7Baggers

XP Inc
(NASDAQ:XP) 

XP stock logo

XP Inc. operates technology-driven financial services platform that provides financial products and services in Brazil. It provides broker-dealer services for high-net worth customers and institutional clients; product structuring and capital markets services for corporate clients and issuers of fix...

Founded: 2001
IPO Price: $27 (Dec 11, 2019)
Full Time Employees: 1,593
CEO: Guilherme Benchimol  
Sector: Financial Services
Industry: Capital Markets
Technology
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At a glance:
  • Client Assets and Net New Money Drive Scale: XP’s growth is closely tied to expanding client assets under custody and sustained net new money inflows across retail, high-net-worth, and institutional channels.
  • Revenue Mix Sensitive to Market Levels and Interest Rates: Top-line performance depends on trading/investment activity, distribution and advisory fees, and the interest-rate environment that impacts net interest income and client cash balances.
  • Margin Profile Hinges on Efficiency and Advisor Productivity: Profitability is influenced by operating leverage, technology/platform spending, and the productivity of its advisor network, with marketing and personnel costs key swing factors.
  • Credit and Counterparty Risk Managed Through Secured Lending and Risk Controls: XP faces risks from margin lending, credit exposure, and market volatility; outcomes depend on collateral quality, risk limits, and stress-test discipline.
  • Brazil Regulatory and Competitive Dynamics Remain Central: Changes in Brazilian financial regulation, tax policy, and competitive intensity among banks and fintech brokers can affect client acquisition, fee rates, and product availability.
Bull Thesis:
  • Strong User Growth and Market Penetration: XP Inc continues to expand its client base rapidly, tapping into Brazil's underpenetrated investment market. As more Brazilians shift from traditional banks to independent platforms, XP is well-positioned to capture significant market share due to its established brand and digital-first approach.
  • Diversification of Revenue Streams: Beyond its core brokerage business, XP is successfully diversifying into new areas like digital banking (XP and Rico accounts), insurance, credit, and asset management. This expansion creates multiple growth vectors, reduces reliance on capital markets volatility, and enhances client stickiness through a broader ecosystem of financial services.
  • Scalable Digital Platform and Brand Strength: XP has built a robust, scalable technology platform that allows for efficient client onboarding and service delivery. Its strong brand recognition and reputation for innovation and client education give it a competitive edge, fostering loyalty and attracting new clients at a lower cost.
  • Favorable Long-Term Market Trends in Brazil: Brazil's financial market is undergoing a structural shift, with clients increasingly seeking independent advice and better investment products than those offered by traditional banks. XP is a primary beneficiary of this trend, poised for sustained growth as financial literacy and digital adoption increase across the country.
Bear Thesis:
  • Intensifying Competition: XP faces significant and growing competition from multiple fronts: incumbent banks modernizing their digital offerings, new fintech startups entering the market, and other independent investment platforms. This intense competitive landscape could lead to margin pressure, increased marketing spend, and slower client acquisition rates.
  • Sensitivity to Macroeconomic Conditions and Interest Rates: XP's business is highly sensitive to Brazil's macroeconomic environment, including interest rates, inflation, and GDP growth. A downturn in the Brazilian economy could reduce investment activity, impact client assets under custody, and affect credit quality. Fluctuations in interest rates can also significantly impact float income and funding costs.
  • Regulatory Scrutiny and Risk: As a major financial institution, XP operates in a heavily regulated environment. Changes in financial regulations, increased compliance costs, or adverse regulatory decisions (e.g., related to fees, product offerings, or capital requirements) could negatively impact its business model, profitability, and growth prospects.
  • Reliance on Capital Markets Volatility: A significant portion of XP's revenue is still tied to capital markets activity, including trading volumes, asset management fees, and investment banking. A prolonged downturn or increased volatility in equity and fixed income markets could lead to reduced transaction volumes, lower asset valuations, and decreased client engagement, directly impacting revenue.
Main Competitors:
  • Itaú Unibanco ($ITUB) (Itaú Corretora, Itaú Personnalité, Itaú BBA), As one of Brazil's largest traditional banks, Itaú competes with XP through its extensive network of branches, established client base, and a comprehensive suite of investment products and wealth management services, targeting both retail and high-net-worth individuals. They leverage their brand trust and integrated financial offerings to retain and attract clients.
  • BTG Pactual ($BPAC11) (BTG Pactual Digital, BTG Pactual Wealth Management), A leading investment bank in Latin America, BTG Pactual directly competes with XP through its robust digital investment platform (BTG Pactual Digital), offering a wide range of investment products, asset management, and wealth management services to retail, institutional, and high-net-worth clients. They often target similar client segments with a strong focus on sophisticated products and advisory.
  • Nubank (Nu Holdings) ($NU) (NuInvest (formerly Easynvest), NuConta), While primarily a digital bank, Nubank has expanded significantly into investments through its acquisition of Easynvest (now NuInvest). It competes with XP by offering a simplified, user-friendly investment experience, particularly appealing to younger and less experienced investors, and by integrating investment options directly into its popular digital banking platform, often with lower fees.
  • Bradesco ($BBDC4) (Ágora Investimentos, Bradesco Corretora), Another major incumbent bank in Brazil, Bradesco competes with XP through its own investment brokerage (Ágora Investimentos) and wealth management services. They leverage their vast branch network, existing customer relationships, and a full spectrum of financial products to offer integrated solutions to their clients, from retail to corporate.
Moat:
XP Inc. operates in a highly competitive Brazilian financial services market. Its primary moat lies in its pioneering independent financial advisor (IFA) network, strong brand recognition as an investment specialist, and a comprehensive open-architecture platform offering a wide array of products. Competition comes from large incumbent banks leveraging their vast client bases and integrated services, sophisticated investment banks offering similar advisory and product breadth, and rapidly growing digital banks that attract new investors with user-friendly interfaces and lower costs. XP differentiates itself through its focus on client education, personalized advisory, and a broad product shelf, but faces constant pressure to innovate and retain its advisor network amidst aggressive market entrants.
Income Statements:
Quarterly
Annual
    Unit: USD2025-11-17 2025-08-18 2025-05-20 2025-02-18 2024-12-31 2024-11-19 2024-08-13 2024-05-21 2024-02-27 2023-12-31 2023-05-15 2023-02-16 2022-12-31 2022-11-08 2022-05-03 2022-02-08 2021-12-31 2021-06-21 2021-05-04 2021-02-23 2020-12-31 2020-11-09 2019-12-31 
                           
