RISK MANAGEMENT (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Notes and other explanatory information [abstract] |
|
| Schedule of main metrics established by prudential regulation |
| Schedule of main metrics established by prudential regulation |
|
|
| Calculation basis - Basel Ratio |
R$ thousands |
| Basel III |
| On December 31, 2025 |
On December 31, 2024 |
| Prudential Conglomerate |
| Regulatory capital - values |
|
|
| Common equity |
124,320,006 |
106,012,668 |
| Level I |
145,844,118 |
124,632,919 |
| Reference Equity - RE |
174,968,754 |
149,109,173 |
| Risk-weighted assets (RWA) - amounts |
|
|
| Total RWA |
1,108,961,848 |
1,008,667,813 |
| Regulatory capital as a proportion of RWA |
|
|
| Index of Common equity - ICP |
11.2% |
10.5% |
| Tier I Capital |
13.2% |
12.4% |
| Basel Ratio |
15.8% |
14.8% |
| Additional Common Equity (ACP) as a proportion of RWA |
|
|
| Additional Common Equity Conservation - ACPConservation |
2.50% |
2.50% |
| Additional Contracyclic Common Equity - ACPContracyclic |
0.00% |
0.00% |
| Additional Systemic Importance of Common Equity - Systemic ACPS |
1.00% |
1.00% |
| Total ACP (1) |
3.50% |
3.50% |
| Excess Margin of Common Equity |
3.21% |
2.51% |
| Leverage Ratio (AR) |
|
|
| Total exposure |
2,141,573,090 |
1,860,789,433 |
| AR |
6.8% |
6.7% |
| Short Term Liquidity Indicator (LCR) |
|
|
| Total High Quality Liquid Assets (HQLA) |
253,255,892 |
184,606,844 |
| Total net cash outflow |
160,033,728 |
130,795,356 |
| LCR |
158.3% |
141.1% |
| Long Term Liquidity Indicator (NSFR) |
|
|
| Available stable funding (ASF) |
1,136,032,540 |
991,711,546 |
| Stable resources required (RSF) |
925,369,687 |
818,326,687 |
| NSFR |
122.8% |
121.2% |
| (1) | | Failure to comply with ACP (public civil action) rules would result in restrictions on the
payment of dividends and interest on equity, net surplus, share buyback, reduction of capital stock, and variable compensation to its
managers. |
|
| Schedule of credit risk exposure |
| Schedule of credit risk exposure |
|
|
|
|
| |
R$ thousands |
| On December 31, 2025 |
On December 31, 2024 |
| Gross value |
Expected credit losses |
Gross value |
Expected credit losses |
| Financial assets |
|
|
|
|
| Cash and balances with banks (Note 5) |
137,031,197 |
- |
146,614,670 |
- |
| Financial assets measured at fair value through profit or loss (Note 6) |
551,306,606 |
(3,516,837) |
371,883,348 |
- |
| Financial assets measured at fair value through other comprehensive income (Note 8) (1) |
138,998,105 |
(22,357) |
156,292,584 |
(14,306) |
| Loans and advances to financial institutions (Note 10) |
235,485,067 |
(13) |
196,421,127 |
(187,829) |
| Loans and advances to customers (Note 11) |
791,468,154 |
(47,011,092) |
720,239,586 |
(47,857,481) |
| Securities at amortized cost (Note 9) |
263,111,062 |
(3,564,491) |
273,148,967 |
(6,157,000) |
| Other assets (Note 16) |
73,426,822 |
- |
81,195,242 |
- |
| Commitments to extend credit - off balance (Note 11 and 24) |
358,376,828 |
(1,815,386) |
342,660,453 |
(2,447,791) |
| Financial guarantees - off balance (Note 11 and 24) |
125,119,738 |
(1,266,804) |
119,229,609 |
(1,257,645) |
| Total risk exposure |
2,674,323,579 |
(57,196,980) |
2,407,685,586 |
(57,922,052) |
| (1) | | Financial assets measured at fair value through other comprehensive income are not reduced
by the allowance for losses. |
|
| Schedule of concentration of credit risk in loans and advances |
| Schedule of concentration of credit risk in loans and advances |
|
|
| |
R$ thousands |
| On December 31, 2025 |
On December 31, 2024 |
| Largest borrower |
0.5% |
0.7% |
| 10 largest borrowers |
3.5% |
4.4% |
| 20 largest borrowers |
5.4% |
7.0% |
| 50 largest borrowers |
8.7% |
10.9% |
| 100 largest borrowers |
11.5% |
14.0% |
|
| Schedule of the credit risk concentration analysis |
| Schedule of the credit risk concentration analysis |
|
|
|
|
| |
R$ thousands |
| On December 31, 2025 |
% |
On December 31, 2024 |
% |
| Public sector |
9,695,176 |
1.2 |
6,853,540 |
1.0 |
| Private sector |
781,772,978 |
98.8 |
713,386,046 |
99.0 |
| Total |
791,468,154 |
100.0 |
720,239,586 |
100.0 |
| Companies |
350,445,791 |
44.3 |
316,936,343 |
