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Derivative financial instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative financial instruments  
Schedule of Notional Amounts and Carrying Amounts of Derivative Instruments
The following table details quantitative information on the notional amount and carrying amount of trading derivative instruments:
December 31, 2025
Notional
amount
Carrying amount of trading derivative
AssetLiability
Interest Rate Swap536,716 1,569 (433)
536,716 1,569 (433)
Hedging derivative financial 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, 2025
Notional
amount (2)
Carrying amount of hedging
instruments
Asset (1)
Liability (1)
Interest rate risk
Fair value hedges1,217,765 26,075 (5,435)
Interest rate and foreign exchange risk
Fair value hedges204,032 13,012 (9,730)
Cash flow hedges1,113,263 30,750 (47,297)
Foreign exchange risk
Cash flow hedges7,039 — (44)
2,542,099 69,837 (62,506)
B. Hedging derivative financial instruments (continued)
December 31, 2024
Notional
amount (2)
Carrying amount of hedging
instruments
Asset (1)
Liability (1)
Interest rate risk
Fair value hedges1,132,827 10,805 (2,667)
Interest rate and foreign exchange risk
Fair value hedges186,288 — (13,196)
Cash flow hedges1,205,427 11,510 (125,842)
2,524,542 22,315 (141,705)
(1)Included in the consolidated statement of financial position under the line Hedging derivative financial instruments - assets or liabilities.
(2)At December 31, 2025 the notional amounts of derivative financial instruments include $1,234.5 million (2024: $639.6 million) of interest rate swaps and cross currency interest rate swaps, which were designated in aggregate exposure hedges hedging underlying assets totaling $1,217.4 million (2024: $307.8 million).
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, 2025
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
Loans25,000 — (644)(636)(29)
Securities at amortized cost164,600 — (4,383)(2,932)655 
Customer deposits60,000 270 — 384 (7)
Repurchase agreements60,485 147 (395)9 (65)
Borrowings and debt907,680 25,658 (13)14,279 263 
Interest rate and foreign exchange risk
Loans11,938 — (742)(648)74 
Borrowings and debt192,094 13,012 (8,988)16,553 (431)
Total1,421,797 39,087 (15,165)27,009 460 
B. Hedging derivative financial instruments (continued)
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
Customer deposits131,000 1,235 (164)(127)(142)
Repurchase agreements68,985 210 (592)71 14 
Borrowings and debt932,842 9,360 (1,911)(5,911)(516)
Interest rate and foreign exchange risk
Borrowings and debt186,288 — (13,196)(28,571)1,074 
Total1,319,115 10,805 (15,863)(34,538)430 
(1)Included in the consolidated statement of financial position under the line Hedging derivative financial instruments - assets or liabilities.
(2)Included in the consolidated statement of profit or loss under the line Gain (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, 2025
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
Loans20,658 — (1,697)(1,810)(1,810)— (44)
Borrowings and debt1,092,605 30,750 (45,600)100,248 100,802 554 (466)
Foreign exchange risk
Loans7,039 — (44)(44)(44)— (278)
Customer deposits— — — — — — 3 
Borrowings and debt— — — — — — 22 
Total1,120,302 30,750 (47,341)98,394 98,948 554 (763)
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 and foreign exchange risk
Loans19,509 1,372 — 1,256 1,258 2 24 
Borrowings and debt
1,185,918 10,138 (125,842)(163,797)(164,418)(621)99 
Total1,205,427 11,510 (125,842)(162,541)(163,160)(619)123 
B.    Hedging derivative financial instruments (continued)

(1) Included in the consolidated statement of financial position under the line Hedging 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 Gain (loss) on financial instruments, net.
(4) Hedging reserve attributable to expired hedges reclassified to the consolidated statement of profit or loss in the line Gain (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, 2025
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
Change in fair value of
the hedged items used
to calculate hedge
ineffectiveness (1)
AssetLiability
Interest rate risk
Loans25,938 — Loans, net607 607 
Securities at amortized cost169,643 — Securities, net3,587 3,587 
Customer deposits— (60,477)Customer deposits(273)(391)
Repurchase agreements— (61,027)Securities sold under repurchase agreements(168)(74)
Borrowings and debt— (301,065)Borrowings and debt, net(10,171)(14,016)
Interest rate and foreign exchange risk
Loans12,117 — Loans, net722 722 
Borrowings and debt— (196,801)Borrowings and debt, net(2,669)(16,984)
Total207,698 (619,370)(8,365)(26,549)
B. Hedging derivative financial instruments (continued)
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)
AssetLiability
Interest rate risk
Customer deposits— (132,667)Customer deposits(26)(15)
Repurchase agreements— (69,443)Securities sold under repurchase agreements(57)(57)
Borrowings and debt— (319,174)Borrowings and debt, net3,860 5,395 
Interest rate and foreign exchange risk
Borrowings and debt— (173,469)Borrowings and debt, net14,316 29,645 
Total— (694,753)18,093 34,968 
(1)Included in the consolidated statement of profit or loss under the line Gain (loss) on financial instruments, net.