      net revenue from services rendered
    		5,534,897,000 3,444,432,000 1,649,928,000 7,424,856,000 1,911,911,000 5,512,945,000 3,572,460,000 1,623,851,000 6,532,005,000  1,345,984,000 5,940,456,000 1,564,650,000 4,375,806,000 1,264,952,000 6,196,465,000  1,454,656,000 1,454,656,000 5,016,488,000 1,523,257,000 3,493,231,000  
      net income from financial instruments at amortized cost and at fair value through other comprehensive income
    		-3,515,456,000 -1,898,816,000 -901,758,000 -1,765,733,000 -887,457,000 -878,276,000  227,251,000 1,572,522,000  502,113,000 1,145,395,000 14,295,000 1,131,100,000 -144,601,000 -1,559,464,000  30,884,000 30,884,000  74,646,250 298,585,000  
      net income from financial instruments at fair value through profit or loss
    		11,441,220,000 7,254,359,000 3,596,353,000 11,371,738,000 3,415,485,000 7,956,253,000  2,201,754,000 6,755,569,000  1,285,892,000 6,261,539,000 1,597,773,000 4,663,766,000 2,000,996,000 7,440,111,000  1,142,501,000 1,142,501,000 2,951,724,000 987,033,000 1,964,691,000  
      total revenue and income
    		13,460,661,000 8,799,975,000 4,344,523,000 17,030,861,000 4,439,939,000 12,590,922,000 8,272,114,000 4,052,856,000 14,860,096,000  3,133,989,000 13,347,390,000 3,176,718,000 10,170,672,000 3,121,347,000 12,077,112,000  2,628,041,000 2,628,041,000 8,151,605,000 2,395,098,000 5,756,507,000  
      yoy
    		203.17% -30.11% -47.48% 320.22% -70.12%  163.95% -69.64% 367.78%  0.41% 10.52%  287.01% 18.77% 48.16%  -54.35%      
      qoq
    		52.96% 102.55% -74.49% 283.58% -64.74% 52.21% 104.11% -72.73%   -76.52% 320.16% -68.77% 225.84% -74.15%   0.00% -67.76% 240.35% -58.39%   
      operating costs
    		-3,993,338,000 -2,602,384,000 -1,282,940,000 -5,063,032,000 -1,275,957,000 -3,787,075,000 -2,455,222,000 -1,218,816,000 -4,398,923,000  -1,016,525,000 -3,871,096,000 -1,071,450,000 -2,799,646,000 -864,284,000 -3,430,109,000  -837,435,000 -837,435,000 -2,645,359,000 -781,297,000 -1,864,062,000  
      selling expenses
    		-214,154,000 -136,945,000 -56,837,000 -148,975,000 -41,443,000 -107,532,000 -64,975,000 -32,054,000 -169,486,000  -14,942,000 -138,722,000 -47,581,000 -91,141,000 -19,182,000 -227,483,000  -44,418,000 -44,418,000 -134,915,000 -40,548,000 -94,367,000  
      administrative expenses
    		-4,706,412,000 -3,020,941,000 -1,448,498,000 -6,001,055,000 -1,528,497,000 -4,472,558,000 -2,907,603,000 -1,451,651,000 -5,461,147,000  -1,093,939,000 -5,641,233,000 -1,368,000,000 -4,273,233,000 -1,292,702,000 -4,692,698,000  -966,278,000 -966,278,000 -3,013,598,000 -936,011,000 -2,077,587,000  
      other operating income (expenses)
    		124,643,000 100,105,000 22,625,000 188,903,000 3,126,000 185,777,000 104,432,000 9,221,000 10,638,000  18,881,000 256,944,000 234,615,000 22,329,000 42,000 324,354,000  18,361,000 18,361,000 171,053,000 86,067,000 84,986,000  
      expected credit losses
    		-325,928,000 -235,950,000 -146,411,000 -288,496,000 -102,224,000 -186,272,000 -139,701,000 -96,870,000 -360,859,000  -67,634,000 -94,159,000 -38,117,000 -56,042,000 -26,427,000 -92,560,000  -3,455,000 -3,455,000 -55,564,000    
      interest expense on debt
    		-495,015,000 -353,031,000 -177,193,000 -779,525,000 -196,020,000 -583,505,000 -385,026,000 -181,337,000 -617,478,000  -162,828,000 -402,303,000 -149,620,000 -252,683,000 -48,114,000 -135,732,000  -9,516,000 -9,516,000 -52,671,000 -6,286,000 -46,385,000  
      share of profit in joint ventures and associates
    		60,772,000 29,801,000 7,455,000  11,209,000 44,836,000 48,092,000    19,146,000  -3,412,000 -13,648,000          
      income before income tax
    		3,911,229,000 2,580,630,000 1,262,724,000 4,985,967,000 1,301,374,000 3,684,593,000 2,472,111,000 1,088,453,000 3,936,348,000  816,148,000 3,444,656,000 738,048,000 2,706,608,000 856,439,000 3,815,174,000  784,216,000 784,216,000 2,421,413,000 662,885,000 1,758,528,000  
      income tax credit /
    		-23,641,000 -23,146,000  -471,127,000     -36,957,000               
      net income for the period
    		3,887,588,000 2,557,484,000 1,236,065,000  833,523,500 3,334,094,000 2,147,482,000 1,029,555,000   795,945,000  699,427,500 2,797,710,000 854,249,000   734,148,000 734,148,000  369,775,250 1,479,101,000  
      other comprehensive income
    		                       
      items that can be subsequently reclassified to income
    		                       
      foreign exchange variation of investees located abroad
    		-108,334,000 -89,935,000 -57,794,000  86,369,000 61,302,000 84,568,000 14,796,000   -17,996,000  -7,376,000 -12,269,000 -51,541,000 20,977,000  26,312,000 26,312,000  -19,136,000 76,575,000  
      gains on net investment hedge
    		91,814,000 85,544,000 52,650,000  -79,271,000 -57,327,000 -69,184,000 -12,561,000   20,871,000  9,697,000 7,555,000 47,492,000 -18,758,000  -20,744,000 -20,744,000  19,807,000 -80,370,000  
      changes in the fair value of financial assets at fair value through other comprehensive income
    		428,780,000 376,560,000 139,460,000 -1,166,654,000 -531,202,000 -635,452,000 -621,242,000 -171,480,000 556,381,000  80,384,000 218,106,000 -20,441,000 238,547,000 46,608,000 -549,017,000  -222,597,000 -222,597,000 24,203,000 58,117,000 -33,914,000  
      other
    		-9,790,000 -47,146,000                      
      other comprehensive income for the period, net of tax
    		402,470,000 325,023,000 134,316,000  -157,869,250 -631,477,000 -605,858,000 -169,245,000 549,824,000  83,259,000 215,713,000 -18,120,000 233,833,000 42,559,000 -546,798,000  -217,029,000 -217,029,000  -9,427,250 -37,709,000  
      total comprehensive income for the period
    		4,290,058,000 2,882,507,000 1,370,381,000  675,654,250 2,702,617,000 1,541,624,000 860,310,000   879,204,000  757,885,750 3,031,543,000 896,808,000   517,119,000 517,119,000  360,348,000 1,441,392,000  
      net income attributable to:
    		                       
      owners of the parent company
    		3,874,081,000 2,554,461,000 1,235,519,000 4,513,409,000 1,180,206,000 3,333,203,000 2,147,268,000 1,030,016,000 3,898,702,000  795,020,000 3,579,050,000 782,949,000 2,796,101,000 854,104,000 3,589,416,000  733,668,000 733,668,000 2,076,430,000 600,817,000 1,475,613,000  
      non-controlling interest
    		13,507,000 3,023,000 546,000 1,431,000 540,000 891,000 214,000 -461,000 689,000  925,000 1,161,000 -448,000 1,609,000 145,000 3,044,000  480,000 480,000 5,059,000 1,571,000 3,488,000  
      total comprehensive income attributable to:
    		                       
      earnings per share from net income attributable to the ordinary equity holders of the company
    		                       
      basic earnings per share
    		7.314 4.806 2.308 8.332 2.193 6.14 3.932 1.878 7.222  1.485 6.444 1.432 5.012 1.527 6.421  1.312 1.312 3.76 1.086 2.674  
      diluted earnings per share
    		7.216 4.75 2.29 8.231 2.182 6.05 3.876 1.85 7.164  1.482 6.246 1.39 4.857 1.48 6.259  1.281 1.281 3.714 1.06 2.653  
      income tax credit
    		  -26,659,000  -87,624,750 -350,499,000 -324,629,000 -58,898,000   -20,203,000  22,775,500 91,102,000          
      earnings per share from total income attributable to the ordinary equity holders of the company
    		                       
      share of profit or (loss) in joint ventures and associates
    		   47,286,000     73,507,000   -12,165,000   -14,241,000 -7,710,000  -1,084,000 -1,084,000 862,000 1,426,000 -564,000  
      net income for the year
    		   4,514,840,000     3,899,391,000   3,580,211,000    3,592,460,000    2,081,489,000    
      other comprehensive income for the year, net of tax
    		   -1,155,581,000                    
      total comprehensive income for the year
    		   3,359,259,000     4,449,215,000   3,795,924,000    3,045,662,000    2,102,568,000    
      net income/(loss) from financial instruments at amortized cost and at fair value through other comprehensive income
    		      -17,157,000                 
      net income/(loss) from financial instruments at fair value through profit or loss
    		      4,716,811,000                 
      share of profit (loss) in joint ventures and associates
    		       7,104,000                
      income tax expense
    		           135,555,000   -2,190,000 -222,714,000  -50,068,000 -50,068,000 -339,924,000 -60,497,000 -279,427,000  
      net income from financial instruments at amortized cost and at fair value throughother comprehensive income
    		                   183,393,000    
      other comprehensive income (loss) for the year, net of tax
    		                   21,079,000    
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-11-17 2025-08-18 2025-05-20 2025-02-18 2024-12-31 2024-11-19 2024-08-13 2024-05-21 2024-02-27 2023-12-31 2023-11-13 2023-08-14 2023-05-15 2023-02-16 2022-12-31 2022-11-08 2022-08-10 2022-05-03 2022-02-08 2021-08-03 2021-06-21 2021-05-04 2021-02-23 2020-12-31 2020-11-09 2020-08-11 2019-12-31 
                                 
