IRR310313.pdf - Banco Itaú

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Executive Summary Net Income R$ million Managerial Financial Margin R$ million 1Q13 597 10,929 11,526 3,603 3,317 3,940 3,746 3,807 3,681 3,544 3,426 3,585 3,304 3,412 3,502 3,512 3,372 3,492 3,472 4Q12 3Q12 875 849 11,732 11,963 12,608 12,811 2Q12 1,128 12,393 13,521 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 31.1 20.4 42.7 23.5 Recurring Net Income Recurring Net Income for the first quarter of 2013 reached R$3,512 million, representing a slight increase in relation to the previous quarter. We highlight the 14.0% improvement in our Expenses for Allowance for Loan and Lease Losses when compared to the previous quarter. The 12.1% decrease in Loan and Retained Claim Losses, net of recoveries, and the 2.5% decrease in our Non-Interest Expenses offset the reduction in our managerial financial margin with clients and with the market. Our Income from Insurance and Banking Service Fees remained practically flat compared to the fourth quarter of 2012, despite of the typical seasonality for the last quarter of the year. Annualized Return on Average Equity 49.9 21.8 42.9 20.0 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 ROE Annualized Return on Average Equity 38.1 19.4 34.4 18.5 Net Income 39.3 19.3 36.6 19.1 ROE from Insurance, Pension Plan and Capitalization The annualized recurring return on equity reached 19.1% in the first quarter of 2013, and also for the last 12 months. On March 31, 2013, stockholders’ equity totaled R$74.4 billion, an increase of 2.7% when compared to the same period of the previous year. The recurring return of our insurance, pension plan and capitalization operations reached 36.6% in the first quarter of 2013, considering the recurring net income in relation to the economic allocated capital of this operation. % 1Q12 4Q11 3Q11 2Q11 958 1,039 1,142 700 Financial Margin with Clients Financial Margin with Market 12,259 11,795 11,697 11,288 11,987 13,217 12,834 12,839 The managerial financial margin for the first quarter of 2013 totaled R$11,526 million, with a decrease of R$1,081 million in relation to the fourth quarter of 2012. Our financial margin with clients totaled R$10,929 million, with a reduction of R$803 million, explained by the lower number of calendar days in the period (which reduced the margin by R$255 million). The financial margin with market amounted to R$597 million, representing a decrease of R$278 million in relation to the previous quarter, partially justified by the income of R$36 million earned in the fourth quarter of 2012 with the sale of 2.9 million shares of BM&FBovespa. Our managerial financial margin recorded a decrease of R$1,691 million when compared to the first quarter of 2012. This decrease is mainly due to the fall of the SELIC rate levied on some balances subject to the variation of interest rates (with a reduction of R$507 million), acquisition of minority shareholders’ interest in Redecard carried out in the fourth quarter of 2012 that decreased our cash position (with effect of R$289 million), and the changes implemented by the bank in its loan portfolio mix (with impact of R$365 million), in addition to the decrease of R$361 million in the financial margin with market. Our financial margin of credit, net of expenses for allowance for loan and lease losses, remained steady when compared to the latest periods, as a result of the adoption of a policy of stricter selectivity in origination. Operating Revenues R$ million 17,857 19,007 19,203 19,518 19,845 19,179 19,932 18,817 9,108 3,715 9,624 3,657 10,027 3,880 10,573 10,902 4,839 4,862 10,504 10,344 9,681 4,781 4,531 3,854 5,394 5,967 6,148 5,734 6,040 5,724 5,814 5,827 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 In the first quarter of 2013, operating revenues, which represent revenues from banking, and insurance, pension plan and capitalization operations, totaled R$18,817 million, decreasing 5.6% when compared to the previous quarter and 3.6% to the previous year. The main components of operating revenues and other items of net income are presented below. 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Provision for loan and lease losses, net of recovery Financial Margin of Credit (-) Provision for loan and lease losses, net of recovery Management Discussion & Analysis <strong>Itaú</strong> Unibanco Holding S.A. 10
Executive Summary Banking Services Fees and Income from Banking Charges R$ million 5,149 5,122 4,432 4,122 4,233 4,311 4,341 4,338 the existing seasonal factors of the first quarter, such as the concentration of payments of taxes on assets, expenses related to the beginning of the school year, among other. The Expenses for Allowance for Loan and Lease Losses decreased R$801 million in the quarter (a drop of 14.0%), totaling R$4,939 million. The income from the recovery of credits written off as losses decreased R$124 million, totaling R$1,086 million. Non-Interest Expenses 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 In the first quarter of 2013, banking service fees, including income from banking charges, recorded only a slight decrease in relation to the previous quarter, totaling R$5,122 million, despite the seasonality factor that is typical at year end, which increases the banking service fees in the period (mainly for credit cards). When compared to the same period of the previous