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Derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative financial instruments |
Notional Amounts and Carrying Amounts of Derivatives | The following table details quantitative information on the notional amounts and carrying amounts of the derivative instruments used for hedging by type of risk hedged and type of hedge:
| December 31, 2023
| Notional amount |  | Carrying amount of hedging instruments
|  | Asset (1) |  | Liability (1)
Interest rate risk |  |  |  |  |
Fair value hedges | 987,394 |  |  | 11,358 |  |  | (790) |
Interest rate and foreign exchange risk |  |  |  |  |
Fair value hedges | 374,654 |  |  | 38,088 |  |  | (14,290) |
Cash flow hedges | 1,303,388 |  |  | 107,821 |  |  | (25,533) |
| 2,665,436 |  |  | 157,267 |  |  | (40,613) |
| December 31, 2022
| Notional amount |  | Carrying amount of hedging instruments
|  | Asset (1) |  | Liability (1)
Interest rate risk |  |  |  |  |
Fair value hedges | 293,711 |  |  | 340 |  |  | (543) |
Cash flow hedges | 75,000 |  |  | 143 |  |  | (1) |
Interest rate and foreign exchange risk |  |  |  |  |
Fair value hedges | 252,793 |  |  | 4,129 |  |  | (16,237) |
Cash flow hedges | 922,777 |  |  | 41,677 |  |  | (16,980) |
Foreign exchange risk |  |  |  |  |
Cash flow hedges | 189,173 |  |  | 21,870 |  |  | — |
| 1,733,454 |  |  | 68,159 |  |  | (33,761) |
(1)Included in the consolidated statement of financial position under the line Derivative financial instruments - assets or liabilities.
Schedule of Notional Amounts and Carrying Amounts of Derivative Instruments | The following table details the notional amounts and carrying amounts of derivative instruments used in fair value hedges by type of risk and hedged item, along with the changes during the years used to determine and recognize the ineffectiveness of the hedge:
| December 31, 2023
| Notional amount |  | Carrying amount of hedging instruments |  | Changes in fair value used to calculate hedge ineffectiveness (2) |  | Ineffectiveness recognized in profit or loss (2)
|  | Asset (1) |  | Liability (1) |  |
Interest rate risk |  |  |  |  |  |  |  |  |
Loans | 10,000 |  |  | — |  |  | (519) |  |  | (113) |  |  | 7 |
Securities at amortized cost | 10,000 |  |  | 101 |  |  | — |  |  | (109) |  |  | 144 |
Deposits | 307,000 |  |  | 3,564 |  |  | — |  |  | 600 |  |  | 12 |
Borrowings and debt | 660,394 |  |  | 7,693 |  |  | (271) |  |  | 5,152 |  |  | 176 |
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |
Borrowings and debt | 374,654 |  |  | 38,088 |  |  | (14,290) |  |  | 36,710 |  |  | 2,908 |
Total | 1,362,048 |  |  | 49,446 |  |  | (15,080) |  |  | 42,240 |  |  | 3,247 |
| December 31, 2022
| Notional amount |  | Carrying amount of hedging instruments |  | Changes in fair value used to calculate hedge ineffectiveness (2) |  | Ineffectiveness recognized in profit or loss (2)
|  | Asset (1) |  | Liability (1) |  |
Interest rate risk |  |  |  |  |  |  |  |  |
Loans | 155,511 |  |  | 134 |  |  | (543) |  |  | 1,607 |  |  | (18) |
Securities at amortized cost | 10,000 |  |  | 178 |  |  | — |  |  | 167 |  |  | (62) |
Borrowings and debt | 128,200 |  |  | 28 |  |  | — |  |  | (3,457) |  |  | (111) |
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |
Loans | 1,938 |  |  | 108 |  |  | — |  |  | (227) |  |  | (129) |
Borrowings and debt | 250,855 |  |  | 4,021 |  |  | (16,237) |  |  | 8,072 |  |  | (1,548) |
Total | 546,504 |  |  | 4,469 |  |  | (16,780) |  |  | 6,162 |  |  | (1,868) |
(1)Included in the consolidated statement of financial position under the line Derivative financial instruments - assets or liabilities. (2)Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net. The following table details the notional amounts and carrying amounts of derivative instruments used in cash flow hedges by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:
| December 31, 2023
|  |  | Carrying amount of hedging instruments |  | Change in fair value used for calculating hedge ineffectiveness |  | Changes in the fair value of the hedging instruments recognized in OCI (2) |  | Ineffectiveness recognized in profit or loss (3) |  | Amount reclassified from the hedge reserve to profit or loss (4)