        cash
      		12,412,802,000 12,087,514,000 8,226,290,000 5,610,548,000 5,610,548,000 4,625,718,000 5,604,375,000 3,938,578,000 3,943,307,000 3,943,307,000 3,821,699,000 2,916,432,000 3,088,840,000 3,553,126,000 3,553,126,000 2,601,041,000 3,244,141,000 3,221,880,000 2,485,641,000 1,237,456,000 1,556,782,000 1,556,782,000 1,954,788,000 1,954,788,000 642,491,000 345,868,000 109,922,000 
        financial assets
      		366,905,285,000 342,387,059,000 321,791,203,000 321,697,974,000 321,697,974,000 291,996,261,000 272,686,299,000 257,761,295,000 229,197,214,000 229,197,214,000 214,837,814,000 216,445,759,000 180,185,407,000 177,681,987,000 177,681,987,000 172,584,881,000 156,827,328,000 150,280,655,000 127,745,263,000 107,173,663,000 115,611,055,000 115,611,055,000 90,190,827,000 90,190,827,000 84,432,999,000 57,380,593,000 41,888,778,000 
        fair value through profit or loss
      		240,427,922,000 224,965,443,000 213,088,733,000 196,185,210,000 196,185,210,000 167,489,171,000 170,034,874,000 144,887,279,000 127,015,678,000 127,015,678,000 120,853,702,000 124,464,608,000 99,526,681,000 96,730,159,000 96,730,159,000 89,157,256,000 86,077,051,000 86,041,429,000 69,123,669,000 60,844,803,000 76,441,946,000 76,441,946,000 57,149,446,000 57,149,446,000 51,850,286,000 42,041,901,000 26,528,396,000 
        securities
      		184,428,152,000 171,833,063,000 162,094,984,000 149,985,414,000 149,985,414,000 133,716,555,000 134,481,273,000 112,185,069,000 103,282,212,000 103,282,212,000 101,038,694,000 99,280,068,000 84,511,400,000 87,513,004,000 87,513,004,000 73,101,282,000 67,520,933,000 64,599,608,000 58,179,955,000 45,360,226,000 62,855,038,000 62,855,038,000 49,590,013,000 49,590,013,000 38,701,519,000 26,453,321,000 22,443,392,000 
        derivative financial instruments
      		55,999,770,000 53,132,380,000 50,993,749,000 46,199,796,000 46,199,796,000 33,772,616,000 35,553,601,000 32,702,210,000 23,733,466,000 23,733,466,000 19,815,008,000 25,184,540,000 15,015,281,000 9,217,155,000 9,217,155,000 16,055,974,000 18,556,118,000 21,441,821,000 10,943,714,000 15,484,577,000 13,586,908,000 13,586,908,000 7,559,433,000 7,559,433,000 13,148,767,000 15,588,580,000 4,085,004,000 
        fair value through other comprehensive income
      		42,557,777,000 51,285,239,000 51,001,309,000 50,879,981,000 50,879,981,000 50,552,158,000 38,385,880,000 40,310,404,000 44,062,950,000 44,062,950,000 38,486,172,000 33,091,082,000 29,145,061,000 34,478,668,000 34,478,668,000 40,237,826,000 36,182,599,000 33,604,303,000 32,332,377,000 23,700,647,000 21,629,266,000 21,629,266,000 19,039,044,000 19,039,044,000 9,588,773,000 5,251,605,000 2,616,118,000 
        evaluated at amortized cost
      		83,919,586,000 66,136,377,000 57,701,161,000 74,632,783,000 74,632,783,000 73,954,932,000 64,265,545,000 72,563,612,000 58,118,586,000 58,118,586,000 55,497,940,000 58,890,069,000 51,513,665,000 46,473,160,000 46,473,160,000 43,189,799,000 34,567,678,000 30,634,923,000 26,289,217,000 22,628,213,000 17,539,843,000 17,539,843,000 14,002,337,000 14,002,337,000 22,993,940,000 10,087,087,000 12,744,264,000 
        securities purchased under resale agreements
      		15,029,274,000 10,120,680,000 7,901,168,000 22,057,137,000 22,057,137,000   30,291,271,000                    
        securities trading and intermediation
      		5,812,102,000 5,493,609,000 4,703,093,000 6,499,097,000 6,499,097,000 2,933,733,000 4,440,040,000 2,512,056,000 2,932,319,000 2,932,319,000 3,569,085,000 2,917,216,000 2,607,109,000 3,271,000,000 3,271,000,000 3,983,399,000 3,148,972,000 2,488,622,000 1,405,651,000 2,776,213,000 3,184,130,000 3,184,130,000 1,051,566,000 1,051,566,000 1,483,507,000 1,949,144,000 504,983,000 
        accounts receivable
      		1,171,155,000 1,055,211,000 927,778,000 778,943,000 778,943,000 958,220,000 674,528,000 639,142,000 681,190,000 681,190,000 620,008,000 645,731,000 594,600,000 597,887,000 597,887,000 567,626,000 626,965,000 357,993,000 469,086,000 395,577,000 367,459,000 367,459,000 506,359,000 506,359,000 251,194,000 346,062,000 462,029,000 
        loan operations
      		34,028,397,000 33,114,615,000 29,966,410,000 29,228,463,000 29,228,463,000 27,512,090,000 26,320,673,000 29,541,800,000 28,551,935,000 28,551,935,000 26,645,487,000 24,087,649,000 23,106,926,000 22,211,161,000 22,211,161,000 20,410,901,000 16,418,230,000 14,431,840,000 12,819,627,000 7,964,212,000 5,041,413,000 5,041,413,000 3,918,328,000 3,918,328,000 1,369,234,000 377,444,000  
        other financial assets
      		19,744,653,000 9,101,847,000 8,525,681,000 13,232,997,000 13,232,997,000 13,245,928,000 7,444,845,000 5,120,680,000 4,208,743,000 4,208,743,000 6,236,401,000 7,629,927,000 2,469,691,000 3,517,189,000 3,517,189,000 2,120,732,000 1,383,828,000 916,579,000 461,515,000 2,330,196,000 289,566,000 289,566,000 69,971,000 69,971,000 280,279,000 46,998,000 20,191,000 
        other assets
      		10,301,584,000 9,992,988,000 10,614,439,000 10,657,119,000 10,657,119,000 10,743,201,000 10,137,742,000 9,005,592,000 7,811,962,000 7,811,962,000 7,585,713,000 6,498,061,000 6,193,799,000 5,760,811,000 5,760,811,000 5,509,369,000 5,317,696,000 4,959,735,000 4,688,125,000 3,292,926,000 2,174,885,000 2,174,885,000 1,760,999,000 1,760,999,000 1,484,110,000 711,808,000 643,619,000 
        recoverable taxes
      		578,537,000 569,906,000 554,693,000 452,555,000 452,555,000 523,319,000 392,257,000 436,769,000 245,214,000 245,214,000 301,890,000 219,886,000 282,820,000 163,248,000 163,248,000 164,903,000 176,769,000 167,973,000 153,316,000 117,830,000 128,769,000 128,769,000 127,623,000 127,623,000 170,066,000 224,982,000 243,320,000 
        rights-of-use assets
      		326,187,000 360,479,000 355,073,000 313,141,000 313,141,000 346,742,000 390,282,000 250,711,000 281,804,000 281,804,000 203,552,000 208,991,000 233,423,000 258,491,000 258,491,000 260,846,000 258,268,000 268,641,000 284,509,000 194,117,000 204,430,000 204,430,000 183,134,000 183,134,000 182,014,000 245,121,000 227,478,000 
        prepaid expenses
      		4,096,783,000 4,171,073,000 4,360,697,000 4,363,233,000 4,363,233,000 4,478,889,000 4,432,258,000 4,476,586,000 4,418,263,000 4,418,263,000 4,400,808,000 4,269,513,000 4,250,258,000 4,240,107,000 4,240,107,000 4,196,321,000 4,085,435,000 3,972,158,000 3,982,750,000 2,887,152,000 1,784,698,000 1,784,698,000 1,393,537,000 1,393,537,000 1,090,998,000 166,824,000 89,684,000 
        other
      		5,300,077,000 4,891,530,000 5,343,976,000 5,528,190,000 5,528,190,000 5,394,251,000 4,922,945,000 3,841,526,000 2,866,681,000 2,866,681,000 2,679,463,000 1,799,671,000 1,427,298,000 1,098,965,000 1,098,965,000 887,299,000 797,224,000 550,963,000 267,550,000 93,827,000 56,988,000 56,988,000 56,705,000 56,705,000 41,032,000 74,881,000 83,137,000 
        deferred tax assets
      		3,050,840,000 2,855,622,000 2,849,526,000 2,887,935,000 2,887,935,000 2,572,163,000 2,596,997,000 2,183,746,000 2,104,128,000 2,104,128,000 2,022,609,000 1,532,326,000 1,582,107,000 1,611,882,000 1,611,882,000 1,508,896,000 1,541,464,000 1,375,889,000 1,273,069,000 795,385,000 652,632,000 652,632,000 505,046,000 505,046,000 378,726,000 400,967,000 284,533,000 
        investments in associates and joint ventures
      		3,682,642,000 3,518,197,000 3,515,027,000 3,518,779,000 3,518,779,000 3,431,324,000 3,129,446,000 3,114,918,000 3,108,660,000 3,108,660,000 2,260,841,000 2,250,316,000 2,256,475,000 2,271,731,000 2,271,731,000 2,414,889,000 2,230,031,000 2,162,741,000 2,013,365,000 771,794,000 733,861,000 733,861,000 699,907,000 699,907,000 696,742,000   
        property and equipment
      		420,570,000 344,428,000 319,155,000 449,956,000 449,956,000 435,057,000 415,957,000 394,788,000 373,362,000 373,362,000 347,659,000 301,173,000 304,404,000 310,894,000 310,894,000 307,811,000 303,569,000 298,034,000 313,964,000 242,915,000 223,141,000 223,141,000 204,032,000 204,032,000 94,756,000 130,675,000 142,464,000 
        goodwill and intangible assets
      		2,703,398,000 2,664,598,000 2,650,399,000 2,634,449,000 2,634,449,000 2,596,075,000 2,570,083,000 2,522,723,000 2,502,045,000 2,502,045,000 2,550,984,000 836,848,000 829,638,000 844,182,000 844,182,000 814,837,000 812,220,000 793,786,000 820,975,000 807,355,000 798,001,000 798,001,000 713,562,000 713,562,000 669,534,000   
        total assets
      		399,477,121,000 373,850,406,000 349,966,039,000 347,456,760,000 347,456,760,000 316,399,799,000 297,140,899,000 278,921,640,000 249,040,678,000 249,040,678,000 233,427,319,000 230,780,915,000 194,440,670,000 192,034,613,000 192,034,613,000 185,741,724,000 170,276,449,000 163,092,720,000 139,340,402,000 114,321,494,000 121,750,357,000 121,750,357,000 96,029,161,000 96,029,161,000 88,399,358,000 59,537,133,000 43,622,768,000 
        liabilities and equity
      		   2,024,000 2,024,000    2,023,000 2,023,000    2,022,000              
        financial liabilities
      		288,571,988,000 275,935,529,000 258,017,049,000 257,965,004,000 257,965,004,000 228,017,751,000 213,285,168,000 198,443,725,000 171,237,146,000 171,237,146,000 158,536,984,000 159,677,801,000 128,402,304,000 127,708,578,000 127,708,578,000 124,490,094,000 113,550,401,000 110,397,373,000 91,358,151,000 78,313,865,000 92,617,251,000 92,617,251,000 70,600,989,000 70,600,989,000 69,388,840,000 43,013,197,000 31,842,054,000 
        securities sold under repurchase agreements
      		70,931,249,000 71,157,493,000 54,371,879,000 71,779,721,000 71,779,721,000 51,135,217,000 53,889,811,000 49,054,325,000 33,340,511,000 33,340,511,000 39,517,091,000 34,622,931,000 25,921,374,000 31,790,091,000 31,790,091,000 31,429,464,000 30,534,448,000 24,131,734,000 26,281,345,000 16,061,913,000 44,483,097,000 44,483,097,000 31,839,344,000 31,839,344,000 35,253,928,000 10,117,579,000 15,638,407,000 
