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Fair value of financial assets and liabilities (Tables)
 12 Months Ended
Dec. 31, 2018
Fair value of financial assets and liabilities (Tables) [Abstract]  
Summary of the fair values of financial assets and liabilities

The following table shows a summary of the fair values of financial assets and liabilities for the period ended December 31, 2018, 2017 and 2016, classified based on several measurement methods adopted by the Bank to determine their fair value:

 

Thousand of reais

 

 

 

2018

 

 

 

 

 

 

Level 1 (1)

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Assets Measured At Fair Value Through Profit Or Loss

 

2,660,859

 

40,540,054

 

510,887

 

43,711,800

 

Debt instruments

 

 

 

 

 

2,660,859

 

-

 

510,887

 

3,171,746

 

Equity instruments

 

 

 

 

 

-

 

40,540,054

 

-

 

40,540,054

 

Financial Assets Measured At Fair Value Through Profit Or Loss  Held For Trading

 

 

 

 

 

49,855,112

 

17,626,932

 

1,370,270

 

68,852,314

 

Debt instruments

 

 

 

 

 

49,094,924

 

432,910

 

538,635

 

50,066,469

 

Equity instruments

 

 

 

 

 

757,843

 

8,490

 

-

 

766,333

 

Derivatives

 

 

 

 

 

2,345

 

17,185,532

 

831,635

 

18,019,512

 

Non-Trading Financial Assets Mandatorily Measured At Fair Value Through Profit Or Loss

 

 

 

 

 

142,732

 

619,798

 

154,947

 

917,477

 

Loans and advances to customers

 

 

 

-

 

619,180

 

-

 

619,180

 

Equity instruments

 

 

 

 

 

142,732

 

618

 

154,947

 

298,297

 

Financial Assets Measured At Fair Value Through Other Comprehensive Income

 

83,283,924

 

1,442,797

 

709,956

 

85,436,677

 

Debt instruments

 

 

 

 

 

83,253,117

 

1,442,797

 

699,777

 

85,395,691

 

Equity instruments

 

 

 

 

 

30,807

 

-

 

10,179

 

40,986

 

Hedging derivatives (assets)

 

-

 

343,934

 

-

 

343,934

 

Financial Liabilities Measured At Fair Value Through Profit Or Loss

 

32,697,510

 

17,600,024

 

641,458

 

50,938,992

 

Derivatives

 

 

 

 

 

1,833

 

17,600,024

 

641,458

 

18,243,315

 

Short positions

 

 

 

 

 

32,695,677

 

-

 

-

 

32,695,677

 

Hedging derivatives (liabilities)

 

-

 

223,520

 

-

 

223,520

 

 

 

 

 

 

 

 

 

 

 

(1) There was no transfer between levels 1 and 2.

 

 

Thousand of reais

 

 

 

2017

 

 

 

 

 

 

 

 


Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets held for trading

 

34,380,542

 

18,059,034

 

-

 

52,439,576

 

 

Debt instruments

 

 

 

 

 

33,891,360

 

988,321

 

-

 

34,879,681

 

 

Equity instruments

 

 

 

 

 

489,182

 

588

 

-

 

489,770

 

 

Trading derivatives

 

 

 

 

 

-

 

17,070,125

 

-

 

17,070,125

 

 

Financial assets designated at fair value through profit or loss

 

1,593,951

 

64,738

 

33,368

 

1,692,057

 

 

Debt instruments

 

 

 

 

 

1,593,951

 

64,738

 

-

 

1,658,689

 

 

Equity instruments

 

 

 

 

 

-

 

-

 

33,368

 

33,368

 

 

Financial assets - available-for-sale

 

79,301,016

 

6,382,225

 

140,143

 

85,823,384

 

 

Debt instruments

 

 

 

 

 

78,335,629

 

6,381,118

 

-

 

84,716,747

 

 

Equity instruments

 

 

 

 

 

965,387

 

1,107

 

140,143

 

1,106,637

 

 

Hedging derivatives (assets)

 

-

 

192,763

 

-

 

192,763

 

 

Financial liabilities held for trading

 

32,808,392

 

16,514,154

 

-

 

49,322,546

 

 

Derivatives

 

 

 

 

 

-

 

16,514,154

 

-

 

16,514,154

 

 

Short positions

 

 

 

 

 

32,808,392

 

-

 

-

 

32,808,392

 

 

Hedging derivatives (liabilities)

 

-

 

163,332

 

-

 

163,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thousand of reais

 

 

 

2016

 

 

 

 

 

 

 

 


Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets held for trading

 

59,410,908

 

25,462,755

 

-

 

84,873,663

 

 

Debt instruments

 

 

 

 

 

59,034,363

 

960,583

 

-

 

59,994,946

 

 

Equity instruments

 

 

 

 

 

376,545

 

21,916

 

-

 

398,461

 

 

Derivatives

 

 

 

 

 

-

 

24,480,256

 