44.0 |
| Real estate and construction activities |
25,188,642 |
3.2 |
23,610,490 |
3.3 |
| Retail |
41,304,495 |
5.2 |
37,709,778 |
5.2 |
| Services |
115,073,789 |
14.5 |
79,995,896 |
11.1 |
| Transportation and concession |
28,635,592 |
3.6 |
28,680,534 |
4.0 |
| Automotive |
7,228,928 |
0.9 |
7,553,422 |
1.0 |
| Food products |
15,258,682 |
1.9 |
13,677,857 |
1.9 |
| Wholesale |
20,564,676 |
2.6 |
20,378,978 |
2.8 |
| Production and distribution of electricity |
10,541,406 |
1.3 |
8,633,777 |
1.2 |
| Oil, derivatives and aggregate activities |
5,568,769 |
0.7 |
6,918,329 |
1.0 |
| Other industries |
81,080,812 |
10.2 |
89,777,282 |
12.5 |
| Individuals |
441,022,363 |
55.7 |
403,303,243 |
56.0 |
|
| Schedule of fair value of guarantees of loans and advances to customers |
| Schedule of fair value of guarantees of loans and advances to customers |
|
|
|
|
| |
R$ thousands |
| On December 31, 2025 |
On December 31, 2024 |
| Book value (1) |
Fair Value of Guarantees |
Book value (1) |
Fair Value of Guarantees |
| Companies |
350,445,791 |
248,842,209 |
316,936,343 |
177,693,556 |
| Stage 1 |
315,701,697 |
225,184,657 |
284,237,991 |
167,357,458 |
| Stage 2 |
11,609,479 |
8,416,815 |
6,946,383 |
5,014,721 |
| Stage 3 |
23,134,615 |
15,240,737 |
25,751,969 |
5,321,377 |
| |
|
|
|
|
| Individuals |
441,022,363 |
417,170,096 |
403,303,243 |
278,052,177 |
| Stage 1 |
381,759,894 |
380,871,896 |
347,118,719 |
248,932,254 |
| Stage 2 |
25,431,262 |
21,377,870 |
21,911,700 |
18,284,746 |
| Stage 3 |
33,831,207 |
14,920,330 |
34,272,824 |
10,835,177 |
| Total |
791,468,154 |
666,012,305 |
720,239,586 |
455,745,733 |
| (1) | | Of the total balance of loan operations, R$324,425,508 thousand (December 31, 2024 –
R$438,532,231 thousand) refers to operations without guarantees. |
|
| Schedule of financial exposure trading portfolio |
| Schedule of financial exposure trading portfolio |
|
|
|
|
| Risk factors |
R$ thousands |
| On December 31, 2025 |
On December 31, 2024 |
| Assets |
Liabilities |
Assets |
Liabilities |
| Fixed rates |
76,704,911 |
38,242,679 |
124,477,896 |
10,549,194 |
| IGP-M (General Index of market pricing) / IPCA (Consumer price index) |
12,020,758 |
10,982,367 |
2,438,885 |
2,010,863 |
| Exchange coupon |
341,370 |
- |
668,191 |
- |
| Foreign Currency |
9,035,717 |
8,638,662 |
14,134,242 |
13,689,527 |
| Equities |
24,558,158 |
24,644,617 |
10,344,471 |
9,979,524 |
| Sovereign/Eurobonds and Treasuries |
22,300,246 |
20,512,300 |
21,988,976 |
19,627,310 |
| Other |
10,799,051 |
128,243 |
2,839,750 |
235,287 |
| Total |
155,760,211 |
103,148,868 |
176,892,411 |
56,091,705 |
|
| Schedule of trading portfolio net of tax effects |
| Schedule of trading portfolio net of tax effects |
|
|
| Risk factors |
R$ thousands |
| On December 31, 2025 |
On December 31, 2024 |
| Fixed rates |
8,265 |
1,395 |
| IGPM/IPCA |
6,902 |
5,403 |
| Exchange coupon |
67 |
181 |
| Foreign Currency |
4,031 |
4,580 |
| Sovereign/Eurobonds and Treasuries |
7,055 |
4,112 |
| Equities |
1,940 |
2,829 |
| Other |
1,378 |
7,155 |
| Correlation/diversification effect |
(14,825) |
(9,480) |
| VaR at the end of the year |
14,813 |
16,175 |
| |
|
|
| Average VaR in the year |
26,386 |
14,916 |
| Minimum VaR in the year |
9,836 |
4,982 |
| Maximum VaR in the year |
61,733 |
45,150 |
|
| Schedule of VaR internal model based on regulatory portfolio |
| Schedule of VaR internal model based on regulatory portfolio |
|
|
|
|
| Risk factors |
R$ thousands |
| On December 31, 2025 |
On December 31, 2024 |
| VaR |
Stressed |
VaR |
Stressed |
| Interest rate |
45,660 |
56,835 |
20,444 |
23,846 |
| Exchange rate |
16,876 |
31,998 |
24,497 |
21,405 |
| Commodity price (Commodities) |
13,284 |
76,852 |
995 |
2,247 |
| Equities |
7,697 |
18,547 |
23,212 |
30,064 |
| Correlation/diversification effect |
(36,598) |
(79,430) |
(19,896) |
(28,643) |
| VaR at the end of the year |
46,919 |
104,802 |
49,252 |
48,919 |
| |
|
|
|
|
| Average VaR in the year |
76,840 |
95,545 |
67,082 |
98,963 |
| Minimum VaR in the year |
33,671 |
26,010 |
32,264 |
33,126 |
| Maximum VaR in the year |
195,304 |
243,961 |
124,674 |
272,495 |
Note: Ten-day horizon VaR net of tax effects.