| Notional amount |  | Asset (1) |  | Liability (1) |  |  |  |
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and debt | 1,303,388 |  |  | 107,821 |  |  | (25,533) |  |  | 65,005 |  |  | 65,286 |  |  | 281 |  |  | (682) |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57 |
Borrowings and debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142 |
Total | 1,303,388 |  |  | 107,821 |  |  | (25,533) |  |  | 65,005 |  |  | 65,286 |  |  | 281 |  |  | (483) |
| December 31, 2022
|  |  | Carrying amount of hedging instruments |  | Change in fair value used for calculating hedge ineffectiveness |  | Changes in the fair value of the hedging instruments recognized in OCI (2) |  | Ineffectiveness recognized in profit or loss (3) |  | Amount reclassified from the hedge reserve to profit or loss (4)
| Notional amount |  | Asset (1) |  | Liability (1) |  |  |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and debt | 75,000 |  |  | 143 |  |  | (1) |  |  | 550 |  |  | 551 |  |  | 1 |  |  | — |
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings and debt | 922,777 |  |  | 41,677 |  |  | (16,980) |  |  | 28,211 |  |  | 27,061 |  |  | (1,150) |  |  | 4,914 |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits | 8,534 |  |  | 37 |  |  | — |  |  | 37 |  |  | 37 |  |  | — |  |  | — |
Borrowing and Debt | 180,639 |  |  | 21,833 |  |  | — |  |  | 21,833 |  |  | 21,833 |  |  | — |  |  | — |
Total | 1,186,950 |  |  | 63,690 |  |  | (16,981) |  |  | 50,631 |  |  | 49,482 |  |  | (1,149) |  |  | 4,914 |
(1) Included in the consolidated statement of financial position under the line Derivative financial instruments - assets or liabilities. (2) Included in equity in the consolidated statement of financial position under the line Other comprehensive income (loss). (3) Hedge ineffectiveness attributable to matured hedges included in the consolidated statement of profit or loss in the line Loss on financial instruments, net. (4) Hedging reserve attributable to expired hedges reclassified to the consolidated statement of profit or loss in the line Loss on financial instruments, net.
Schedule of Gains and Losses Resulting from Activities of Hedging Derivative Financial Instruments | The following table details the carrying amounts of the fair value hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:
| December 31, 2023
| Carrying amount of hedged items |  | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |  | Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items |  | Changes in fair value of the hedged items used to calculate hedge ineffectiveness(1)
| Asset |  | Liability
Interest rate risk |  |  |  |  |  |  |  |  |
Loans | 10,664 |  |  | — |  |  | Loans, net |  | (136) |  |  | 120 |
Securities at amortized cost | 10,055 |  |  | — |  |  | Securities, net |  | 26 |  |  | 253 |
Deposits | — |  |  | (236,942) |  |  | Deposits |  | (588) |  |  | (588) |
Borrowings and debt | — |  |  | (344,605) |  |  | Borrowings and debt, net |  | (1,626) |  |  | (4,976) |
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |
Borrowings and debt | — |  |  | (402,377) |  |  | Borrowings and debt, net |  | (21,737) |  |  | (33,802) |
Total | 20,719 |  |  | (983,924) |  |  |  |  | (24,061) |  |  | (38,993) |
| December 31, 2022
| Carrying amount of hedged items |  | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |  | Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items |  | Changes in fair value of the hedged items used to calculate hedge ineffectiveness(1)
| Asset |  | Liability
Interest rate risk |  |  |  |  |  |  |  |  |
Loans | 157,136 |  |  | — |  |  | Loans, net |  | (1,625) |  |  | (1,625) |
Securities at amortized cost | 9,654 |  |  | — |  |  | Securities, net |  | (229) |  |  | (229) |
Borrowings and debt | — |  |  | (129,306) |  |  | Borrowings and debt, net |  | 3,350 |  |  | 3,346 |
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |
Loans | 1,839 |  |  | — |  |  | Loans, net |  | (580) |  |  | 98 |
Borrowings and debt | — |  |  | (243,851) |  |  | Borrowings and debt, net |  | 11,612 |  |  | (9,620) |
Total | 168,629 |  |  | (373,157) |  |  |  |  | 12,528 |  |  | (8,030) |
(1)Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net.