-

 

24,480,256

 

 

Financial assets designated at fair value through profit or loss

 

1,597,660

 

76,035

 

37,509

 

1,711,204

 

 

Debt instruments

 

 

 

 

 

1,592,714

 

76,035

 

-

 

1,668,749

 

 

Equity instruments

 

 

 

 

 

4,946

 

-

 

37,509

 

42,455

 

 

Financial assets - available-for-sale

 

51,160,044

 

5,703,389

 

951,612

 

57,815,045

 

 

Debt instruments

 

 

 

 

 

50,172,609

 

5,656,963

 

-

 

55,829,572

 

 

Equity instruments

 

 

 

 

 

987,435

 

46,426

 

951,612

 

1,985,473

 

 

Hedging derivatives (assets)

 

-

 

222,717

 

-

 

222,717

 

 

Financial liabilities held for trading

 

31,694,269

 

19,925,600

 

-

 

51,619,869

 

 

Derivatives

 

 

 

 

 

-

 

19,925,600

 

-

 

19,925,600

 

 

Short positions

 

 

 

 

 

31,694,269

 

-

 

-

 

31,694,269

 

 

Hedging derivatives (liabilities)

 

-

 

311,015

 

-

 

311,015

 
Fair value hierarchy

The following tables demonstrate the movements during 2018, 2017 and 2016 for the financial assets and liabilities classified as Level 3 in the fair value hierarchy:

 

Thousand of reais

 

Fair Value
2017

 

Gains/ losses (Realized-Not Realized)

 

Transfers in and/ or out of Level 3

 

Additions / Settled

 

Impact of IFRS 9

 

Fair value
2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Assets Measured At Fair Value Through Profit Or Loss

33,368

 

60,887

 

-

 

445,991

 

(29,359)

 

510,887

Financial Assets Measured At Fair Value Through Profit Or Loss  Held For Trading

 

-

 

(181,355)

 

1,264,576

 

246,051

 

40,998

 

1,370,270

Non-Trading Financial Assets Mandatorily Measured At Fair Value Through Profit Or Loss

 

-

 

(7,280)

-

-

 

-

 

162,227

 

154,947

Financial Assets Measured At Fair Value Through Other Comprehensive Income

 

140,143

 

47,773

 

645,708

 

-

 

(123,668)

 

709,956

Financial Liabilities Measured At Fair Value Through Profit Or Loss

-

 

115,212

 

710,219

 

(183,973)

 

-

 

641,458

 

 

 

 

 

 

 

 

 

 

 

 

 

Thousand of reais

 

Fair Value
2016

 

Gains/ losses (Realized-Not Realized)

 

Transfers in and/ or out of Level 3

 

Additions

 

Settled

 

Fair value
2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets designated at fair value through profit or loss

37,509

 

(2,555)

 

-

 

(1,586)

 

(1,586)

 

31,782

Financial assets - available-for-sale

951,612

 

18,474

 

-

 

(829,943)

 

(829,943)

 

(689,800)

 

 

 

 

 

 

 

 

 

 

 

 

 

Thousand of reais

 

Fair Value
2015

 

Gains/ losses (Realized-Not Realized)

 

Transfers in and/ or out of Level 3

 

Additions

 

Settled

 

Fair value
2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets held for trading

-

 

-

 

-

 

-

 

-

 

-

Financial assets designated at fair value through profit or loss

573,664

 

2,806

 

(14,345)

 

111

 

(524,727)

 

37,509

Financial assets - available-for-sale

857,817

 

(60,934)

 

(3,085)

 

461,185

 

(303,371)

 

951,612
Comparison of the carrying amounts of the Bank's financial assets measured at other than fair value and their respective fair values

Below is a comparison of the carrying amounts of financial assets of the Bank measured by a value other than the fair value and their respective fair values on December 31, 2018, 2017 and 2016:

 

 

Thousand of reais

 

 

 

 

 

2018

 

 

 

 

Carrying Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market investments - Brazilian Central Bank (note 4)

15,228,491

 

15,269,809

 

-

 

15,269,809

 

-

 

Financial Assets Measured At Amortized Cost:

 

 

 

 

 

 

 

 

 

 

 

 

Loans and amounts due from credit institutions (note 5)

79,607,001

 

79,607,197

 

-

 

79,607,197

 

-

 

Loans and advances to customers (note 9)

301,702,207

 

303,495,240

 

-

 

-

 

303,495,240

 

Financial Assets Measured At Amortized Cost  - Debt instruments (note 6)

36,799,509

 

38,927,356

 

9,766,162

 

29,161,194

 

-

 

Total

 

 

433,337,208

 

437,299,602

 

9,766,162

 

124,038,200

 

303,495,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thousand of reais

 

 

 

 

 

2017

 

 

 

 

Carrying Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market investments - Brazilian Central Bank (note 5)

33,831,521

 

33,914,021

 

-

 

33,914,021

 

-

 