[2]
The maximum amount between the book’s holding period and ten days, which is the minimum regulatory horizon required by Central Bank
of Brazil, is adopted.
|
| Schedule of possible loss of the trading book in a stress scenario |
| Schedule of possible loss of the trading book in a stress scenario |
|
|
| |
R$ thousands |
| On December 31, 2025 |
On December 31, 2024 |
| At the end of the year |
191,803 |
124,714 |
| Average in the year |
143,694 |
238,134 |
| Minimum in the year |
51,893 |
98,257 |
| Maximum in the year |
354,628 |
473,851 |
|
| Schedule of sensitivity analysis based on trading portfolio |
| Schedule of sensitivity analysis based on trading portfolio |
|
|
|
|
|
|
|
| |
R$ thousands |
| Trading Portfolio (1) |
| On December 31, 2025 |
On December 31, 2024 |
| Scenarios |
Scenarios |
| 1 |
2 |
3 |
1 |
2 |
3 |
| Interest rate in Reais (2) |
Exposure subject to variations in fixed interest rates and interest rate coupons |
(318) |
(102,871) |
(195,792) |
(69) |
(24,757) |
(50,192) |
| Price indexes |
Exposure subject to variations in price index coupon rates |
(294) |
(54,032) |
(102,722) |
(110) |
(9,118) |
(16,071) |
| Exchange coupon |
Exposure subject to variations in foreign currency coupon rates |
(2) |
(347) |
(688) |
(5) |
(670) |
(1,330) |
| Foreign currency |
Exposure subject to exchange rate variations |
(2,184) |
(54,595) |
(109,190) |
(2,401) |
(60,037) |
(120,073) |
| Equities |
Exposure subject to variation in stock prices |
476 |
11,888 |
23,776 |
(1,971) |
(49,268) |
(98,536) |
| Sovereign/Eurobonds and Treasuries |
Exposure subject to variations in the interest rate of securities traded on the international market |
83 |
6,687 |
13,058 |
(26) |
(6,451) |
(13,634) |
| Other |
Exposure not classified in other definitions |
(13) |
(320) |
(640) |
(61) |
(1,515) |
(3,029) |
| Total excluding correlation of risk factors |
(2,252) |
(193,590) |
(372,198) |
(4,643) |
(151,816) |
(302,865) |
| (1) | | Values net of taxes; and |
| (2) | | As a reference for the shocks applied to the 1-year
vertex, the values were
approximately 335 bps and 651 bps (scenarios 2 and 3 respectively) on December 31, 2025 (on December 31, 2024 - the values were
approximately 372 bps and 722 bps in scenarios 2 and 3 respectively). |
|
| Schedule of sensitivity analysis based on trading and banking portfolios |
| Schedule of sensitivity analysis based on trading and banking portfolios |
|
|
|
|
|
|
|
| |
R$ thousands |
| Trading and Banking Portfolios (1) |
| On December 31, 2025 |
On December 31, 2024 |
| Scenarios |
Scenarios |
| 1 |
2 |
3 |
1 |
2 |
3 |
| Interest rate in Reais (2) |
Exposure subject to variations in fixed interest rates and interest rate coupons |
(10,533) |
(3,584,634) |
(7,069,069) |
(10,217) |
(4,085,285) |
(7,975,990) |
| Price indexes |
Exposure subject to variations in price index coupon rates |
(17,802) |
(2,747,631) |
(4,869,645) |
(12,890) |
(2,209,541) |
(3,908,207) |
| Exchange coupon |
Exposure subject to variations in foreign currency coupon rates |
(1,899) |
(231,410) |
(447,013) |
(1,834) |
(262,983) |
(507,774) |
| Foreign currency |
Exposure subject to exchange rate variations |
(4,244) |
(106,104) |
(212,207) |
(5,335) |
(133,384) |
(266,768) |
| Equities |
Exposure subject to variation in stock prices |
(35,194) |
(879,844) |
(1,759,689) |
(32,045) |
(801,129) |
(1,602,258) |
| Sovereign/Eurobonds and Treasuries |
Exposure subject to variations in the interest rate of securities traded on the international market |
2,442 |
239,377 |
465,818 |
2,296 |
272,371 |
525,099 |
| Other |
Exposure not classified in other definitions |
935 |
23,368 |
46,735 |
(45) |
(1,115) |
(2,230) |
| Total excluding correlation of risk factors |
(66,295) |
(7,286,878) |
(13,845,070) |
(60,070) |
(7,221,066) |
(13,738,128) |
| (1) | | Values net of taxes; and |
| (2) | | As a reference for the shocks applied to the 1-year
vertex, the values were
