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

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Contents Itaú Unibanco Holding S.A. Executive Summary 3 Analysis of Net Income 10 Managerial Financial Margin 11 Results from Loan and Lease Losses 13 Banking Service Fees and Banking Charge Revenues 14 Non-interest Expenses 15 Tax Expenses for ISS, PIS, Cofins and Others 18 Income Tax and Social Contribution 18 Balance Sheet 19 Balance Sheet by Currency 24 Value at Risk 25 Ownership Structure 26 Pro Forma Financial Statements by Segment 29 Commercial Bank 34 Itaú BBA 35 Consumer Credit 35 Insurance, Pension Plans and Capitalization 36 Activities Abroad 41 Report of Independent Accountants 47 Complete Financial Statements 49 The tables in this report show the figures in millions. Variations, however, are calculated in units. Future expectations arising from the reading of this analysis should take into consideration the risks and uncertainties that involve any activities and that are outside the control of the companies of the conglomerate (political and economic changes, volatility in interest and foreign exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices, and changes in tax legislation). 2 Management Discussion & Analysis 3 rd Quarter, 2010
Executive Summary Third Quarter of 2010 Itaú Unibanco Holding S.A. Information and financial indicators of Itaú Unibanco Holding S.A. (Itaú Unibanco) from the third quarter of 2010 are presented below. R$ million (except where indicated) Highlights Statements of Income 3 rd Q/10 2 nd Q/10 3 rd Q/09 jan-sep/10 jan-sep/09 Net Income – Parent Company 3,034 3,165 2,268 9,433 6,854 Recurring Net Income 3,158 3,298 2,687 9,624 7,677 Managerial Financial Margin (1) 11,204 10,892 10,814 32,485 31,933 Shares (R$) Consolidated Net Income per share (2) (3) 0.67 0.70 0.50 2.08 1.52 Consolidated Recurring Net Income per share (2) (3) 0.70 0.73 0.60 2.12 1.70 Number of Outstanding Shares – in thousands (2) 4,540,463 4,533,922 4,523,759 4,540,463 4,523,759 Book Value per share 12.60 12.15 10.80 12.60 10.80 Dividends/JCP net of taxes (4) (R$ Million) 964 973 806 2,887 2,303 Dividends/JCP net of taxes (4) per share 0.21 0.21 0.20 0.64 0.53 Market Capitalization (5) (R$ Million) 182,209 149,619 161,046 182,209 161,046 Market Capitalization (5) (US$ Million) 107,549 83,053 90,572 107,549 90,572 Performance Ratios (%) Return on Average Equity – Annualized (6) 21.6% 23.4% 18.9% 23.3% 19.8% Recurring Return on Average Equity – Annualized (6) 22.5% 24.4% 22.4% 23.8% 22.2% Return on Average Assets – Annualized (7) 1.8% 2.0% 1.5% 1.9% 1.5% Recurring Return on Average Assets – Annualized (7) 1.9% 2.1% 1.8% 2.0% 1.7% Solvency Ratio (BIS Ratio) 15.3% 15.7% 16.3% 15.3% 16.3% Annualized Net Interest Margin with clients (8) 12.2% 12.6% 12.6% 12.3% 11.8% Nonperforming Loans Index (NPL over 90 days) 4.3% 4.6% 5.9% 4.3% 5.9% Coverage Ratio (Provision for Loan Losses/Nonperforming Loans over 90 days) 196% 187% 172% 196% 172% Efficiency Ratio (ER) (9) 49.2% 47.3% 45.0% 46.9% 45.5% Risk Adjusted Efficiency Ratio (RAER) (10) 71.6% 70.8% 74.5% 70.4% 75.1% Balance Sheet Sep 30,10 Jun 30,10 Sep 30,09 Total Assets 686,248 651,583 612,399 Total Credit Portfolio, including Sureties, Endorsements and Guarantees 313,189 296,192 268,694 Credit Operations (A) 279,035 263,498 237,099 Sureties, Endorsements and Guarantees 34,155 32,694 31,594 Deposits + Debentures + Borrowings and Onlending + Securities (B) (11) 366,833 340,559 308,019 Credit Operations/Funding (A/B) 76.1% 77.4% 77.0% Stockholders' Equity of Parent Company 57,225 55,074 48,862 Relevant Data Assets Under Management (AUM) 357,495 344,689 310,346 Employees (Individuals) 106,879 105,847 102,754 Number of Points of Service 34,991 35,267 35,435 Branches (Units) 3,929 3,931 3,951 CSBs (Units) 942 938 960 Automated Teller Machines (Units) (12) 30,120 30,398 30,524 (1) Described on page 11. (2) The number of shares outstanding was adjusted to reflect the 10% share bonus that occurred on August 28, 2009. (3) Calculated based on the weighted average of the number of outstanding shares. (4) JCP– Interest on Own Capital. Amounts paid/provisioned (Note 16 – b II to the Financial Statements). (5) Total number of shares outstanding (common shares and non-voting shares) multiplied by the average price of non-voting share on the last trading day in the period. (6) Annualized Return was calculated by dividing Net Income of the parent company by the Average Stockholders’ Equity of the parent company. The quotient of this division was multiplied by the number of periods of the year to derive the annualized index. (7) Annualized Return was computed by dividing Net Income of the parent company by Average Assets. The quotient of this division was multiplied by the number of periods of the year to arrive at the annual ratio. (8) Does not include Margin with Market. –See details of criteria change on page 12. (9) ER = Non-interest Expenses/(Managerial Financial Margin + Banking Fees and Charge Revenues + Result from Operations of Insurance, Pension Plans and Capitalization before Retained Claims + Other Operating Income – Tax Expenses for ISS/PIS/Cofins and Other). (10) RAER = (Non-interest Expenses + Results from Loan Losses + Retained Claims)/(Managerial Financial Margin + Banking Fees and Charge Revenues + Result from Operations of Insurance, Pension Plans and Capitalization before Retained Claims + Other Operating Income – Tax Expenses for ISS/PIS/Cofins and Other) . (11) As described on page 22. (12) Includes ESBs (electronic service branches) and service points in third-party establishments. 3 Management Discussion & Analysis 3 rd Quarter, 2010
