 745,837 |  |  | 100,227 |  |  | 67,456 |  |  | — |  |  | — |  |  | — |  |  | — |
Honduras | 221,672 |  |  | 176,270 |  |  | 975 |  |  | 3,615 |  |  | — |  |  | — |  |  | — |  |  | — |
Hong Kong | 15,000 |  |  | 2,800 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ireland | — |  |  | — |  |  | — |  |  | — |  |  | 14,976 |  |  | 9,579 |  |  | — |  |  | — |
Israel | — |  |  | — |  |  | — |  |  | — |  |  | 4,788 |  |  | 4,880 |  |  | — |  |  | — |
Italy | — |  |  | — |  |  | — |  |  | — |  |  | 14,660 |  |  | — |  |  | — |  |  | — |
Jamaica | 101,858 |  |  | 14,083 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Japan | 12,037 |  |  | 14,712 |  |  | — |  |  | — |  |  | 38,548 |  |  | 4,353 |  |  | — |  |  | — |
Luxembourg | 89,833 |  |  | 114,557 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Mexico | 838,495 |  |  | 823,028 |  |  | 83,561 |  |  | 69,080 |  |  | 62,229 |  |  | 100,870 |  |  | — |  |  | — |
Netherlands | — |  |  | — |  |  | 800 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Norway | — |  |  | — |  |  | — |  |  | — |  |  | 9,838 |  |  | — |  |  | — |  |  | — |
Panama | 374,364 |  |  | 533,452 |  |  | 29,301 |  |  | 19,240 |  |  | 33,977 |  |  | 29,065 |  |  | — |  |  | — |
Paraguay | 186,426 |  |  | 151,287 |  |  | 230 |  |  | 3,430 |  |  | — |  |  | — |  |  | — |  |  | — |
Peru | 536,236 |  |  | 478,998 |  |  | 223,460 |  |  | 114,941 |  |  | 30,635 |  |  | 60,575 |  |  | — |  |  | — |
Singapore | 145,807 |  |  | 152,208 |  |  | 7,057 |  |  | 24,333 |  |  | — |  |  | — |  |  | — |  |  | — |
Trinidad and Tobago | 132,783 |  |  | 128,846 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
United States of America | 74,139 |  |  | 53,463 |  |  | — |  |  | 3,349 |  |  | 539,727 |  |  | 458,193 |  |  | — |  |  | 43,464 |
United Kingdom | 37,314 |  |  | 51,221 |  |  | — |  |  | — |  |  | 43,232 |  |  | — |  |  | — |  |  | — |
Uruguay | 11,600 |  |  | 34,000 |  |  | 101,630 |  |  | 1,224 |  |  | — |  |  | — |  |  | — |  |  | — |
Multilateral | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,824 |  |  | 34,508 |
Total | 7,195,567 |  |  | 6,763,020 |  |  | 1,325,134 |  |  | 942,719 |  |  | 999,544 |  |  | 941,971 |  |  | 11,824 |  |  | 77,972 |
Schedule of Offsetting Financial Assets and Liabilities | The following tables include financial assets and liabilities that are offset in the consolidated financial statement or subject to an enforceable master netting arrangement: a)Derivative financial instruments – assets
|  | December 31, 2023
|  | Gross amounts of assets |  | Gross amounts offset in the consolidated statement of financial position |  | Net amount of assets presented in the consolidated statement of financial position |  | Gross amounts not offset in the consolidated statement of financial position |  | Net amount
|  |  |  |  | Financial instruments |  | Cash collateral received |
Derivative financial instruments used for hedging |  | 157,267 |  |  | — |  |  | 157,267 |  |  | — |  |  | (152,111) |  |  | 5,156 |
Total |  | 157,267 |  |  | — |  |  | 157,267 |  |  | — |  |  | (152,111) |  |  | 5,156 |
|  | December 31, 2022
|  | Gross amounts of assets |  | Gross amounts offset in the consolidated statement of financial position |  | Net amount of assets presented in the consolidated statement of financial position |  | Gross amounts not offset in the consolidated statement of financial position |  | Net amount
|  |  |  |  | Financial instruments |  | Cash collateral received |
Derivative financial instruments used for hedging |  | 68,159 |  |  | — |  |  | 68,159 |  |  | — |  |  | (50,615) |  |  | 17,544 |