approximately 335 bps and 653, bps (scenarios 2 and 3 respectively) on December 31, 2025 (on December 31, 2024 - the values were
approximately 372 bps and 726 bps in scenarios 2 and 3 respectively). |
|
| Schedule of undiscounted cash flows of financial liabilities |
| Schedule of undiscounted cash flows of financial liabilities |
|
|
|
|
|
|
|
| |
R$ thousands |
| Up to 1 month |
From 1 to 3 months |
From 3 months to 1 year |
From 1 to 5 years |
More than 5 years |
Total on December 31, 2025 |
Total on December 31, 2024 |
| Deposits from banks |
261,433,270 |
16,974,480 |
40,810,535 |
24,320,616 |
5,696,705 |
349,235,606 |
353,942,812 |
| Deposits from customers |
182,454,287 |
31,337,461 |
135,375,260 |
312,088,318 |
660,278 |
661,915,604 |
617,308,449 |
| Funds from securities issued |
14,712,077 |
6,983,022 |
61,872,772 |
214,804,075 |
10,022,934 |
308,394,880 |
254,136,285 |
| Subordinated debt |
14,720 |
390,535 |
1,783,125 |
10,221,028 |
85,893,990 |
98,303,398 |
106,160,891 |
| Insurance contract liabilities |
562,119,491 |
14,143,799 |
8,427,420 |
29,882,220 |
82,520,029 |
697,092,959 |
852,353,171 |
| Other financial liabilities (1) |
58,032,775 |
41,212,188 |
10,522,773 |
7,110,100 |
513,369 |
117,391,205 |
101,086,011 |
| Total liabilities on December 31, 2025 |
1,078,766,620 |
111,041,485 |
258,791,885 |
598,426,357 |
185,307,305 |
2,232,333,652 |
|
| Total liabilities on December 31, 2024 |
1,232,136,722 |
107,755,472 |
272,535,530 |
469,141,649 |
203,418,246 |
|
2,284,987,619 |
| (1) | | Includes credit card transactions, foreign exchange transactions, negotiation and intermediation
of securities, leases and capitalization bonds. |
|
| Schedule of derivative financial liabilities |
| Schedule of derivative financial liabilities |
|
|
|
|
|
|
|
| |
R$ thousands |
| Up to 1 month |
From 1 to 3 months |
From 3 months to 1 year |
From 1 to 5 years |
More than 5 years |
Total on December 31, 2025 |
Total on December 31, 2024 |
| Differential of swaps payable |
1,278,422 |
6,950 |
1,114,530 |
126,479 |
13,443,688 |
15,970,069 |
15,833,154 |
| Non-deliverable forwards |
5,488,324 |
460,875 |
1,207,137 |
162,460 |
- |
7,318,796 |
3,015,522 |
| Purchased |
2,821,652 |
401,040 |
1,128,318 |
156,333 |
- |
4,507,343 |
255,209 |
| Sold |
2,666,672 |
59,835 |
78,819 |
6,127 |
- |
2,811,453 |
2,760,313 |
| Premiums of options |
896,675 |
73,265 |
374,303 |
1,249,227 |
40,007 |
2,633,477 |
1,656,654 |
| Other |
1,408,550 |
451,799 |
1,137,646 |
332,434 |
- |
3,330,429 |
2,504,000 |
| Total of derivative liabilities on December 31, 2025 |
9,071,971 |
992,889 |
3,833,616 |
1,870,600 |
13,483,695 |
29,252,771 |
|
| Total of derivative liabilities on December 31, 2024 |
3,251,465 |
986,235 |
2,573,578 |
4,008,358 |
12,189,694 |
|
23,009,330 |
|
| Schedule of financial assets and liabilities |
| Schedule of financial assets and liabilities |
|
|
|
|
|
|
|
|
| |
R$ thousands |
| Current |
Non-current |
Total on December 31, 2025 |
Total on December 31, 2024 |
| 1 to 30 days |
31 to 180 days |
181 to 360 days |
1 to 5 years |
More than 5 years |
No stated maturity |
| Assets |
|
|
|
|
|
|
|
|
| Cash and balances with banks |
137,031,197 |
- |
- |
- |
- |
- |
137,031,197 |
146,614,670 |
| Financial assets measured at fair value through profit or loss |
530,580,191 |
3,533,128 |
2,294,280 |
7,234,164 |
4,148,006 |
- |
547,789,769 |
371,883,348 |
| Debt instruments measured at fair value through other comprehensive income |
9,185,740 |
18,252,721 |
6,831,650 |
46,441,083 |
58,286,911 |
- |
138,998,105 |
156,292,584 |
| Loans and advances to customers, net of impairment |
162,908,322 |
152,968,753 |
103,909,969 |
215,517,705 |
109,152,313 |
- |
744,457,062 |
672,382,105 |
| Loans and advances to financial institutions, net of impairment |
186,589,622 |
40,311,106 |
6,410,950 |
2,173,376 |
- |
- |
235,485,054 |
196,233,298 |
| Securities, net of provision for expected credit losses |
17,808,782 |
14,206,301 |
22,876,215 |
138,622,149 |
