MD&A and Financial Statements (PDF) - Banco Itaú

Main Results
Following are the main results of Itaú Unibanco for the period from January to September 2010, and the
complete financial statements and the Management’s Discussion & Analysis Report of Itaú Unibanco, which
present further details on the results for the period, are available on the Itaú Unibanco website (www.itauunibanco.com.br/ri).
Jan to Set/10 Jan to Set/09
Change (%)
3rd Q/10 2nd Q/10 Change (%)
Income – R$ billion (1)
Gross income from financial operations 33.0 35.2 -6.3% 3.2 3.0 6.8%
Expenses for allowance for loan losses (12.0) (12.4) -3.5% 4.1 4.0 1.2%
Income from recovery of credits written off as loss 2.9 1.4 104.6% 1.8 0.8 114.3%
Income from services and income from insurance, pension plan
and capitalization 14.9 12.7 17.3% 5.1 5.0 2.3%
Personnel, administrative and other operating expenses (22.2) (20.4) 8.7% (8.0) (7.5) 5.4%
Income tax and social contribution (4.0) (5.8) (1.9) (1.0)
Recurring net income 9.6 7.7 25.4% 3.2 3.3 -4.2%
Net income 9.4 6.9 37.6% 3.0 3.2 -4.1%
Results per share – R$
Recurring net income (2) 2.12 1.70 24.8% 0.70 0.73 -4.3%
Net income (2) 2.08 1.52 37.1% 0.67 0.70 -4.2%
Book value (2) 12.60 10.80 16.7% 12.60 12.15 3.8%
Dividends and interest on capital (net of taxes) 0.64 0.53 19.2% 0.64 0.42 50.0%
Price of preferred share (PN) (3) 40.13 35.60 12.7% 40.13 33.00 21.6%
Market capitalization – R$ billion (4) 182.2 161.0 13.1% 182.2 149.6 21.8%
Balance Sheet - R$ billion
Total assets 686.2 612.4 12.1% 686.2 651.6 5.3%
Total loans (including endorsements and sureties) 313.2 268.7 16.6% 313.2 296.2 5.7%
Free, raised and managed own assets 941.9 832.6 13.1% 941.9 904.2 4.2%
Subordinated debt 33.0 22.8 45.0% 33.0 28.3 16.9%
Stockholders’ equity 57.2 48.9 17.1% 57.2 55.1 3.9%
Referential equity (economic-financial consolidated) 75.1 68.6 9.4% 75.1 71.5 4.9%
Financial ratios (%)
Recurring return on average equity 23.8% 22.2% 22.5% 24.4%
Return on average equity 23.3% 19.8% 21.6% 23.4%
Return on average assets 1.9% 1.5% 1.8% 2.0%
Efficiency ratio (5) 46.9% 45.5% 49.2% 47.3%
Basel ratio (financial system consolidated) 15.3% 16.3% 15.3% 15.7%
Fixed assets ratio (financial system consolidated) 37.8% 31.7% 37.8% 39.0%
(1)
(2)
(3)
(4)
(5)
Excludes the non-recurring effects of each period.
Calculated based on the weighted average of the number of shares.
Calculated based on the average quotation of preferred shares on the last day of the period.
Calculated based on the average quotation of preferred shares on the last day of the period (quotation of average PN multiplied by the number of outstanding shares at the end of the period).
Calculated based on international criteria defined in the Management’s Discussion & Analysis Report.
Itaú Unibanco S.A. – - September0, 2010 52