Total |  | 68,159 |  |  | — |  |  | 68,159 |  |  | — |  |  | (50,615) |  |  | 17,544 |
Securities sold under repurchase agreements and derivative financial instruments – liabilities
|  | December 31, 2023
|  | Gross amounts of liabilities |  | Gross amounts offset in the consolidated statement of financial position |  | Net amount of assets presented in the consolidated statement of financial position |  | Gross amounts not offset in the consolidated statement of financial position |  | Net amount
|  |  |  |  | Financial instruments |  | Cash collateral received |
Securities sold under repurchase agreements at amortized cost |  | (310,197) |  |  | — |  |  | (310,197) |  |  | 342,271 |  |  | 8,087 |  |  | 40,161 |
Derivative financial instruments used for hedging at FVTPL |  | (40,613) |  |  | — |  |  | (40,613) |  |  | — |  |  | 34,297 |  |  | (6,316) |
Total |  | (350,810) |  |  | — |  |  | (350,810) |  |  | 342,271 |  |  | 42,384 |  |  | 33,845 |
|  | December 31, 2022
|  | Gross amounts of liabilities |  | Gross amounts offset in the consolidated statement of financial position |  | Net amount of assets presented in the consolidated statement of financial position |  | Gross amounts not offset in the consolidated statement of financial position |  | Net amount
|  |  |  |  | Financial instruments |  | Cash collateral received |
Securities sold under repurchase agreements at amortized cost |  | (300,498) |  |  | — |  |  | (300,498) |  |  | 791,956 |  |  | 22,947 |  |  | 514,405 |
Derivative financial instruments used for hedging at FVTPL |  | (33,761) |  |  | — |  |  | (33,761) |  |  | — |  |  | 17,702 |  |  | (16,059) |
Total |  | (334,259) |  |  | — |  |  | (334,259) |  |  | 791,956 |  |  | 40,649 |  |  | 498,346 |
Schedule of Bank's Liquid Assets Along with Average Information | The following table details the Bank’s liquidity ratios:
| December 31,
| 2023 |  | 2022
At the end of the year | 205.8 | % |  | 167.5 | %
Year average | 177.2 | % |  | 132.6 | %
Maximum of the year | 357.0 | % |  | 276.9 | %
Minimun of the year | 111.5 | % |  | 81.2 | %
Schedule of Bank's Liquid Assets by Geographical Location | The following table includes the Bank’s liquid assets by country risk:
| December 31, 2023 |  | December 31, 2022
(in millions of USD dollars) | Cash and due from banks |  | Securities FVOCI |  | Total |  | Cash and due from banks |  | Securities FVOCI |  | Total
United States of America | 1,904 |  |  | — |  |  | 1,904 |  |  | 1,151 |  |  | 43 |  |  | 1,194 |
Latin America | 7 |  |  | — |  |  | 7 |  |  | 15 |  |  | — |  |  | 15 |
Other countries | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Multilateral | 75 |  |  | 12 |  |  | 87 |  |  | 25 |  |  | 35 |  |  | 60 |
Total | 1,987 |  |  | 12 |  |  | 1,999 |  |  | 1,191 |  |  | 78 |  |  | 1,269 |
Schedule of Bank's Demand Deposits Ratio on Total Deposits | The following table includes the Bank’s demand deposits from customers and its ratio to total deposits from customers:
| December 31,
| 2023 |  | 2022
(in millions of USD dollars) |  |  |
Demand and "overnight" deposits | 748 |  |  | 583 |
Demand and "overnight" deposits to total deposits | 17.0 | % |  | 18.3 | %
Schedule of Bank's Demand Deposits from Customers is Satisfied by the Bank's Liquid Assets | The liquidity requirements resulting from the Bank’s demand deposits from customers is satisfied by the Bank’s liquid assets as follows:
| December 31,
(in millions of USD dollars) | 2023 |  | 2022
Total liquid assets | 1,999 |  |  | 1,269 |