66,033,124 |
- |
259,546,571 |
266,991,967 |
| Other financial assets (1) |
39,932,064 |
15,626,624 |
7,313,008 |
8,245,307 |
2,309,819 |
- |
73,426,822 |
81,195,242 |
| Total financial assets on December 31, 2025 |
1,084,035,918 |
244,898,633 |
149,636,072 |
418,233,784 |
239,930,173 |
- |
2,136,734,580 |
|
| Total financial assets on December 31, 2024 |
910,635,292 |
197,604,624 |
124,564,422 |
451,709,544 |
207,079,332 |
- |
|
1,891,593,214 |
| |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
| Deposits from financial institutions |
327,014,095 |
56,709,308 |
20,169,509 |
21,273,661 |
1,932,921 |
- |
427,099,494 |
361,818,310 |
| Deposits from customers (2) |
208,009,606 |
66,066,548 |
102,249,281 |
344,688,780 |
259,936 |
- |
721,274,151 |
644,338,463 |
| Securities issued |
16,357,292 |
25,082,829 |
45,445,374 |
209,382,550 |
9,992,637 |
- |
306,260,682 |
257,977,344 |
| Subordinated debt |
14,708 |
385,063 |
1,641,087 |
5,798,538 |
25,351,021 |
21,524,109 |
54,714,526 |
57,458,927 |
| Other financial liabilities (3) |
58,032,775 |
41,212,188 |
10,522,773 |
7,110,100 |
513,369 |
- |
117,391,205 |
101,086,011 |
| Financial liabilities measured at fair value through profit or loss |
2,081,928 |
4,807,769 |
3,251,792 |
6,865,717 |
1,261,124 |
- |
18,268,330 |
16,240,611 |
| Expected credit losses |
|
|
|
|
|
|
- |
|
| Loan Commitments |
399,154 |
809,769 |
482,777 |
78,040 |
45,646 |
- |
1,815,386 |
2,447,791 |
| Financial guarantees |
49,250 |
47,722 |
103,581 |
28,125 |
1,038,126 |
- |
1,266,804 |
1,257,645 |
| Liabilities of insurance contracts (2) |
350,974,072 |
13,770,963 |
7,966,651 |
23,762,581 |
23,241,209 |
- |
419,715,476 |
378,792,820 |
| Total financial liabilities on December 31, 2025 |
962,932,880 |
208,892,159 |
191,832,825 |
618,988,092 |
63,635,989 |
21,524,109 |
2,067,806,054 |
|
| Total financial liabilities on December 31, 2024 |
885,388,340 |
180,580,649 |
214,445,408 |
459,523,561 |
62,859,713 |
18,620,251 |
|
1,821,417,922 |
| (1) | | Includes, primarily, foreign exchange operations, debtors for guarantee deposits and trading
and intermediation of values; |
| (2) | | Demand and savings deposits and insurance contract liabilities, represented by “VGBL”
and “PGBL” products, are classified within a period of 1 to 30 days, without considering the historical average turnover;
and |
| (3) | | Primarily includes credit card operations, foreign exchange operations, trading and intermediation
of securities, financial leasing and capitalization plans.
|
|
| Schedule of current and non-current assets and liabilities |
| Schedule of current and non-current assets and liabilities |
|
|
|
|
| |
R$ thousands |
| Current |
Non-current |
Total on December 31, 2025 |
Total on December 31, 2024 |
| Assets |
|
|
|
|
| Total financial assets |
1,478,570,623 |
658,163,957 |
2,136,734,580 |
1,891,593,214 |
| Non-current assets held for sale and discontinued operations |
3,757,502 |
- |
3,757,502 |
3,494,950 |
| Investments in associated companies |
- |
13,283,440 |
13,283,440 |
11,029,012 |
| Property and equipment |
- |
9,405,491 |
9,405,491 |
10,220,444 |
| Intangible assets and goodwill |
- |
25,739,659 |
25,739,659 |
23,749,208 |
| Current income and other tax assets |
2,985,740 |
9,898,706 |
12,884,446 |
11,764,176 |
| Deferred income tax assets |
29,940,580 |
81,297,026 |
111,237,606 |
101,808,543 |
| Other assets |
13,715,226 |
3,569,266 |
17,284,492 |
15,824,815 |
| Total non-financial assets |
50,399,048 |
143,193,588 |
193,592,636 |
177,891,148 |
| Total assets on December 31, 2025 |
1,528,969,671 |
801,357,545 |
2,330,327,216 |
2,069,484,362 |
| Total assets on December 31, 2024 |
1,292,074,023 |
777,410,339 |
|
2,069,484,362 |
| |
|
|
|
|
| Liabilities |
|
|
|
|
| Total financial liabilities |
1,363,657,864 |
704,148,190 |
2,067,806,054 |
1,821,417,922 |
| Other provisions |
6,335,334 |
14,227,867 |
20,563,201 |
20,033,774 |
| Current income tax liabilities |
2,003,486 |
- |