Page 1 and 2: 3 rd Quarter 2010 Management Discus
Page 3 and 4: ITAÚ UNIBANCO HOLDING S.A. RESULTS
Page 5: 3 rd quarter, 2010 Management Discu
Page 9 and 10: Executive Summary Third Quarter of
Page 11 and 12: Executive Summary NPL Ratio over 90
Page 13 and 14: Executive Summary Third Quarter of
Page 15 and 16: Analysis of the Net Income Manageri
Page 17 and 18: Analysis of the Net Income Results
Page 19 and 20: Analysis of the Net Income Non-inte
Page 21 and 22: Analysis of the Net Income Itaú Un
Page 23 and 24: Balance Sheet Balance Sheet by Curr
Page 25 and 26: Balance Sheet Credit Portfolio by P
Page 27 and 28: Balance Sheet Itaú Unibanco Holdin
Page 29 and 30: Value at Risk (VaR) The table below
Page 31 and 32: Performance in the Stock Market 3 r
Page 33 and 34: Pro Forma Financial Statements by S
Page 41 and 42: Insurance, Pension Plans and Capita
Page 43 and 44: Insurance, Pension Plans and Capita
Page 45 and 46: Activities Abroad
Page 47 and 48: Activities Abroad Europe Banking ac
Page 49 and 50: Activities Abroad Below we present
Page 51: PricewaterhouseCoopers Av. Francisc
Page 55 and 56: MANAGEMENT REPORT - January to Sept
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BUSINESS PERFORMANCE We present bel
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• The team of analysts of Itaú C
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ITAÚ UNIBANCO HOLDING S.A. BOARD O
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BANCO ITAÚ BBA S.A. BOARD OF DIREC
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ITAÚ UNIBANCO HOLDING S.A. Consoli
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ITAÚ UNIBANCO HOLDING S.A. Consoli
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ITAÚ UNIBANCO HOLDING S.A. Balance
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Itaú Unibanco S.A. - - September0
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ITAÚ UNIBANCO HOLDING S.A. Stateme
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NOTE 2 - PRESENTATION OF THE FINANC
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The consolidated financial statemen
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The Referential Equity used for cal
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) Capital for Insurance Activity SU
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• Cash Flow Hedge - the effective
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• Mathematical provisions for ben
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NOTE 5 - CASH AND CASH EQUIVALENTS
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I - Derivatives by index Memorandum
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V - Accounting hedge a) The purpose
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i) Changes in adjustment to market
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III - By business sector 09/30/2010
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d) Recovery and renegotiation of cr
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NOTE 9 - FOREIGN EXCHANGE PORTFOLIO
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NOTE 12 - CONTINGENT ASSETS AND LIA
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- Contingencies classified as possi
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c) Legal Liabilities - Tax and Soci
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The main natures of processes are d
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) Prepaid expenses Commissions 09/3
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d) Banking service fees 01/01 to 09
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f) Personnel expenses Compensation
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NOTE 14 - TAXES a) Composition of e
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III- The estimate of realization an
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d) Taxes paid or provided for and w
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II - Composition of investments 09/
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NOTE 16 - STOCKHOLDERS’ EQUITY a)
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c) Capital and revenue reserves 09/
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f) Stock Option Plan I - Purpose an
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III - Fair Value and Economic Assum
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NOTE 17 - RELATED PARTIES a) Transa
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NOTE 19 - BENEFITS TO EMPLOYEES Und
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In accordance with the operations c
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Analogous to Basel II, the Internat
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e) Fundação Itaú Social - ITAÚ
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Report of Independent Auditors To t
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