Total assets to total liabilities | 45.4 | % |  | 39.8 | %
Total liquid assets in the Federal Reserve of the United States of America | 94.3 | % |  | 90.2 | %
Schedule of Bank's Loans and Securities Short-Term Portfolio with Maturity Within One Year | The following table includes the carrying amount for the Bank’s loans and securities short-term portfolio with maturity within one year based on their original contractual term along with its average remaining term:
| December 31,
(in millions of USD dollars) | 2023 |  | 2022
Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms | 4,087 |  |  | 4,008 |
Average term (days) | 197 |  | 200
Schedule of Bank's Loans and Securities Short-Term Portfolio with Medium Term Maturity | The following table includes the carrying amount for the Bank’s loans and securities medium term portfolio with maturity over one year based on their original contractual terms along with their average remaining term:
| December 31,
(in millions of USD dollars) | 2023 |  | 2022
Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms | 4,119 |  |  | 3,775 |
Average term (days) | 1381 |  | 1367
Schedule of Future Cash Flows Between Assets and Liabilities Grouped by its Remaining Maturity with Respect to the Contractual Maturity | The following table details the future undiscounted cash flows of financial assets and liabilities grouped by their remaining maturity with respect to the contractual maturity:
|  | December 31, 2023
|  | Up to 3 months |  | 3 to 6 months |  | 6 months to 1 year |  | 1 to 5 years |  | More than 5 years |  | Gross inflows (outflows) |  | Carrying amount
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | 2,048,021 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,048,021 |  |  | 2,047,452 |
Securities |  | 10,992 |  |  | 89,836 |  |  | 110,816 |  |  | 886,944 |  |  | 32,117 |  |  | 1,130,705 |  |  | 1,022,131 |
Loans |  | 1,935,474 |  |  | 1,775,280 |  |  | 1,524,298 |  |  | 2,580,310 |  |  | 243,491 |  |  | 8,058,853 |  |  | 7,220,520 |
Derivative financial instruments - assets |  | 2,510 |  |  | 5,783 |  |  | 54,983 |  |  | 90,516 |  |  | 3,473 |  |  | 157,265 |  |  | 157,267 |
Total |  | 3,996,997 |  |  | 1,870,899 |  |  | 1,690,097 |  |  | 3,557,770 |  |  | 279,081 |  |  | 11,394,844 |  |  | 10,447,370 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | (3,270,253) |  |  | (536,751) |  |  | (606,002) |  |  | (90,194) |  |  | — |  |  | (4,503,200) |  |  | (4,451,025) |
Securities sold under repurchase agreements |  | (317,951) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (317,951) |  |  | (310,197) |
Borrowings and debt |  | (856,466) |  |  | (746,314) |  |  | (989,680) |  |  | (2,167,620) |  |  | (59,762) |  |  | (4,819,842) |  |  | (4,401,205) |
Lease liabilities |  | (284) |  |  | (286) |  |  | (572) |  |  | (4,728) |  |  | (10,837) |  |  | (16,707) |  |  | (16,707) |
Derivative financial instruments - liabilities |  | (17,188) |  |  | (1,994) |  |  | (7,849) |  |  | (11,661) |  |  | (2,034) |  |  | (40,726) |  |  | (40,613) |
Total |  | (4,462,142) |  |  | (1,285,345) |  |  | (1,604,103) |  |  | (2,274,203) |  |  | (72,633) |  |  | (9,698,426) |  |  | (9,219,747) |
Subtotal net position |  | (465,145) |  |  | 585,554 |  |  | 85,994 |  |  | 1,283,567 |  |  | 206,448 |  |  | 1,696,418 |  |  | 1,227,623 |
Off-balance sheet contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |
Confirmed letters of credit |  | 264,603 |  |  | 64,100 |  |  | 345 |  |  | 16,560 |  |  | — |  |  | 345,608 |  |  |