        financing instruments payable
      		106,737,477,000 104,245,638,000 99,621,575,000 95,248,482,000 95,248,482,000 90,589,193,000 72,396,923,000 63,037,172,000 60,365,590,000 60,365,590,000 53,093,731,000 51,931,180,000 46,481,814,000 43,683,629,000 43,683,629,000 41,416,311,000 31,530,214,000 28,997,365,000 24,429,086,000         
        accounts payables
      		734,021,000 719,885,000 871,320,000 763,465,000 763,465,000 805,643,000 623,207,000 954,009,000 948,218,000 948,218,000 603,789,000 625,643,000 585,660,000 617,394,000 617,394,000 561,046,000 475,570,000 462,717,000 867,526,000 1,186,169,000 803,443,000 803,443,000 859,550,000 859,550,000 655,117,000 324,575,000 266,813,000 
        borrowings
      		1,575,535,000 3,003,541,000 3,502,092,000 1,666,432,000 1,666,432,000  2,528,059,000 2,266,614,000 2,199,422,000 2,199,422,000 1,259,822,000  1,825,181,000 1,865,880,000 1,865,880,000 1,900,853,000 1,829,376,000 1,690,501,000 1,928,782,000         
        other financial liabilities
      		12,896,044,000 13,789,007,000 13,476,825,000 14,730,863,000 14,730,863,000 14,231,033,000 15,215,900,000 14,819,859,000 12,231,376,000 12,231,376,000 14,112,430,000 16,246,705,000 11,773,715,000 11,554,213,000 11,554,213,000 9,663,440,000 9,195,017,000 8,047,579,000 7,680,472,000 8,101,420,000 2,974,946,000 2,974,946,000 1,514,174,000 1,514,174,000 858,878,000 187,233,000 98,631,000 
        other liabilities
      		86,856,792,000 75,344,215,000 70,612,234,000 69,179,229,000 69,179,229,000 66,781,039,000 63,692,683,000 59,934,949,000 58,266,331,000 58,266,331,000 54,793,152,000 52,519,754,000 48,916,078,000 47,172,782,000 47,172,782,000 43,664,208,000 40,415,500,000 37,126,747,000 33,533,688,000 23,416,241,000 17,580,356,000 17,580,356,000 14,522,206,000 14,522,206,000 10,298,861,000 8,379,083,000 4,619,623,000 
        social and statutory obligations
      		831,986,000 1,076,628,000 619,134,000 1,310,911,000 1,310,911,000 750,793,000 1,111,076,000 625,433,000 1,146,127,000 1,146,127,000 711,123,000 946,682,000 503,295,000 968,119,000 968,119,000 627,890,000 985,307,000 442,825,000 1,022,212,000 852,063,000 399,957,000 399,957,000 667,448,000 667,448,000 379,696,000 582,689,000 492,723,000 
        taxes and social security obligations
      		770,398,000 611,922,000 515,924,000 417,668,000 417,668,000 507,524,000 626,522,000 500,996,000 559,647,000 559,647,000 488,388,000 441,781,000 400,112,000 365,419,000 365,419,000 248,918,000 279,679,000 435,250,000 549,651,000 480,850,000 249,950,000 249,950,000 435,849,000 435,849,000 234,652,000 395,405,000 345,331,000 
        retirement plans and insurance liabilities
      		84,436,732,000 72,876,169,000 68,432,365,000 66,224,387,000 66,224,387,000 64,125,871,000 60,981,254,000 58,654,362,000 56,409,075,000                   
        provisions and contingent liabilities
      		170,331,000 161,769,000 173,058,000 146,173,000 146,173,000 134,605,000 128,980,000 101,493,000 97,678,000 97,678,000 109,595,000 78,778,000 79,388,000 43,541,000 43,541,000 38,183,000 32,385,000 30,679,000 29,308,000 26,413,000 26,024,000 26,024,000 19,711,000 19,711,000 16,020,000 15,479,000 15,193,000 
        deferred tax liabilities
      		379,705,000 300,870,000 290,433,000 265,290,000 265,290,000 243,313,000 200,861,000 118,193,000 86,357,000 86,357,000 73,982,000 133,908,000 76,425,000 111,043,000 111,043,000 119,501,000 14,907,000 27,707,000 28,934,000    8,352,000 8,352,000 41,074,000  5,132,000 
        total liabilities
      		375,808,485,000 351,580,614,000 328,919,716,000 327,409,523,000 327,409,523,000 295,042,103,000 277,178,712,000 258,496,867,000 229,589,834,000 229,589,834,000 213,404,118,000 212,331,463,000 177,394,807,000 174,992,403,000 174,992,403,000 168,273,803,000 153,980,808,000 147,551,827,000 124,920,773,000 101,730,106,000 110,197,607,000 110,197,607,000 85,131,547,000 85,131,547,000 79,728,775,000 51,392,280,000 36,466,809,000 
        equity attributable to owners of the parent company
      		23,663,948,000 22,263,249,000 21,042,088,000 20,043,557,000 20,043,557,000 21,353,091,000 19,957,839,000 20,421,216,000 19,449,352,000 19,449,352,000 20,013,943,000 18,440,410,000 17,038,650,000 17,035,735,000 17,035,735,000 17,464,901,000 16,292,230,000 15,538,320,000 14,416,836,000 12,588,048,000 11,549,981,000 11,549,981,000 10,894,609,000 10,894,609,000 8,669,470,000 8,142,972,000 7,153,396,000 
        issued capital
      		26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 26,000 25,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 23,000 23,000 23,000 23,000 23,000 23,000 23,000 23,000 23,000 
        capital reserve
      		20,337,712,000 20,204,664,000 21,075,434,000 20,939,689,000 20,939,689,000 18,401,484,000 19,401,776,000 19,332,457,000 19,189,994,000 19,189,994,000 18,745,482,000 16,522,754,000 19,194,538,000 19,156,382,000 19,156,382,000 15,458,954,000 15,316,568,000 15,148,044,000 14,923,315,000 10,926,304,000 10,802,675,000 10,802,675,000 10,663,942,000 10,663,942,000 7,021,993,000 6,990,221,000  
        other comprehensive income
      		-276,509,000 -358,112,000 -548,939,000 -673,978,000 -673,978,000 -264,505,000 -225,566,000 186,171,000 376,449,000 376,449,000 106,650,000 264,376,000 -48,311,000 -133,909,000 -133,909,000 -109,124,000 -371,448,000 -291,913,000 -334,563,000 -2,591,000 13,615,000 13,615,000 230,644,000 230,644,000 171,841,000 217,549,000 209,927,000 
        treasury shares
      		-271,362,000 -137,790,000 -719,952,000 -222,180,000 -222,180,000 -117,117,000 -1,365,665,000 -127,454,000 -117,117,000 -117,117,000 -117,117,000 -117,117,000 -2,902,621,000 -1,986,762,000 -1,986,762,000 -681,054,000 -418,269,000 -171,939,000 -171,939,000         
        retained earnings
      		3,874,081,000 2,554,461,000 1,235,519,000   3,333,203,000 2,147,268,000 1,030,016,000   1,278,903,000 1,770,373,000 795,020,000   2,796,101,000 1,765,355,000 854,104,000  1,664,312,000 733,668,000 733,668,000   1,475,613,000 935,179,000  
        non-controlling interest
      		4,688,000 6,543,000 4,235,000 3,680,000 3,680,000 4,605,000 4,348,000 3,557,000 1,492,000 1,492,000 9,258,000 9,042,000 7,213,000 6,475,000 6,475,000 3,020,000 3,411,000 2,573,000 2,793,000 3,340,000 2,769,000 2,769,000 3,005,000 3,005,000 1,113,000 1,881,000 2,563,000 
        total equity
      		23,668,636,000 22,269,792,000 21,046,323,000 20,047,237,000 20,047,237,000 21,357,696,000 19,962,187,000 20,424,773,000 19,450,844,000 19,450,844,000 20,023,201,000 18,449,452,000 17,045,863,000 17,042,210,000 17,042,210,000 17,467,921,000 16,295,641,000 15,540,893,000 14,419,629,000 12,591,388,000 11,552,750,000 11,552,750,000 10,897,614,000 10,897,614,000 8,670,583,000 8,144,853,000 7,155,959,000 
        total liabilities and equity
      		399,477,121,000 373,850,406,000 349,966,039,000 347,456,760,000 347,456,760,000 316,399,799,000 297,140,899,000 278,921,640,000 249,040,678,000 249,040,678,000 233,427,319,000 230,780,915,000 194,440,670,000 192,034,613,000 192,034,613,000 185,741,724,000 170,276,449,000 163,092,720,000 139,340,402,000 114,321,494,000 121,750,357,000 121,750,357,000 96,029,161,000 96,029,161,000 88,399,358,000 59,537,133,000 43,622,768,000 
        securities purchased under resale agreements to resell
      		     26,152,582,000 21,772,559,000                     
        securities purchased under agreements to resell
      		        14,888,978,000 14,888,978,000 12,251,986,000 15,785,606,000 11,830,082,000 7,603,820,000 7,603,820,000 8,047,211,000 4,811,826,000 6,061,310,000 8,894,531,000 8,174,399,000 6,741,459,000 6,741,459,000 6,627,409,000 6,627,409,000 18,243,688,000 6,141,566,000 9,490,090,000 
        retirement plans liabilities and insurance liabilities
      		         56,409,075,000                  
        retirement plans liabilities
      		          53,279,708,000 50,906,627,000 47,806,249,000 45,733,815,000 45,733,815,000             
        note
      		              2,022,000        2,020,000 2,020,000    
        retirement plan liabilities
      		               42,714,355,000            
        private pension liabilities
      		                39,101,548,000 36,206,781,000 31,921,400,000 22,045,571,000 16,896,508,000 16,896,508,000 13,387,913,000 13,387,913,000 9,649,322,000 7,193,719,000 3,759,090,000 
        deposits
      		                   6,627,696,000 4,003,129,000 4,003,129,000 3,021,750,000 3,021,750,000 1,626,709,000   
        structured operations certificates
      		                   4,198,001,000 2,841,116,000 2,841,116,000 2,178,459,000 2,178,459,000 1,142,457,000 638,754,000  
        borrowings and lease liabilities
      		                   1,994,118,000 506,531,000 506,531,000 492,535,000 492,535,000 511,981,000 639,982,000 637,484,000 
        debentures
      		                   167,980,000 336,987,000 336,987,000 335,250,000 335,250,000 338,693,000 776,724,000 835,230,000 
        securities loaned
      		                    2,705,869,000 2,705,869,000 2,237,442,000 2,237,442,000   2,021,707,000 
        intangible assets
      		                         567,222,000 553,452,000 
        capital reserves
      		                          6,943,446,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-05-20 2025-03-31 2025-02-18 2024-12-31 2024-09-30 2024-06-30 2024-05-21 2024-03-31 2024-02-27 2023-12-31 2023-11-13 2023-08-14 2023-05-15 2022-12-31 2022-09-30 2022-08-10 2022-05-03 2022-03-31 2022-02-08 2021-08-03 2021-06-21 2021-05-04 2021-03-31 2021-02-23 2020-12-31 2020-11-09 
                                    