2,003,486 |
2,043,616 |
| Deferred income tax liabilities |
- |
1,895,931 |
1,895,931 |
1,664,666 |
| Other liabilities |
54,408,571 |
4,701,343 |
59,109,914 |
55,381,892 |
| Total non-financial liabilities |
62,747,391 |
20,825,141 |
83,572,532 |
79,123,948 |
| Total shareholders’ equity |
- |
178,948,630 |
178,948,630 |
168,942,492 |
| Total shareholders' equity and liabilities on December 31, 2025 |
1,426,405,255 |
903,921,961 |
2,330,327,216 |
2,069,484,362 |
| Total shareholders' equity and liabilities on December 31, 2024 |
1,339,534,649 |
729,949,713 |
|
2,069,484,362 |
|
| Schedule of financial assets and liabilities measured at fair value |
| Schedule of financial assets and liabilities measured at fair value |
|
|
|
|
| |
R$ thousands |
| On December 31, 2025 |
| Level 1 |
Level 2 |
Level 3 |
Fair Value |
| Financial assets measured at fair value through profit or loss |
462,536,378 |
60,865,737 |
3,537,559 |
526,939,674 |
| Brazilian government bonds |
395,031,887 |
- |
- |
395,031,887 |
| Corporate debt and marketable equity securities |
48,387,660 |
17,519,436 |
3,537,559 |
69,444,655 |
| Bank debt securities |
20,916 |
43,346,301 |
- |
43,367,217 |
| Mutual funds |
18,840,361 |
- |
- |
18,840,361 |
| Foreign government securities |
66,555 |
- |
- |
66,555 |
| Brazilian government bonds issued abroad |
188,999 |
- |
- |
188,999 |
| Derivatives |
(333,439) |
3,689,752 |
(774,548) |
2,581,765 |
| Derivative financial instruments (assets) |
9,266,882 |
11,309,553 |
273,660 |
20,850,095 |
| Derivative financial instruments (liabilities) |
(9,600,321) |
(7,619,801) |
(1,048,208) |
(18,268,330) |
| Debt instruments measured at fair value through other comprehensive income |
135,065,868 |
3,051,953 |
880,284 |
138,998,105 |
| Brazilian government bonds |
106,709,836 |
- |
6,792 |
106,716,628 |
| Corporate debt securities |
6,617,424 |
2,039,480 |
- |
8,656,904 |
| Bank debt securities |
776,277 |
1,012,473 |
- |
1,788,750 |
| Brazilian government bonds issued abroad |
7,816,817 |
- |
- |
7,816,817 |
| Foreign governments securities |
8,177,931 |
- |
- |
8,177,931 |
| Mutual funds |
122,108 |
- |
- |
122,108 |
| Marketable equity securities and other stocks |
4,845,475 |
- |
873,492 |
5,718,967 |
| Total |
597,268,807 |
67,607,442 |
3,643,295 |
668,519,544 |
| |
|
|
|
|
| |
R$ thousands |
| On December 31, 2024 |
| Level 1 |
Level 2 |
Level 3 |
Fair Value |
| Financial assets measured at fair value through profit or loss |
308,064,812 |
41,731,862 |
2,251,689 |
352,048,363 |
| Brazilian government bonds |
263,224,363 |
- |
- |
263,224,363 |
| Corporate debt and marketable equity securities |
30,626,530 |
8,759,461 |
2,251,689 |
41,637,680 |
| Bank debt securities |
4,010,896 |
32,972,401 |
- |
36,983,297 |
| Mutual funds |
9,368,468 |
- |
- |
9,368,468 |
| Foreign government securities |
468,521 |
- |
- |
468,521 |
| Brazilian government bonds issued abroad |
366,034 |
- |
- |
366,034 |
| Derivatives |
(2,537,088) |
6,551,467 |
(420,005) |
3,594,374 |
| Derivative financial instruments (assets) |
3,199,679 |
16,497,753 |
137,553 |
19,834,985 |
| Derivative financial instruments (liabilities) |
(5,736,767) |
(9,946,286) |
(557,558) |
(16,240,611) |
| Debt instruments measured at fair value through other comprehensive income |
152,116,761 |
3,061,706 |
1,114,117 |
156,292,584 |
| Brazilian government bonds |
123,817,265 |
- |
11,750 |
123,829,015 |
| Corporate debt securities |
1,467,682 |
182,142 |
- |
1,649,824 |
| Bank debt securities |
1,115,295 |
2,879,564 |
17,438 |
4,012,297 |
| Brazilian government bonds issued abroad |
8,960,333 |
- |
- |
8,960,333 |
| Foreign governments securities |
8,324,658 |
- |
- |
8,324,658 |
| Mutual funds |
4,951,794 |
- |
- |
4,951,794 |
| Marketable equity securities and other stocks |
3,479,734 |
- |
1,084,929 |
4,564,663 |
| Total |
457,644,485 |
51,345,035 |
2,945,801 |
511,935,321 |
|
| Schedule of derivative financial instruments measured at fair value |