Stand-by letters of credit and guarantees |  | 196,775 |  |  | 79,659 |  |  | 199,192 |  |  | 15,000 |  |  | — |  |  | 490,626 |  |  |
Credit commitments |  | 20,000 |  |  | 39,497 |  |  | 37,545 |  |  | 130,430 |  |  | — |  |  | 227,472 |  |  |
Total |  | 481,378 |  |  | 183,256 |  |  | 237,082 |  |  | 161,990 |  |  | — |  |  | 1,063,706 |  |  |
Total net position |  | (946,523) |  |  | 402,298 |  |  | (151,088) |  |  | 1,121,577 |  |  | 206,448 |  |  | 632,712 |  |  |
B. Liquidity risk (continued)
|  | December 31, 2022
|  | Up to 3 months |  | 3 to 6 months |  | 6 months to 1 year |  | 1 to 5 years |  | More than 5 years |  | Gross inflows (outflows) |  | Carrying amount
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | 1,241,779 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,241,779 |  |  | 1,241,586 |
Securities |  | 129,983 |  |  | 105,789 |  |  | 98,345 |  |  | 744,996 |  |  | 10,293 |  |  | 1,089,406 |  |  | 1,023,632 |
Loans |  | 2,294,259 |  |  | 1,478,494 |  |  | 1,223,661 |  |  | 2,244,454 |  |  | 158,967 |  |  | 7,399,835 |  |  | 6,760,434 |
Derivative financial instruments - assets |  | 4,216 |  |  | 10,831 |  |  | 14,015 |  |  | 39,097 |  |  | — |  |  | 68,159 |  |  | 68,159 |
Total |  | 3,670,237 |  |  | 1,595,114 |  |  | 1,336,021 |  |  | 3,028,547 |  |  | 169,260 |  |  | 9,799,179 |  |  | 9,093,811 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | (2,770,754) |  |  | (256,989) |  |  | (161,889) |  |  | (39,805) |  |  | — |  |  | (3,229,437) |  |  | (3,205,386) |
Securities sold under repurchase agreements |  | (53,418) |  |  | (64,513) |  |  | (55,144) |  |  | (138,286) |  |  | — |  |  | (311,361) |  |  | (300,498) |
Borrowings and debt |  | (776,584) |  |  | (895,531) |  |  | (934,288) |  |  | (2,212,704) |  |  | (41,523) |  |  | (4,860,630) |  |  | (4,464,389) |
Lease liabilities |  | (384) |  |  | (384) |  |  | (738) |  |  | (5,769) |  |  | (13,771) |  |  | (21,046) |  |  | (16,745) |
Derivative financial instruments - liabilities |  | (3,702) |  |  | (764) |  |  | (63) |  |  | (26,882) |  |  | (2,350) |  |  | (33,761) |  |  | (33,761) |
Total |  | (3,604,842) |  |  | (1,218,181) |  |  | (1,152,122) |  |  | (2,423,446) |  |  | (57,644) |  |  | (8,456,235) |  |  | (8,020,779) |
Subtotal net position |  | 65,395 |  |  | 376,933 |  |  | 183,899 |  |  | 605,101 |  |  | 111,616 |  |  | 1,342,944 |  |  | 1,073,032 |
Off-balance sheet contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |
Confirmed letters of credit |  | 166,367 |  |  | 117,398 |  |  | 21,024 |  |  | — |  |  | — |  |  | 304,789 |  |  |
Stand-by letters of credit and guarantees |  | 132,353 |  |  | 117,750 |  |  | 92,750 |  |  | 8,772 |  |  | — |  |  | 351,625 |  |  |
Credit commitments |  | — |  |  | 13,102 |  |  | 32,906 |  |  | 76,952 |  |  | — |  |  | 122,960 |  |  |
Total |  | 298,720 |  |  | 248,250 |  |  | 146,680 |  |  | 85,724 |  |  | — |  |  | 779,374 |  |  |
Total net position |  | (233,325) |  |  | 128,683 |  |  | 37,219 |  |  | 519,377 |  |  | 111,616 |  |  | 563,570 |  |  |
Schedule of Liquidity Reserves | The following table sets out the components of the Banks’s liquidity reserves:
| December 31, 2023 |  | December 31, 2022
| Amount |  | Fair value |  | Amount |  | Fair value
Balances with Federal Reserve of the United States of America | 1,884,204 |  |  | 1,884,204 |  |  | 1,144,896 |  |  | 1,144,896 |
Cash and due from banks (1) | 102,864 |  |  | 102,864 |  |  | 46,040 |  |  | 46,040 |
Total | 1,987,068 |  |  | 1,987,068 |  |  | 1,190,936 |  |  | 1,190,936 |
(1)Excludes pledged deposits.