          operating activities
        		                            
          income before income tax
        		1,330,599,000 1,317,906,000 1,262,724,000 1,262,724,000 4,985,967,000 1,301,374,000 1,212,482,000 1,383,658,000 1,088,453,000 1,088,453,000 3,936,348,000 995,129,000 1,157,379,000 967,692,000 816,148,000 738,048,000 982,921,000 867,248,000 856,439,000 856,439,000 3,815,174,000 1,002,425,000 784,216,000 784,216,000 784,216,000 2,421,413,000 662,885,000 632,451,000 
          adjustments to reconcile income before income taxes
        		                            
          depreciation of property, equipment and right-of-use assets
        		34,744,000 35,932,000 36,339,000 36,339,000 125,193,000 35,269,000 31,135,000 29,871,000 28,918,000 28,918,000 118,603,000 38,418,000 26,650,000 27,019,000 26,516,000 26,635,000     68,618,000     67,422,000   
          amortization of intangible assets and investments
        		40,964,000                            
          loss on write-off of right-of-use assets, property, equipment and intangible assets and lease
        		0 17,903,000 5,510,000 5,510,000   13,123,000                      
          share of profit or (loss) in joint ventures and associates
        		-30,971,000 -22,346,000 -7,455,000 -7,455,000 -47,286,000 -2,450,000 3,256,000 -40,988,000 -7,104,000 -7,104,000 -73,507,000 -29,695,000 -9,431,000 -15,235,000 -19,146,000 -1,483,000 -1,425,000 832,000 14,241,000 14,241,000 7,710,000 -749,000 1,084,000 1,084,000 1,084,000 -862,000   
          income from share in the net income of associates measured at fair value
        		    91,212,000 90,558,000 312,000 327,000 15,000 15,000 52,403,000 48,993,000 0   128,306,000             
          expected credit losses on financial assets, including credit write-off
        		                            