| Schedule of derivative financial instruments measured at fair value |
|
|
|
|
|
| |
R$ thousands |
| Financial assets measured at fair value through profit or loss |
Financial assets measured at fair value through other comprehensive income |
Derivative assets |
Derivative liabilities |
Total |
| On December 31, 2023 |
801,331 |
1,564,028 |
152,986 |
(529,396) |
1,988,949 |
| Included in statement of income |
(196,056) |
(138,588) |
- |
- |
(334,644) |
| Included in other comprehensive income |
- |
- |
- |
- |
- |
| Acquisitions |
1,690,098 |
9,342 |
- |
(28,162) |
1,671,278 |
| Maturities/sales |
(43,684) |
(56,600) |
(15,433) |
- |
(115,717) |
| Transfer between categories |
- |
(248,782) |
- |
- |
(248,782) |
| Transfers (to)/from other levels (1) |
- |
(15,283) |
- |
- |
(15,283) |
| On December 31, 2024 |
2,251,689 |
1,114,117 |
137,553 |
(557,558) |
2,945,801 |
| Included in statement of income |
566,624 |
2,152 |
- |
- |
568,776 |
| Included in other comprehensive income |
- |
(200,831) |
- |
- |
(200,831) |
| Acquisitions |
1,672,199 |
- |
136,107 |
(490,650) |
1,317,656 |
| Maturities/sales |
(899,235) |
(17,716) |
- |
- |
(916,951) |
| Transfer between categories |
17,438 |
(17,438) |
- |
- |
- |
| Transfers (to)/from other levels (1) |
(71,156) |
- |
- |
- |
(71,156) |
| On December 31, 2025 |
3,537,559 |
880,284 |
273,660 |
(1,048,208) |
3,643,295 |
| (1) | | These securities were reclassified between levels 2 and 3, as there was an increase in credit
risk and the spread curve has unobservable parameters. |
|
| Schedule of consolidated statement of income for Level 3 assets and liabilities |
| Schedule of consolidated statement of income for Level 3 assets and liabilities |
|
|
|
| |
R$ thousands |
| Financial assets measured at fair value through profit or loss |
Financial assets measured at fair value through other comprehensive income |
Total |
| Interest and similar income |
37,698 |
30,616 |
68,314 |
| Net trading gains/(losses) realized and unrealized |
(233,754) |
(169,204) |
(402,958) |
| Total on December 31, 2024 |
(196,056) |
(138,588) |
(334,644) |
| |
|
|
|
| Interest and similar income |
452,988 |
2,152 |
455,140 |
| Net trading gains/(losses) realized and unrealized |
113,636 |
(200,831) |
(87,195) |
| Total on December 31, 2025 |
566,624 |
(198,679) |
367,945 |
|
| Schedule of sensitivity analysis for financial assets |
| Schedule of sensitivity analysis for financial assets |
|
|
|
|
|
|
| |
R$ thousands |
| On December 31, 2025 |
| Impact on income (1) |
Impact on shareholders’ equity (1) |
| 1 |
2 |
3 |
1 |
2 |
3 |
| Interest rate in Reais |
(28) |
(9,841) |
(19,247) |
- |
(77) |
(151) |
| Price indexes |
- |
- |
- |
- |
- |
- |
| Exchange coupon |
(54) |
(6,508) |
(12,485) |
- |
- |
- |
| Foreign currency |
1,469 |
36,729 |
73,459 |
- |
- |
- |
| Equities |
10,321 |
258,037 |
516,075 |
4,804 |
120,105 |
240,211 |
| |
R$ thousands |
| On December 31, 2024 |
| Impact on income (1) |
Impact on shareholders’ equity (1) |
| 1 |
2 |
3 |
1 |
2 |
3 |
| Interest rate in Reais |
- |
- |
- |
(1) |
(326) |
(624) |
| Price indexes |
- |
- |
- |
- |
- |
- |
| Exchange coupon |
- |
- |
- |
(1) |
(189) |
(371) |
| Foreign currency |
- |
- |
- |
94 |
2,354 |
4,708 |
| Equities |
4,632 |
115,811 |
231,622 |
10,672 |
266,793 |
533,585 |
|
| Schedule of financial instruments not measured at fair value |
| Schedule of financial instruments not measured at fair value |
|
|
|
|
|
| |
R$ thousands |
| On December 31, 2025 |
| Fair Value |
Book value |
| Level 1 |
Level 2 |
Level 3 |
Total |
| Financial assets (1) |
|
|
|
|
|
| Loans and advances |
|
|
|
|
|
| · Financial Institutions |
- |
235,513,370 |
- |
235,513,370 |
235,485,054 |
| · Customers |
- |
- |
617,337,432 |
617,337,432 |
635,182,964 |
| Securities at amortized cost |
139,327,089 |
104,670,553 |
5,262,708 |
249,260,350 |
263,111,062 |
| |
|
|
|
|
|
| Financial liabilities |
|
|
|
|
|
| Deposits from banks |
- |
- |