Schedule of Financial Assets Available to Support Future Funding | The following table sets out the Bank’s financial assets available to support future funding:
| December 31, 2023 |  | December 31, 2022
| Pledged as collateral |  | Available as collateral |  | Pledged as collateral |  | Available as collateral
Cash and due from banks | 60,384 |  |  | 1,987,066 |  |  | 50,650 |  |  | 1,190,936 |
Notional of investment securities | 400,825 |  |  | 619,533 |  |  | 331,571 |  |  | 672,042 |
Loans at amortized cost | — |  |  | 7,195,567 |  |  | — |  |  | 6,763,020 |
Total | 461,209 |  |  | 9,802,166 |  |  | 382,221 |  |  | 8,625,998 |
Schedule of Bank's Interest Rate Gap Position | The table below details the Bank's exposure based on interest rate repricing/maturity date for the notional amount of the interest bearing financial assets and liabilities on interest-bearing financial assets and liabili ties:
|  | December 31, 2023
|  | Up to 3 months |  | 3 to 6 months |  | 6 months to 1 year |  | 1 to 5 years |  | More than 5 years |  | Without interest rate risk |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | 2,044,103 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,349 |  |  | 2,047,452 |
Securities |  | 14,169 |  |  | 60,256 |  |  | 82,951 |  |  | 824,836 |  |  | 29,156 |  |  | — |  |  | 1,011,368 |
Loans |  | 4,292,324 |  |  | 1,699,301 |  |  | 915,143 |  |  | 280,005 |  |  | 8,794 |  |  | — |  |  | 7,195,567 |
Total |  | 6,350,596 |  |  | 1,759,557 |  |  | 998,094 |  |  | 1,104,841 |  |  | 37,950 |  |  | 3,349 |  |  | 10,254,387 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits and time deposits |  | (3,553,774) |  |  | (442,338) |  |  | (342,686) |  |  | (59,029) |  |  | — |  |  | (10,322) |  |  | (4,408,149) |
Securities sold under repurchase agreements |  | (310,197) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (310,197) |
Borrowings and debt |  | (2,653,379) |  |  | (381,795) |  |  | (483,731) |  |  | (818,947) |  |  | (14,136) |  |  | — |  |  | (4,351,988) |
Total |  | (6,517,350) |  |  | (824,133) |  |  | (826,417) |  |  | (877,976) |  |  | (14,136) |  |  | (10,322) |  |  | (9,070,334) |
Net effect of derivative financial instruments held for interest risk management |  | (3,485) |  |  | 3,790 |  |  | 47,134 |  |  | 78,855 |  |  | 1,439 |  |  | — |  |  | 127,733 |
Total interest rate sensitivity |  | (170,239) |  |  | 939,214 |  |  | 218,811 |  |  | 305,720 |  |  | 25,253 |  |  | (6,973) |  |  | 1,311,786 |
C. Market risk (continued)
|  | December 31, 2022
|  | Up to 3 months |  | 3 to 6 months |  | 6 months to 1 year |  | 1 to 5 years |  | More than 5 years |  | Without interest rate risk |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | 1,233,700 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,886 |  |  | 1,241,586 |
Securities |  | 112,736 |  |  | 114,815 |  |  | 82,666 |  |  | 701,749 |  |  | 7,977 |  |  | — |  |  | 1,019,943 |
Loans |  | 2,956,268 |  |  | 2,531,067 |  |  | 1,007,343 |  |  | 240,949 |  |  | 27,393 |  |  | — |  |  | 6,763,020 |
Total |  | 4,302,704 |  |  | 2,645,882 |  |  | 1,090,009 |  |  | 942,698 |  |  | 35,370 |  |  | 7,886 |  |  | 9,024,549 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits and time deposits |  | (2,746,776) |  |  | (250,299) |  |  | (153,862) |  |  | (35,082) |  |  | — |  |  | (4,697) |  |  | (3,190,716) |