Schedule of Maturity of Financial Instruments
December 31, 2025
Interest rate swapTotal
Over 2 to 5 years286,716 286,716 
More than 5 years250,000 250,000 
Total536,716 536,716 
The following table details the maturity of the notional amount for the derivative instruments used in fair value hedges:
December 31, 2025
Interest rate
swaps		Cross currency swapsTotal
Up to 1 year
374,769 19,882 394,651 
From 1 to 2 years
298,293 122,176 420,469 
Over 2 to 5 years515,435 51,849 567,284 
More than 5 years29,268 10,125 39,393 
Total1,217,765 204,032 1,421,797 

December 31, 2024
Interest rate
swaps		Cross currency swapsTotal
Up to 1 year
115,263 — 115,263 
From 1 to 2 years
383,268 19,882 403,150 
Over 2 to 5 years605,028 156,281 761,309 
More than 5 years29,268 10,125 39,393 
Total1,132,827 186,288 1,319,115 
The following table details the maturity of the derivative instruments used in cash flow hedges:
December 31, 2025
Foreign exchange forward contractCross currency swapsTotal
Up to 1 year
7,039 324,098 331,137 
From 1 to 2 years
— 116,762 116,762 
Over 2 to 5 years— 643,135 643,135 
More than 5 years— 29,268 29,268 
Total7,039 1,113,263 1,120,302 
December 31, 2024
Foreign exchange forward contractCross currency swapsTotal
Up to 1 year
— 454,581 454,581 
From 1 to 2 years
— 303,441 303,441 
Over 2 to 5 years— 418,137 418,137 
More than 5 years— 29,268 29,268 
Total— 1,205,427 1,205,427 
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, 2025
Current
Matured
Total
Ineffectiveness recognized in profit or loss
Interest rate risk
Loans(29)— (29)
Securities at amortized cost655 — 655 
Customer deposits(7)— (7)
Repurchase agreements(65)(28)(93)
Borrowings and debt263 144 407 
Interest rate and foreign exchange risk
Loans74 — 74 
Borrowings and debt(431)— (431)
Total460 116 576 
December 31, 2024
Current
Matured
Total
Ineffectiveness recognized in profit or loss
Interest rate risk
Loans— 4 4 
Securities at amortized cost— (58)(58)
Customer deposits(142)(10)(152)
Repurchase agreements14 — 14 
Borrowings and debt(516)6 (510)
Interest rate and foreign exchange risk
Loans— (1)(1)
Borrowings and debt1,074 127 1,201 
Total430 68 498 
The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in cash flow hedges:
December 31, 2025
CurrentOverdueTotal
Ineffectiveness recognized in profit or loss
Interest rate and foreign exchange risk
Loans— (44)(44)
Borrowings and debt554 (466)88 
Foreign exchange risk
Loans— (278)(278)
Customer deposits— 3 3 
Borrowings and debt— 22 22 
Total554 (763)(209)
December 31, 2024
CurrentOverdueTotal
Ineffectiveness recognized in profit or loss
Interest rate and foreign exchange risk
Loans2 24 26 
Borrowings and debt(621)99 (522)
Total(619)123 (496)
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, 2025
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
AssetLiability
Interest rate and foreign exchange risk
Loans21,191 — Loans, net1,810 61 
Borrowings and debt— (1,101,787)Borrowings and debt, net(100,248)(1,332)
Foreign exchange risk
Loans7,077 — Loans, net44 (29)
Total28,268 (1,101,787)(98,394)(1,300)
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
AssetLiability
Interest rate risk
Interest rate and foreign exchange risk
Loans19,964 — Loans, net(1,256)37 
Borrowings and debt— (1,087,247)Borrowings and debt, net163,797 (895)
Total19,964 (1,087,247)162,541 (858)
B.    Hedging derivative financial instruments (continued)