          provision for contingencies
        		  1,074,000      -11,572,000    -6,398,000 -1,455,000 34,660,000              
          net foreign exchange differences
        		-107,953,000 -465,219,000 -596,234,000 -596,234,000 1,188,410,000 712,516,000 -392,482,000 708,801,000 159,575,000 159,575,000 -470,788,000 -206,263,000 182,555,000 -236,661,000 -210,419,000 -108,336,000 156,709,000 530,890,000 -880,960,000 -880,960,000 506,510,000 -75,169,000 -56,000 -56,000 -56,000 1,478,000 -1,503,000 704,000 
          share based plan
        		132,842,000 128,454,000 135,935,000 135,935,000 417,257,000 60,413,000 141,822,000 69,922,000 145,100,000 145,100,000 365,715,000 87,490,000 125,598,000 114,471,000 38,156,000 123,548,000 142,401,000 164,124,000 154,699,000 154,699,000 561,457,000 125,574,000 140,551,000 140,551,000 140,551,000 232,791,000 154,254,000 31,770,000 
          interest accrued, including monetary correction on contingent liabilities
        		166,471,000 128,482,000 173,360,000 173,360,000                         
          loss on the disposal of property and equipment
        		0                            
          changes in assets and liabilities
        		                            
          securities
        		5,175,413,000 -15,496,947,000 -14,854,685,000 -14,854,685,000 -59,159,736,000 -20,302,113,000 -27,632,533,000 -2,515,628,000 -8,709,462,000 -8,709,462,000 -12,743,703,000 -2,057,059,000 -2,769,786,000 -12,029,192,000 4,112,334,000 -5,791,265,000 -5,244,028,000 -10,370,168,000 -6,904,124,000 -6,904,124,000 -21,904,316,000 16,579,850,000 -15,255,321,000 -15,255,321,000 -15,255,321,000 -42,954,505,000 -19,028,208,000 -16,816,520,000 
          derivative financial instruments
        		-391,698,000 2,587,597,000 2,565,489,000 2,565,489,000 -7,340,657,000 -5,072,485,000 -506,873,000 -2,383,304,000 622,005,000 622,005,000 1,700,236,000 2,389,583,000 -2,424,586,000 1,034,209,000 701,030,000 780,696,000 -1,913,726,000 568,522,000 -985,553,000 -985,553,000 674,837,000 959,295,000 -314,666,000 -314,666,000 -314,666,000 1,023,937,000 709,112,000 153,070,000 
          securities trading and intermediation
        		115,392,000 -4,504,891,000 4,029,108,000 4,029,108,000 -2,057,519,000 -5,135,499,000 2,499,106,000 714,598,000 -135,724,000 -135,724,000 1,209,000,000 516,399,000 955,476,000 -127,462,000 -135,413,000 1,386,217,000 -730,603,000 -3,700,802,000 1,621,790,000 1,621,790,000 -5,086,154,000 811,847,000 -2,037,783,000 -2,037,783,000 -2,037,783,000 10,605,139,000 5,538,498,000 774,688,000 
          securities purchased (sold) under resale (repurchase) agreements
        		-3,937,082,000 14,569,965,000 -2,511,060,000 -2,511,060,000   13,036,431,000 -6,744,540,000 1,314,890,000 1,314,890,000   5,726,088,000 4,231,459,000 -5,969,509,000  -591,885,000 7,652,216,000 684,165,000 684,165,000  -29,854,549,000 12,528,762,000 12,528,762,000 12,528,762,000   13,034,227,000 
          accounts receivable
        		-141,028,000 -132,989,000 -160,727,000 -160,727,000 -109,731,000 174,800,000 -288,390,000 -33,493,000 37,352,000 37,352,000 -53,247,000 -76,885,000 78,550,000 -46,481,000 -8,431,000 -24,944,000 40,514,000 -282,040,000 109,414,000 109,414,000 37,160,000 -24,875,000 138,006,000 138,006,000 138,006,000 -46,247,000 -224,399,000 87,545,000 
          loan operations
        		-989,638,000 -3,224,831,000 -842,660,000 -842,660,000 -951,004,000 -1,806,067,000 -1,245,684,000 3,146,624,000 -1,045,877,000 -1,045,877,000 -5,596,362,000 -2,038,945,000 -1,609,960,000 -1,036,162,000 -911,295,000 -1,814,715,000 -4,002,376,000 -1,973,273,000 -1,626,138,000 -1,626,138,000 -8,918,608,000 -2,925,560,000 -1,121,807,000 -1,121,807,000 -1,121,807,000 -3,925,042,000 -2,549,219,000 -996,802,000 
          prepaid expenses
        		74,290,000 189,624,000 2,536,000 2,536,000 55,030,000 115,656,000 -46,631,000 44,328,000 -58,323,000 -58,323,000 22,722,000 -17,455,000 69,583,000 -19,255,000 -10,151,000 -43,786,000 -110,886,000 -113,277,000 10,592,000 10,592,000 -2,589,213,000 -1,102,454,000 -391,161,000 -391,161,000 -391,161,000 -1,303,853,000 -302,539,000 -924,174,000 
          other assets and other financial assets
        		-2,263,595,000 -39,524,000 1,880,336,000 1,880,336,000 -8,083,216,000 245,843,000 -1,858,340,000 -2,214,603,000 -4,256,116,000 -4,256,116,000 -437,106,000 3,332,009,000 782,564,000 -4,886,041,000 334,362,000 -1,395,224,000 -532,033,000 -707,890,000 -723,368,000 -723,368,000 -674,697,000 -2,119,170,000 -220,817,000 -220,817,000 -220,817,000 -23,078,000 193,804,000 -197,618,000 
          accounts payable
        		14,136,000 -151,435,000 107,855,000 107,855,000 -184,753,000 -42,178,000 182,436,000 -330,221,000 5,210,000 5,210,000 326,344,000 344,429,000 -26,334,000 40,251,000 -32,002,000 37,315,000 68,241,000 12,584,000 -426,964,000 -426,964,000 -133,576,000 382,458,000 -56,375,000 -56,375,000 -56,375,000 564,324,000 177,204,000 330,075,000 
          financing instruments payable
        		2,610,851,000 4,858,470,000 5,985,330,000 5,985,330,000 33,547,408,000 3,972,329,000 17,066,552,000 10,057,872,000 2,450,655,000 2,450,655,000 12,478,690,000 7,891,279,000 -3,649,884,000 5,546,421,000 2,690,874,000 2,284,865,000 7,816,842,000 2,294,183,000 5,168,058,000 5,168,058,000 14,408,581,000        
          social and statutory obligations
        		-244,642,000 457,494,000 -691,777,000 -691,777,000 164,784,000 560,118,000 -360,283,000 485,643,000 -520,694,000 -520,694,000 126,692,000 435,004,000 -286,875,000 443,387,000 -464,824,000 340,229,000 -357,417,000 542,482,000 -579,387,000 -579,387,000 354,764,000 452,106,000 -267,491,000 -267,491,000 -267,491,000 174,725,000 287,752,000 -202,993,000 
          tax and social security obligations
        		136,572,000 21,869,000 8,470,000 8,470,000 -154,910,000 -100,353,000 -46,425,000 -38,613,000 30,481,000 30,481,000 17,407,000 -101,808,000 94,784,000 37,518,000 -13,087,000 75,834,000 39,922,000 -157,066,000 -50,016,000 -50,016,000 278,609,000 86,154,000 7,257,000 7,257,000 7,257,000 182,391,000 445,306,000 -135,582,000 
          retirement plans liabilities
        		11,560,563,000 4,443,804,000 2,207,978,000 2,207,978,000 9,815,312,000 2,098,516,000 3,144,617,000 2,326,892,000 2,245,287,000 2,245,287,000 10,675,260,000 3,129,367,000 2,373,081,000 3,100,378,000 2,072,434,000 3,019,582,000             
          other liabilities and other financial liabilities
        		-830,191,000 71,684,000 -1,315,585,000 -1,315,585,000 4,484,949,000 276,678,000 -258,269,000 1,252,108,000 3,214,432,000 3,214,432,000 -347,790,000 -2,923,191,000 -2,250,851,000 4,514,219,000 312,033,000 1,947,576,000 360,013,000 1,168,939,000 461,857,000 461,857,000 4,271,361,000 5,156,949,000 1,419,510,000 1,419,510,000 1,419,510,000 1,016,397,000 675,124,000 57,566,000 
          cash from operations
        		12,534,626,000 4,916,605,000 -2,390,146,000 -2,390,146,000 12,078,909,000 4,006,166,000 4,940,959,000    8,724,012,000 4,307,952,000 -1,078,478,000 1,901,470,000 3,593,068,000 1,624,311,000  -461,804,000 1,348,026,000 1,348,026,000 -3,152,521,000 -1,286,803,000 597,844,000 597,844,000 597,844,000 2,102,552,000 1,185,104,000 440,087,000 
          income tax paid
        		-79,005,000 -57,357,000 -125,450,000 -125,450,000 -542,404,000 -39,383,000 -137,200,000 -97,814,000 -268,007,000 -268,007,000 -402,842,000 -67,839,000 -131,001,000 -46,076,000 -157,926,000 -18,930,000 -57,054,000 -57,384,000 -237,494,000 -237,494,000 -783,816,000 -69,071,000 -235,785,000 -235,785,000 -235,785,000 -518,971,000 -470,874,000 18,888,000 
          contingencies paid
        		-17,437,000 -14,776,000 -8,689,000 -8,689,000 -8,188,000 8,508,000 -3,967,000 -12,717,000 -12,000 -12,000 -52,667,000 -50,025,000 -2,212,000 -231,000 -199,000 -941,000 -308,000 -304,000 -968,000 -968,000 -2,565,000 -598,000 -1,480,000 -1,480,000 -1,480,000 -1,629,000 -1,037,000 -213,000 
          interest paid
        		-130,955,000    -349,353,000 -155,399,000 -110,388,000 -73,502,000 -10,064,000 -10,064,000 -141,202,000 -61,173,000 -7,392,000 -65,754,000 -6,883,000 -88,711,000 -7,004,000 -95,712,000 -6,510,000 -6,510,000 -81,427,000 -3,975,000 -38,000 -38,000 -38,000 -71,224,000 -9,209,000 -44,106,000 
          additional contingent consideration paid
        		0 0 -109,628,000 -109,628,000                         
          net cash flows from operating activities
        		  -2,633,913,000  11,178,964,000 3,819,892,000     8,127,301,000        1,103,054,000  -4,020,329,000     1,510,728,000 703,984,000 414,656,000 
          investing activities
        		                            