Schedule of Maturity of Financial Instruments | The following table details the maturity of the notional amount for the derivative instruments used in fair value hedges:
|  | December 31, 2023
|  | Interest rate swaps |  | Cross currency swaps |  | Total
Less than 1 year |  | 434,420 |  |  | 235,973 |  |  | 670,393 |
Over 1 to 2 years |  | 50,263 |  |  | — |  |  | 50,263 |
Over 2 to 5 years |  | 476,311 |  |  | 128,556 |  |  | 604,867 |
More than 5 years |  | 26,400 |  |  | 10,125 |  |  | 36,525 |
Total |  | 987,394 |  |  | 374,654 |  |  | 1,362,048 |
|  | December 31, 2022
|  | Interest rate swaps |  | Cross currency swaps |  | Total
Less than 1 year |  | 145,511 |  |  | 1,937 |  |  | 147,448 |
Over 1 to 2 years |  | 20,000 |  |  | 153,415 |  |  | 173,415 |
Over 2 to 5 years |  | 128,200 |  |  | 87,316 |  |  | 215,516 |
More than 5 years |  | — |  |  | 10,125 |  |  | 10,125 |
Total |  | 293,711 |  |  | 252,793 |  |  | 546,504 |
The following table details the maturity of the derivative instruments used in cash flow hedges:
|  | December 31, 2023
|  | Foreign exchange forward contracts |  | Interest rate swaps |  | Cross currency swaps |  | Total
Less than 1 year |  | — |  |  | — |  |  | 643,464 |  |  | 643,464 |
Over 1 to 2 years |  | — |  |  | — |  |  | 206,496 |  |  | 206,496 |
Over 2 to 5 years |  | — |  |  | — |  |  | 409,742 |  |  | 409,742 |
More than 5 years |  | — |  |  | — |  |  | 43,686 |  |  | 43,686 |
Total |  | — |  |  | — |  |  | 1,303,388 |  |  | 1,303,388 |
|  | December 31, 2022
|  | Foreign exchange forward contracts |  | Interest rate swaps |  | Cross currency swaps |  | Total
Less than 1 year |  | 189,173 |  |  | 75,000 |  |  | 388,035 |  |  | 652,208 |
Over 1 to 2 years |  | — |  |  | — |  |  | 194,639 |  |  | 194,639 |
Over 2 to 5 years |  | — |  |  | — |  |  | 322,817 |  |  | 322,817 |
More than 5 years |  | — |  |  | — |  |  | 17,286 |  |  | 17,286 |
Total |  | 189,173 |  |  | 75,000 |  |  | 922,777 |  |  | 1,186,950 |
Schedule of Ineffectiveness Recognized in Profit (Loss) | The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in fair value hedges:
|  | December 31, 2023
| Current |  | Overdue |  | Total
Ineffectiveness recognized in profit or loss |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Loans |  | 7 |  |  | 7 |  |  | 14 |
Securities at amortized cost |  | 144 |  |  | — |  |  | 144 |
Deposits |  | 12 |  |  | — |  |  | 12 |
Borrowings and debt |  | 176 |  |  | — |  |  | 176 |
Interest rate and foreign exchange risk |  |  |  |  |  |
Loans |  | — |  |  | (26) |  |  | (26) |
Borrowings and debt |  | 2,908 |  |  | — |  |  | 2,908 |
Total |  | 3,247 |  |  | (19) |  |  | 3,228 |
A. Fair value hedges (continued)
|  | December 31, 2022
| Current |  | Overdue |  | Total
Ineffectiveness recognized in profit or loss |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Loans |  | (18) |  |  | — |  |  | (18) |
