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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative financial instruments

Schedule of Notional Amounts and Carrying Amounts of Derivative Instruments

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, 2024
			Notional amount (2)						Carrying amount of hedging instruments
									Asset (1)						Liability (1)
Interest rate risk
Fair value hedges			1,132,827						10,805						(2,667)
Interest rate and foreign exchange risk
Fair value hedges			186,288						—						(13,196)
Cash flow hedges			1,205,427						11,510						(125,842)
			2,524,542						22,315						(141,705)

			December 31, 2023
			Notional amount (2)						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)

(1)Included in the consolidated statement of financial position under the line Derivative financial instruments - assets or liabilities.

(2)On December 31, 2024 the notional amounts of derivative financial instruments include $1,234.5 million ($639.64 million at December 31, 2023) of interest rate swaps and cross currency interest rate swaps, which were designated in aggregate exposure hedges hedging underlying assets totaling $525.8 million ($307.8 million at December 31, 2023).

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, 2024
			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
Deposits			131,000						1,235						(164)						(127)						(142)
Repurchase agreements			68,985						210						(592)						71						14
Borrowings and debt			932,842						9,360						(1,911)						(5,911)						(516)
Interest rate and foreign exchange risk
Borrowings and debt			186,288						—						(13,196)						(28,571)						1,074
Total			1,319,115						10,805						(15,863)						(34,538)						430

			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

(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, 2024
									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
Interest rate and foreign exchange risk
Loans			19,509						1,372						—						1,256						1,258						2						24
Borrowings and debt			1,185,918						10,138						(125,842)						(163,797)						(164,418)						(621)						99
Total			1,205,427						11,510						(125,842)						(162,541)						(163,160)						(619)						123

			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
Borrowing and debt			—						—						—						—						—						—						142
Total			1,303,388						107,821						(25,533)						65,005						65,286						281						(483)

(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 current 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, 2024
			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
Deposits			—						(132,667)						Deposits						(26)						(15)
Repurchase agreements			—						(69,443)						Repurchase agreements						(57)						(57)
Borrowings and debt			—						(319,174)						Borrowings and debt, net						3,860						5,395
Interest rate and foreign exchange risk
Borrowings and debt			—						(173,469)						Borrowings and debt, net						14,316						29,645
Total			—						(694,753)												18,093						34,968

			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)

(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, 2024
						Interest rate swaps						Cross currency swaps						Total
Less than 1 year						115,263						—						115,263
Over 1 to 2 years						383,268						19,882						403,150
Over 2 to 5 years						605,028						156,281						761,309
More than 5 years						29,268						10,125						39,393
Total						1,132,827						186,288						1,319,115

						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

The following table details the maturity of the derivative instruments used in cash flow hedges:

																								Cross currency swaps
																								December 31,
																								2024																								2023
Less than 1 year																								454,581																								643,464
Over 1 to 2 years																								303,441																								206,496
Over 2 to 5 years																								418,137																								409,742
More than 5 years																								29,268																								43,686
Total																								1,205,427																								1,303,388

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, 2024
						Current						Matured						Total
Ineffectiveness recognized in profit or loss
Interest rate risk
Loans						—						4						4
Securities at amortized cost						—						(58)						(58)
Deposits						(142)						(10)						(152)
Repurchase agreements						14						—						14
Borrowings and debt						(516)						6						(510)
Interest rate and foreign exchange risk
Loans						—						(1)						(1)
Borrowings and debt						1,074						127						1,201
Total						430						68						498

A.    Fair value hedges (continued)

						December 31, 2023
						Current						Matured						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

The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in cash flow hedges:

						December 31, 2024
						Current						Matured						Total
Ineffectiveness recognized in profit or loss
Interest rate and foreign exchange risk
Loans						2						24						26
Borrowings and debt						(621)						99						(522)
Total						(619)						123						(496)

						December 31, 2023
						Current						Matured						Total
Ineffectiveness recognized in profit or loss
Interest rate hedges
Borrowings and debt						281						(682)						(401)
Ineffectiveness recognized in profit or loss for the year attributable to exchange rate hedges
Deposits						—						57						57
Borrowings and debt						—						142						142
Total						281						(483)						(202)

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, 2024
			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
Interest rate and foreign exchange risk
Loans			19,964						—						Loans, net						(1,256)						37
Borrowings and debt			—						(1,087,247)						Borrowings and debt, net						163,797						(895)
Total			19,964						(1,087,247)												162,541						(858)

			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 risk
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)

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The disclosure of detailed information about gain(loss) on derivative financial instruments and gain(loss) of hedge asset or liability related to qualifying fair value hedges.

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The disclosure of detailed information about gains and losses resulting from activities of derivative financial instruments and hedging recognized in the consolidated statements of profit or loss.

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