          acquisition of property and equipment
        		-89,219,000 -43,195,000 -20,129,000 -20,129,000 -144,808,000 -27,190,000 -54,091,000 -30,562,000 -32,965,000 -32,965,000 -66,004,000 973,000 -59,244,000 -5,804,000 -1,929,000 -11,035,000 -12,928,000 -12,200,000 -8,400,000 -8,400,000 -135,444,000 -28,062,000 -23,698,000 -23,698,000 -23,698,000 -145,164,000 -105,153,000 -7,114,000 
          acquisition of intangible assets
        		-71,777,000 -63,194,000 -52,550,000 -52,550,000 -185,404,000 -58,813,000 -66,646,000 -46,170,000 -13,775,000 -13,775,000 -130,219,000 52,577,000 -140,850,000 -33,598,000 -8,348,000 -66,794,000 -137,000 -10,297,000 -5,184,000 -5,184,000 -217,569,000 -79,993,000 -114,298,000 -114,298,000 -114,298,000 -146,368,000 -67,241,000 -35,028,000 
          capital (contributions)/reductions in associates
        		0                            
          disposal of property and equipment assets
        		    10,000,000 0                       
          dividends received from associates
        		9,248,000 0 31,934,000 31,934,000 46,812,000 19,848,000 0                      
          (acquisition)/disposal of associates measured at fair value
        		1,000                            
          (acquisition)/disposal of associates
        		-158,142,000                            
          contingent consideration paid
        		0                            
          net cash flows from investing activities
        		  -153,872,000  -1,667,263,000 -101,155,000     538,809,000 -11,894,000 570,793,000 -29,151,000 9,061,000 -77,389,000  -107,070,000 -125,573,000  -1,150,727,000 -145,107,000 -162,081,000 -162,081,000  -582,010,000 -202,171,000 -301,863,000 
          financing activities
        		                            
          acquisition of borrowings
        		241,342,000 424,250,000 1,960,887,000 1,960,887,000                         
          acquisition of treasury shares
        		-133,572,000 -417,053,000 -497,772,000 -497,772,000 -1,353,611,000 -105,063,000 0 -1,238,211,000 -10,337,000 -10,337,000 -915,859,000 0 0 0 -915,859,000 -1,305,708,000 -262,785,000            
          net proceeds from debt securities
        		    1,159,233,000 0                       
          payments of borrowings and lease liabilities
        		-1,706,666,000 -749,494,000 -46,782,000 -46,782,000 -2,381,225,000 -11,287,000 -2,249,601,000 -66,896,000 -53,441,000 -53,441,000 -1,966,674,000 -58,726,000 -39,016,000 -1,841,455,000 -27,477,000 -25,734,000 -24,645,000 -26,713,000 -24,624,000 -24,624,000 -76,371,000 -17,417,000 -23,758,000 -23,758,000 -23,758,000 -152,868,000 -22,070,000 -77,532,000 
          payment of debt securities in issue
        		0 0 -1,266,496,000 -1,266,496,000   0          0            
          transactions with non-controlling interests
        		          -4,146,000 -4,439,000 -2,000 176,000 119,000 3,716,000   239,000 239,000 -231,000 120,000 -1,755,000 -1,755,000 -1,755,000 582,000 -249,000 -107,000 
          dividends paid to non-controlling interests
        		-143,000 -178,000 -180,000 -180,000 -991,000 0 -393,000 -487,000 -111,000 -111,000 -1,853,000 -545,000 -414,000 -588,000 -306,000 -108,000 -378,000 -730,000 -604,000 -604,000 -3,026,000 -2,219,000 -779,000 -779,000 -779,000 -5,567,000 569,000 -1,514,000 
          net cash flows from financing activities
        		  149,656,000  -5,784,293,000 -2,153,432,000   -63,889,000  -4,394,828,000 -1,580,074,000 -217,572,000 -1,788,257,000 -808,925,000 -1,327,834,000  -424,287,000 -24,989,000  6,639,262,000   -26,292,000  788,711,000 1,389,531,000 -478,027,000 
          net increase in cash and cash equivalents
        		  -2,638,129,000  3,727,408,000 1,565,305,000   -4,127,338,000 -4,127,338,000 4,271,282,000 2,536,947,000 -865,862,000 -27,999,000 2,628,196,000 110,506,000 1,315,866,000    1,468,206,000     1,717,429,000 1,891,344,000 -365,234,000 
          cash and cash equivalents at the beginning of the period
        		0 0 12,909,616,000 12,909,616,000   0 0 9,210,482,000 9,210,482,000   0 0 4,967,480,000  0 0 3,751,861,000 3,751,861,000  0 2,660,388,000 2,660,388,000 2,660,388,000   0 
          effects of exchange rate changes on cash and cash equivalents
        		-1,839,000 28,710,000 -38,775,000 -38,775,000 -28,278,000 -93,510,000 37,307,000 18,441,000 9,484,000 9,484,000 -28,278,000 -15,974,000 6,566,000 -4,865,000 -14,005,000 -45,052,000 49,827,000 15,562,000 -37,021,000 -37,021,000 -376,733,000 -1,493,000 7,636,000 7,636,000 7,636,000 55,163,000 21,349,000 -9,185,000 
          cash and cash equivalents at the end of the period
        		10,396,462,000 3,939,774,000 10,232,712,000 10,232,712,000   3,335,385,000 3,009,804,000 5,092,628,000 5,092,628,000   -859,296,000 -32,864,000 7,581,671,000  1,365,693,000 -1,130,999,000 4,667,332,000 4,667,332,000  377,042,000 2,840,192,000 2,840,192,000 2,840,192,000   -374,421,000 
          cash
        		325,288,000 3,861,224,000 8,226,290,000 8,226,290,000 5,610,548,000 984,830,000 -978,657,000 1,665,797,000 3,938,578,000 3,938,578,000 3,943,307,000 121,608,000 905,267,000 -172,408,000 3,088,840,000 952,085,000 -643,100,000 22,261,000 3,221,880,000 3,221,880,000 2,485,641,000 -319,326,000 1,556,782,000 1,556,782,000 1,556,782,000 1,954,788,000 1,312,297,000 296,623,000 
          securities purchased under resale agreements
        		1,197,623,000 4,219,000 740,464,000 740,464,000 -4,281,877,000                        
          bank deposit certificates
        		88,552,000 -24,670,000 64,960,000 64,960,000 69,224,000 -27,149,000 43,415,000 -5,614,000 58,572,000 58,572,000   -35,798,000                
          other deposits at brazilian central bank
        		8,784,999,000 99,001,000 1,200,998,000 1,200,998,000 4,343,999,000 -1,293,999,000 4,648,000,000 899,998,000 90,000,000 90,000,000                   
          benefit from contingencies
        		   1,074,000      -11,572,000                   
          net cash flows from (used in) operating activities
        		   -2,633,913,000                1,103,054,000         
          net cash flows from (used in) investing activities
        		   -153,872,000                         
          net cash flows from (used in) financing activities
        		   149,656,000                -24,989,000   -26,292,000  -26,292,000    
          net increase/(decrease) in cash and cash equivalents
        		   -2,638,129,000                         
          expected credit losses on financial assets
        		 89,539,000 146,411,000 146,411,000 288,496,000 102,224,000 46,571,000 42,831,000 96,870,000 96,870,000 360,859,000 123,528,000 152,460,000 50,990,000 33,881,000 22,903,000 28,205,000 1,410,000 26,427,000 26,427,000 92,560,000 53,551,000 3,455,000 3,455,000 3,455,000 55,564,000   
          amortization of intangible assets
        		  37,787,000 37,787,000 140,132,000 24,230,000 40,869,000 35,891,000 39,142,000 39,142,000 133,810,000 44,064,000 44,602,000 23,818,000 21,326,000 18,981,000 19,017,000 30,422,000 27,209,000 27,209,000 163,112,000 43,584,000 54,362,000 54,362,000 54,362,000 75,839,000 22,911,000 19,451,000 
          loss on disposal of property and equipment
        		  3,795,000 3,795,000                         
          acquisition of associates
        		  -113,127,000 -113,127,000 -1,393,863,000 -35,000,000 -189,823,000 -498,576,000 -670,464,000 -670,464,000                   
          loss on write-off of property, equipment, intangible assets and leases
        		    29,452,000                        
          (reversal of) provision for contingencies
        		    34,285,000      9,940,000       1,569,000 699,000  5,325,000 555,000 3,295,000 3,295,000  2,045,000 2,098,000 255,000 
          interest accrued
        		    609,375,000 124,930,000 156,671,000 145,262,000 182,512,000 182,512,000 637,640,000 189,412,000 143,868,000 150,177,000 154,183,000 149,370,000 128,752,000 86,389,000 64,711,000 64,711,000 181,731,000 13,621,000 12,019,000 12,019,000 12,019,000 56,923,000 9,394,000 19,554,000 
          loss on the disposal of investments
        		    33,126,000      26,367,000 0 3,307,000 8,977,000 14,083,000              
          securities sold under repurchase agreements
        		    38,439,210,000      711,818,000          -5,557,999,000     16,200,937,000   
          investment activities
        		                            