Securities at amortized cost |  | (62) |  |  | — |  |  | (62) |
Borrowings and debt |  | (117) |  |  | 6 |  |  | (111) |
Interest rate and foreign exchange risk |  |  |  |  |  |
Loans |  | (129) |  |  | — |  |  | (129) |
Borrowings and debt |  | (2,775) |  |  | 1,227 |  |  | (1,548) |
Total |  | (3,101) |  |  | 1,233 |  |  | (1,868) |
The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in cash flow hedges:
|  | December 31, 2023
| Current |  | Overdue |  | Total
Ineffectiveness recognized in profit or loss |  |  |  |  |  |
Interest rate and foreign exchange risk |  |  |  |  |  |
Borrowings and debt |  | 281 |  |  | (682) |  |  | (401) |
Foreign exchange risk |  |  |  |  |  |
Deposits |  | — |  |  | 57 |  |  | 57 |
Borrowings and debt |  | — |  |  | 142 |  |  | 142 |
Total |  | 281 |  |  | (483) |  |  | (202) |
|  | December 31, 2022
| Current |  | Overdue |  | Total
Ineffectiveness recognized in profit or loss |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |
Borrowings and debt |  | 1 |  |  | — |  |  | 1 |
Interest rate hedges |  |  |  |  |  |
Borrowings and debt |  | (473) |  |  | (677) |  |  | (1,150) |
Total |  | (472) |  |  | (677) |  |  | (1,149) |
Schedule of Nominal Amounts and Carrying Amounts of the Cash Flow Hedge | The following table details the carrying amounts of the cash flow hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:
| December 31, 2023
| Carrying amount of hedged items |  | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |  | Changes in the fair value of the hedged items used to calculate the hedge ineffectiveness |  | Cash flow hedge reserve
| Asset |  | Liability |  |  |
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |
Borrowings and debt | — |  |  | (1,398,323) |  |  | Borrowings and debt, net |  | (65,005) |  |  | (7,458) |
Total | — |  |  | (1,398,323) |  |  |  |  | (65,005) |  |  | (7,458) |
| December 31, 2022
| Carrying amount of hedged items |  | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |  | Changes in the fair value of the hedged items used to calculate the hedge ineffectiveness |  | Cash flow hedge reserve
| Asset |  | Liability |  |  |
Interest rate risk |  |  |  |  |  |  |  |  |
Borrowings and debt | — |  |  | (75,695) |  |  | Borrowings and debt, net |  | (551) |  |  | (97) |
Interest rate and foreign exchange risk |  |  |  |  |  |  |  |  |
Borrowings and debt | — |  |  | (943,942) |  |  | Borrowings and debt, net |  | (27,061) |  |  | (8,836) |
Foreign exchange risk |  |  |  |  |  |  |  |  |
Deposits | — |  |  | (8,566) |  |  | Demand deposits |  | (37) |  |  | (44) |
Borrowings and debt | — |  |  | (196,646) |  |  | Borrowings and debt, net |  | (21,833) |  |  | 1,836 |
Total | — |  |  | (1,224,849) |  |  |  |  | (49,482) |  |  | (7,141) |

X
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