Securities sold under repurchase agreements |  | (52,164) |  |  | (62,968) |  |  | (53,740) |  |  | (131,626) |  |  | — |  |  | — |  |  | (300,498) |
Borrowings and debt |  | (1,354,457) |  |  | (953,503) |  |  | (1,083,543) |  |  | (999,151) |  |  | (25,857) |  |  | — |  |  | (4,416,511) |
Total |  | (4,153,397) |  |  | (1,266,770) |  |  | (1,291,145) |  |  | (1,165,859) |  |  | (25,857) |  |  | (4,697) |  |  | (7,907,725) |
Net effect of derivative financial instruments held for interest risk management |  | 476 |  |  | 41 |  |  | 2,145 |  |  | 12,215 |  |  | (2,350) |  |  | — |  |  | 12,527 |
Total interest rate sensitivity |  | 149,783 |  |  | 1,379,153 |  |  | (198,991) |  |  | (210,946) |  |  | 7,163 |  |  | 3,189 |  |  | 1,129,351 |
Schedule of Sensitivity Analysis of Fair Value Due to Change in Interest Rate. | The following table presents the sensitivity analysis performed for the Bank:
| Change in interest rate |  | Effect on profit or loss |  | Effect on equity |  | Effect on equity value (EVE)
December 31, 2023 | +50 bps |  | 1,669 |  |  | 3,881 |  |  | (9,047) |
| -50 bps |  | (1,786) |  |  | (2,861) |  |  | 9,199 |
December 31, 2022 | +50 bps |  | 4,559 |  |  | 2,904 |  |  | 676 |
| -50 bps |  | (4,629) |  |  | (1,808) |  |  | (206) |
Schedule of Risk Arising from Financial Instruments | ii. Foreign exchange risk The following table presents the maximum exposure amount in foreign currency of the Bank’s carrying amount of total assets and liabilities, except for hedging relationships.
| December 31, 2023
| Brazilian real |  | European euro |  | Japanese yen |  | Colombian peso |  | Mexican peso |  | Other currencies(1) |  | Total
Exchange rate | 4.85 |  |  | 1.10 |  |  | 141.00 |  |  | 3,875.97 |  |  | 16.98 |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks | 10 |  |  | 387 |  |  | 45 |  |  | 35 |  |  | 1,314 |  |  | 14 |  |  | 1,805 |
Loans | — |  |  | 30,360 |  |  | — |  |  | — |  |  | 304,529 |  |  | — |  |  | 334,889 |
Total | 10 |  |  | 30,747 |  |  | 45 |  |  | 35 |  |  | 305,843 |  |  | 14 |  |  | 336,694 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and debt | — |  |  | (30,360) |  |  | — |  |  | — |  |  | (305,631) |  |  | — |  |  | (335,991) |
Total | — |  |  | (30,360) |  |  | — |  |  | — |  |  | (305,631) |  |  | — |  |  | (335,991) |
Net currency position | 10 |  |  | 387 |  |  | 45 |  |  | 35 |  |  | 212 |  |  | 14 |  |  | 703 |
C. Market risk (continued)
| December 31, 2022
| Brazilian real |  | European euro |  | Japanese yen |  | Colombian peso |  | Mexican peso |  | Other currencies(1) |  | Total
Exchange rate | 5.29 |  |  | 1.07 |  |  | 130.96 |  |  | 4,854.37 |  |  | 19.50 |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks | 26 |  |  | 53 |  |  | 4 |  |  | 9 |  |  | 5,439 |  |  | 38 |  |  | 5,569 |
Loans | — |  |  | — |  |  | — |  |  | — |  |  | 301,765 |  |  | — |  |  | 301,765 |
Total | 26 |  |  | 53 |  |  | 4 |  |  | 9 |  |  | 307,204 |  |  | 38 |  |  | 307,334 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and debt | — |  |  | — |  |  | — |  |  | — |  |  | (306,603) |  |  | — |  |  | (306,603) |
Total | — |  |  | — |  |  | — |  |  | — |  |  | (306,603) |  |  | — |  |  | (306,603) |
Net currency position | 26 |  |  | 53 |  |  | 4 |  |  | 9 |  |  | 601 |  |  | 38 |  |  | 731 |
(1)It includes other currencies such as: Argentine pesos, Australian dollar, Swiss franc, Sterling pound and Peruvian soles.

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