          acquisition of subsidiaries, net of cash acquired
        		          770,887,000     -34,349,000 -19,784,000    -40,857,000 -3,000 -854,000 -854,000 -854,000 -62,443,000 -6,702,000  
          disposal of investments
        		          29,589,000 0 0 10,251,000 19,338,000              
          payment of debt securities
        		    -1,170,612,000      -590,029,000          -177,826,000        
          dividends paid
        		    -2,037,082,000      -3,542,298,000 -1,964,676,000                 
          cash and cash equivalents at the beginning of the fiscal year
        		    9,210,484,000      4,967,480,000          2,660,388,000     887,796,000   
          cash and cash equivalents at the end of the fiscal year
        		    12,909,614,000      9,210,484,000          3,751,861,000     2,660,388,000   
          cash acquired in business combination
        		                            
          securities purchased under agreements to resell
        		      -377,373,000 449,623,000 1,005,478,000 1,005,478,000 -4,495,605,000 -6,214,605,000 -1,892,766,000 -514,940,000 4,126,706,000 188,340,000 1,674,364,000 -1,161,113,000 1,235,486,000 1,235,486,000 -2,269,321,000 610,720,000 1,191,577,000 1,191,577,000 1,191,577,000 2,862,311,000   
          (gain) / loss on the disposal of investments
        		                            
          issuance of debt securities
        		            185,273,000 53,610,000 134,598,000              
          loss on write-off of right of use assets, property, equipment and intangible assets and lease
        		        15,813,000 15,813,000                   
          cash (used in)/from operations
        		        -3,068,162,000 -3,068,162,000                   
          net cash flows (used in)/from operating activities
        		        -3,346,245,000 -3,346,245,000                   
          net cash flows (used in)/from investing activities
        		        -717,204,000 -717,204,000                   
          net cash flows (used in) financing activities
        		         -63,889,000                   
          loss or write-off of property, equipment, intangible assets and leases
        		          32,266,000          20,367,000     73,140,000   
          investment in associates and joint ventures
        		          -65,444,000          -756,857,000     -228,035,000 -23,075,000  
          proceeds from borrowings
        		          2,252,550,000          1,570,639,000        
          acquisitions of debt securities issued
        		          373,481,000          4,191,280,000        
          proceeds from spac issuance of shares
        		                    1,134,797,000        
          interbank certificate deposits
        		          67,985,000    236,125,000 2,629,000 32,429,000 7,853,000 209,966,000 209,966,000 194,892,000 85,648,000 91,833,000 91,833,000 91,833,000 111,927,000 6,723,000 -144,044,000 
          other deposits at central bank
        		          2,438,896,000 1,497,897,000 164,001,000                
          (reversal of) benefit from contingencies
        		                   699,000     3,295,000    
          (gain)/loss on the disposal of investments
        		                            
          cash from/(used in) operations
        		                            
          net cash flows from/(used in) operating activities
        		                            
          net cash flows from/(used in) investing activities
        		                            
          net cash flows from/(used in) financing activities
        		                            
          net cash flows (used in) from operating activities
        		            -1,219,083,000 1,789,409,000 3,428,060,000  -199,694,000     -1,360,447,000 360,541,000 360,541,000 360,541,000    
          acquisition of associates and joint ventures
        		                -28,399,000 -69,174,000 -111,989,000 -111,989,000  -37,049,000 -23,231,000 -23,231,000 -23,231,000    
          acquisitions of borrowings
        		                            
          loss on write-off of property, equipment and intangible assets and lease
        		              5,325,000  -2,837,000 850,000 5,164,000 5,164,000  2,351,000 3,028,000 3,028,000 3,028,000    
          other deposits
        		              130,000,000 212,999,000             
          proceeds from the issuance of shares
        		                         1,411,281,000   
          cash from/ (used in) operations
        		                            
          net cash flows used in investing activities
        		                            
          depreciation of property and equipment and right-of-use assets
        		                 25,285,000 33,690,000 33,690,000  14,888,000 15,145,000 15,145,000 15,145,000   16,929,000 
          private pension liabilities
        		                 2,894,767,000 4,285,381,000 4,285,381,000 18,533,487,000 5,149,063,000 3,508,595,000 3,508,595,000 3,508,595,000 9,628,823,000 3,738,591,000 2,455,603,000 
          issuance of debentures
        		                            
          repurchase/payment of debentures
        		                            
          net increase (decreased) in cash and cash equivalents
        		                  952,492,000 952,492,000   172,168,000 172,168,000 172,168,000    
          net cash flows (used in) investing activities
        		                   -125,573,000     -162,081,000    
          dividends paid to owners of the parent
        		                            
          structured operations certificates
        		                     1,356,885,000 662,657,000 662,657,000 662,657,000 2,158,985,000 1,036,002,000 503,703,000 
          deposits
        		                     2,624,567,000 981,379,000 981,379,000 981,379,000 2,951,555,000 1,395,041,000  
          proceeds from issuance of debentures
        		                            
          payments of debentures
        		                         -400,000,000   
          repurchase of debentures
        		                         -64,717,000 0 1,126,000 
          loss on impairment and write-off of property, equipment, intangible assets and leases
        		                            
          income from share in the net income of associates and joint ventures and other investments
        		                            
          expected credit losses on accounts receivable, loan operations and other financial assets
        		                            
          payment of debentures
        		                            
          proceeds of debentures
        		                            
          loss on impairment and write-off of property, equipment and intangible assets
        		                            
          expected credit losses on accounts receivable and other financial assets
        		                            
          investment in joint venture, net of cash acquired
        		                            
          loss on write-off of property, equipment and intangible assets
        		                            
          provision/(reversal) for contingencies
        		                            
          grant of share-based plan
        		                            
          other assets
        		                            
          other liabilities
        		                            
          proceeds from capital contributions
        		                            
          net subscriptions received (redemptions paid) - non-controlling interests