427,535,327 |
427,535,327 |
427,099,494 |
| Deposits from customers |
- |
- |
718,421,538 |
718,421,538 |
721,274,151 |
| Securities issued |
- |
- |
306,537,715 |
306,537,715 |
306,260,682 |
| Subordinated debt |
- |
- |
56,371,225 |
56,371,225 |
54,714,526 |
| |
|
|
|
|
|
| |
R$ thousands |
| On December 31, 2024 |
| Fair Value |
Book value |
| Level 1 |
Level 2 |
Level 3 |
Total |
| Financial assets (1) |
|
|
|
|
|
| Loans and advances |
|
|
|
|
|
| · Financial Institutions |
- |
196,235,524 |
- |
196,235,524 |
196,233,298 |
| · Customers |
- |
- |
727,760,109 |
727,760,109 |
720,239,586 |
| Securities at amortized cost |
151,449,296 |
98,794,868 |
10,067,466 |
260,311,630 |
273,148,967 |
| |
|
|
|
|
|
| Financial liabilities |
|
|
|
|
|
| Deposits from banks |
- |
- |
374,212,384 |
374,212,384 |
361,818,310 |
| Deposits from customers |
- |
- |
644,856,874 |
644,856,874 |
644,338,463 |
| Securities issued |
- |
- |
259,054,688 |
259,054,688 |
257,977,344 |
| Subordinated debt |
- |
- |
58,990,729 |
58,990,729 |
57,458,927 |
| (1) | | The amounts of loans and advances are presented net of the allowance for impairment losses. |
|
| Schedule of risk concentration |
| Schedule of risk concentration |
|
|
|
|
|
|
| Insurance liabilities |
R$ thousands |
| On December 31 |
| 2025 |
2024 |
| Gross |
Reinsurance |
Net of tax |
Gross |
Reinsurance |
Net of tax |
| Life |
25,973,963 |
29,021 |
25,944,942 |
23,171,925 |
36,481 |
23,135,444 |
| Pension plans |
371,419,090 |
- |
371,419,090 |
335,365,124 |
- |
335,365,124 |
| Non-Life |
3,680,736 |
38,510 |
3,642,226 |
3,603,722 |
49,327 |
3,554,396 |
| Health (Health and Dental) |
18,641,687 |
- |
18,641,687 |
16,651,963 |
- |
16,651,963 |
|
| Schedule of sensitivity test substantially for pension portfolio |
| Schedule
of sensitivity test substantially for pension portfolio |
|
| On December 31, 2025 - R$ thousand |
| Interest Rate - Variation of +5% (*) |
Results in the insurance liabilities (**) |
| Pension Plans |
(222,505) |
| |
|
|
|
| (*) | | To better reflect the interest rate risk, the projected profitability of balances was sensitized
and the bottom-up rate, used to discount flows, was not sensitized. |
| On December 31, 2025 - R$ thousand |
| Longevity (Improvement) - Variation of +0.2% |
Results in the insurance liabilities (**) |
| Pension Plans |
(123,072) |
| (**) | | Reinsurance is not subject to the application of the shock, as it is a non-proportional and
immaterial contract. |
|
| Schedule of sensitivity to the discount rate |
| Schedule of sensitivity to the discount rate |
|
|
|
|
|
|
| Discount rate |
R$ thousand |
| On December 31, 2024 |
| Income |
Equity |
| Official |
Lower (-1%) |
Upper (+1%) |
Official |
Lower (-1%) |
Upper (+1%) |
| Life and Pension Plans |
3,956,551 |
3,918,652 |
3,997,692 |
7,751,092 |
7,534,736 |
7,956,746 |
| Non-Life |
837,096 |
921,705 |
921,677 |
2,007,872 |
2,100,354 |
2,094,096 |
| Health (Health and Dental) |
1,873,524 |
1,874,060 |
1,872,988 |
8,756,460 |
8,722,887 |
8,789,476 |
| |
|
|
|
|
|
|
| Discount rate |
On December 31, 2025 |
| Income |
Equity |
| Official |
Lower (-1%) |
Upper (+1%) |
Official |
Lower (-1%) |
Upper (+1%) |
| Life and Pension Plans |
2,987,896 |
2,954,938 |
3,020,711 |
7,459,983 |
7,273,532 |
7,639,164 |
| Non-Life |
750,983 |
749,097 |
749,080 |
1,978,010 |
1,985,027 |
1,973,621 |
| Health (Health and Dental) |
3,098,623 |
3,099,198 |
3,098,047 |
8,240,677 |
8,205,431 |
8,275,426 |
| |
|
| Schedule of sensitivity variation in the loss ratio |
| Schedule of sensitivity variation in the loss ratio |
|
|
|
|
| Sensitivity - 1% Variation |
R$ thousands |
| Gross of reinsurance |
Net of reinsurance |
| On December 31, 2025 |
On December 31, 2024 |
On December 31, 2025 |
On December 31, 2024 |
| Non-Life |
(59,208) |
(56,151) |
(58,954) |
(55,887) |
| Life |
(40,389) |
(38,389) |
(40,143) |
(38,185) |
| Health (Health and Dental) |
(248,572) |
(226,001) |
(248,572) |
(226,001) |
|