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Consolidated statements of cash flows - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Income before income tax R$ 3,936,348 R$ 3,444,656 R$ 3,815,174
Adjustments to reconcile income before income taxes      
Depreciation of property, equipment and right-of-use assets 118,603 110,248 68,618
Amortization of intangible assets 133,810 95,629 163,112
Loss or write-off of property, equipment, intangible assets and leases, net 32,266 20,805 20,367
Share of profit or (loss) in joint ventures and associates (73,507) 12,165 7,710
Income from share in the net income of associates measured at fair value 52,403 54,301 (47,291)
Expected credit losses on financial assets 360,859 78,945 92,560
(Reversal of) Provision for contingencies, net 9,940 12,305 5,325
Net foreign exchange differences (470,788) (301,697) 506,510
Share based plan 365,715 584,772 561,457
Interest accrued 637,640 429,222 181,731
Gains (losses) on disposals of investments 26,367 0 0
Changes in assets and liabilities      
Securities (assets and liabilities) (12,743,703) (28,309,585) (21,857,025)
Derivative financial instruments (assets and liabilities) 1,700,236 (1,550,061) 674,837
Securities trading and intermediation (assets and liabilities) 1,209,000 (1,423,398) (5,086,154)
Securities purchased under agreements to resell (4,495,605) 1,937,077 (2,269,321)
Accounts receivable (53,247) (157,056) 37,160
Loan operations (5,596,362) (9,416,502) (8,918,608)
Prepaid expenses 22,722 (257,357) (2,589,213)
Other assets and other financial assets (437,106) (3,358,515) (674,697)
Securities sold under repurchase agreements 711,818 5,508,746 (5,557,999)
Accounts payable 326,344 (308,824) (133,576)
Financing instruments payable 12,478,690 17,563,948 14,408,581
Social and statutory obligations 126,692 (54,093) 354,764
Tax and social security obligations 17,407 (91,326) 278,609
Retirement plans liabilities 10,675,260 13,812,415 18,533,487
Other liabilities and other financial liabilities (347,790) 3,938,385 4,271,361
Cash from/(used in) operations 8,724,012 2,375,205 (3,152,521)
Income tax paid (402,842) (370,862) (783,816)
Contingencies paid (52,667) (2,521) (2,565)
Interest paid (141,202) (197,937) (81,427)
Net cash flows from/(used in) operating activities 8,127,301 1,803,885 (4,020,329)
Investment activities      
Acquisition of intangible assets (130,219) (82,412) (217,569)
Acquisition of property and equipment (66,004) (44,563) (135,444)
Acquisition of subsidiaries, net of cash acquired 770,887 (69,532) (40,857)
Investment in associates and joint ventures (65,444) (174,773) (756,857)
Disposal of investments 29,589 0 0
Net cash flows from/(used in) investing activities 538,809 (371,280) (1,150,727)
Financing activities      
Proceeds from borrowings 2,252,550 0 1,570,639
Treasury shares (915,859) (1,814,823) 0
Acquisitions of debt securities issued 373,481 1,890,500 4,191,280
Payments of borrowings and lease liabilities (1,966,674) (101,716) (76,371)
Payment of debt securities (590,029) (175,999) (177,826)
Dividends paid (3,542,298) 0 0
Transactions with non-controlling interests (4,146) 3,556 (231)
Dividends paid to non-controlling interests (1,853) (1,820) (3,026)
Proceeds from SPAC issuance of shares 0 0 1,134,797
Net cash flows from/(used in) financing activities (4,394,828) (200,302) 6,639,262
Net increase/(decrease) in cash and cash equivalents 4,271,282 1,232,303 1,468,206
Cash and cash equivalents at the beginning of the fiscal year 4,967,480 3,751,861 2,660,388
Effects of exchange rate changes on cash and cash equivalents (28,278) (16,684) (376,733)
Cash and cash equivalents at the end of the fiscal year 9,210,484 4,967,480 3,751,861
Cash 3,943,307 3,553,126 2,485,641
Securities purchased under agreements to resell 2,760,296 646,478 1,071,328
Interbank certificate deposits 67,985 252,877 194,892
Other deposits at Central Bank R$ 2,438,896 R$ 514,999 R$ 0