Investments Held-to-Maturity  (note 6)

10,214,454

 

10,587,117

 

7,251,246

 

3,335,871

 

-

 

Loans and receivables:

 

 

 

 

 

 

 

 

 

 

 

 

Loans and amounts due from credit institutions (note 5)

65,209,902

 

65,209,902

 

-

 

65,209,902

 

-

 

Loans and advances to customers (note 9)

272,420,157

 

275,647,324

 

-

 

-

 

275,647,324

 

Loans and receivables - Debt instruments (note 6)

17,616,515

 

17,127,511

 

-

 

17,127,511

 

-

 

Total

 

 

399,292,549

 

402,485,875

 

7,251,246

 

119,587,305

 

275,647,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thousand of reais

 

 

 

 

 

2016

 

 

 

 

Carrying Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market investments - Brazilian Central Bank (note 4)

46,371,814

 

46,341,971

 

-

 

46,341,971

 

-

 

Investments Held-to-Maturity  (note 6)

10,048,761

 

10,555,437

 

6,942,173

 

3,613,264

 

-

 

Loans and receivables:

 

 

 

 

 

 

 

 

 

 

 

 

Loans and amounts due from credit institutions (note 5)

 

65,711,001

 

65,711,001

 

-

 

65,711,001

 

-

 

Loans and advances to customers (note 9)

 

252,002,774

 

253,860,027

 

-

 

-

 

253,860,027

 Loans and receivables - Debt instruments (note 6)

 

16,283,259

 

16,003,885

 

-

 

16,003,885

 

-

 

Total

 

 

390,417,609

 

392,472,321

 

6,942,173

 

72,530,121

 

253,860,027
Comparison of the carrying amounts of the Bank's financial liabilities measured at other than fair value and their respective fair values

Following is a comparison of the carrying amounts of Bank´s financial liabilities measured by a value other than fair value and their respective fair values on  December 31 , 2018, 2017 and 2016:

 

Thousand of reais

 

 

 

 

 

2018

 

 

 

Carrying Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities at amortized cost:

  

 

  

 

 

 

 

 

 

Deposits from Bacen and credit institutions (note 16)

98,716,735

 

98,713,988

 

-

 

98,713,988

 

-

Customer deposits (note 17)

285,344,281

 

285,417,696

 

-

 

285,417,696

 

-

Marketable debt securities (note 18)

74,626,232

 

74,783,289

 

-

 

4,599,204

 

70,184,085

Subordinated liabilities (note 19)

9,885,607

 

9,853,157

 

-

 

9,853,157

 

-

Debt Instruments Eligible to Compose Capital (note 20)

9,779,944

 

9,782,373

 

-

 

9,782,373

 

-

Other financial liabilities (note 21)

49,782,780

 

49,782,780

 

-

 

-

 

49,782,780

Total

 

 

528,135,579

 

528,333,283

 

-

 

408,366,418

 

119,966,865

 

 

 

 

 

 

 

 

 

 

 

 

Thousand of reais

 

 

 

 

 

2017

 

 

 

Carrying Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities at amortized cost:

  

 

  

 

 

 

  

 

  

Centrals banks (note 16)

 

 

79,068,604

 

79,068,564

 

-

 

-

 

79,068,564

Customers (note 17)

 

 

258,482,156

 

258,576,177

 

-

 

-

 

258,576,177

Marketable debt securities (note 18)

70,247,012

 

70,245,820

 

-

 

2,000,552

 

68,245,268

Subordinated liabilities (note 19)

519,230

 

528,799

 

-

 

-

 

528,799

Debt Instruments Eligible to Compose Capital (note 20)

8,436,901

 

8,436,901

 

-

 

8,436,901

 

-

Other financial liabilities (note 21)

44,260,735

 

43,003,735

 

-

 

-

 

43,003,735

Total

 

 

461,014,638

 

459,859,996

 

-

 

10,437,453

 

449,422,543

 

 

 

 

 

 

 

 

 

 

 

 

Thousand of reais

 

 

 

 

 

2016

 

 

 

Carrying Amount

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities at amortized cost:

  

 

  

 

 

 

 

 

 

Centrals banks (note 16)

 

 

78,319,960

 

78,323,271

 

-

 

-

 

78,323,271

Customers (note 17)

 

 

231,079,303

 

231,125,526

 

-

 

-

 

231,125,526

Marketable debt securities (note 18)

99,842,955

 

99,671,288

 

-

 

7,321,870

 

92,349,418

Subordinated liabilities (note 19)

466,246

 

452,439

 

-

 

-

 

452,439

Debt Instruments Eligible to Compose Capital (note 20)

8,311,918

 

8,311,918

 

-

 

8,311,918

 

-

Other financial liabilities (note 21)

36,879,099

 

35,622,099

 

-

 

-

 

35,622,099

Total

 

 

454,899,481

 

453,506,541

 

-

 

15,633,788

 

437,872,753