year, banking service fees increased 18.8%, boosted by the acquisition of minority shareholders’ interest in Redecard at the end of 2012. Even if the effect of the proportional increase of our stake in Redecard were disregarded, the increase would have been of 8.8%. Result from Insurance, Pension Plan and Capitalization 33.0 33.2 1,105 1,297 25.5 1,363 35.2 1,279 39.3 41.0 1,227 1,195 33.3 1,402 38.4 1,354 4.0% 4.0% 3.9% 3.6% 3.7% 7,895 8,253 8,327 7,956 8,205 7,898 3.4% 3.4% R$ million 3.2% 8,491 8,280 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Non Interest Expenses (R$ million) Non Interest Expenses / Average Assets In the first quarter of 2013, non-interest expenses decreased R$211 million (2.5%) in relation to the previous quarter, totaling R$8,280 million. Personnel expenses increased 8.5% when compared to the previous quarter, impacted by the recognition of actuarial gains related to benefits to employees in stockholders’ equity (until 2012 these were realized in income), but were offset by the 7.3% drop in administrative expenses, mainly due to the lower expenses with third-party services (lower volume of advisory and audit services provided in the period) and to the decrease in marketing expenses (decrease in expenses with institutional advertising and promotional materials when compared to the last quarter of 2012). 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Result form Insurance, Pension Plan and Capitalization Claims Ratio (%) In the first quarter of 2013, the result of insurance, pension plan and capitalization operations totaled R$1,354 million, an increase of R$76 million from the same period of the previous year and a decrease of R$48 million when compared to the fourth quarter of 2012. The result of insurance before the commercialization and claims expenses grew 9.0% compared to the first quarter of 2012. Result from Loan Losses, Net of Recovery 3,806 5,237 5,110 1,431 3,779 3,998 5,587 4,998 4,995 4,946 6,210 6,139 6,120 4,531 5,741 3,854 4,939 1,332 1,589 1,212 1,144 1,174 1,210 1,086 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Expenses for Provision for Loan and Lease Losses Income from Recovery of Loans Written Off as Losses Result from Loan Losses R$ million The result from loan losses, net of recovery, decreased 14.9% in relation to the previous quarter, totaling R$3,854 million in the quarter. This decrease becomes more significant if one considers Risk-Adjusted Efficiency Ratio (R.A.E.R) (*) and Efficiency Ratio (E.R.) 48.2 70.7 49.3 73.1 47.1 70.5 48.5 70.1 47.0 70.9 47.4 70.7 44.4 71.9 46.6 73.9 44.9 72.3 45.8 74.2 45.0 73.5 45.3 75.3 46.6 74.2 45.2 73.4 48.0 73.9 46.1 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Quarter E.R. (%) Quarter R.A.E.R. (%) E.R. Cumulative figure of the last 12 months (%) R.A.E.R. Cumulative figure of the last 12 months (%) (*) The criteria for calculating the ratios are detailed on page 24. The risk-adjusted efficiency ratio, in the full concept (that includes all expenses), for the first quarter of 2013 reached 72.8%, a decrease of 60 basis points in relation to the previous quarter, impacted by reduced expenses for allowance for loan and lease losses and retained claims. In the last 12 months, the risk-adjusted efficiency ratio reached 73.9%. In the first quarter of 2013, the efficiency ratio, in the full concept (that includes all expenses), reached 48.0%, corresponding to a 140 basis point increase from the previous quarter. In the 12- month period, the efficiency ratio reached 46.1%, an improvement of 50 basis points in relation to the same period of the previous year. 72.8 Management Discussion & Analysis <strong>Itaú</strong> Unibanco Holding S.A. 11
Page 1 and 2: financial report March 31, 2013 Ita
Page 3 and 4: management discussion analysis Ita
Page 5 and 6: Executive Summary Information and f
Page 7 and 8: Executive Summary Effects of the Re
Page 9: Executive Summary We present below
Page 13 and 14: Executive Summary Credit Portfolio
Page 15 and 16: analysis of net income Itaú Uniban
Page 17 and 18: Analysis of Net Income Managerial F
Page 19 and 20: Analysis of Net Income Banking Serv
Page 21 and 22: Analysis of Net Income Result from
Page 23 and 24: Analysis of Net Income Non-interest
Page 25 and 26: Analysis of Net Income Points of Se
Page 27 and 28: alance sheet, balance sheet by curr
Page 29 and 30: Balance Sheet Short-term Interbank
Page 31 and 32: Balance Sheet Funding Mar 31, 13 De
Page 33 and 34: Balance Sheet by Currency We adopt
Page 35 and 36: Capital Ratios (BIS) Solvency Ratio
Page 37 and 38: Ownership Structure The management
Page 39 and 40: Annual and Extraordinary Stockholde
Page 41 and 42: analysis of segments, products and
Page 43 and 44: Analysis of Segments Pro Forma Adju
Page 45 and 46: Analysis of Segments The pro forma
Page 47 and 48: Analysis of Segments Wholesale Bank
Page 49 and 50: Products and Services Cards Through
Page 51 and 52: anking operations & insurance opera
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Page 57 and 58: Insurance The figures presented in
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activities abroad Itaú Unibanco Ho
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Activities abroad Main Operations i
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Activities abroad Latin America - B
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Activities abroad Itaú BBA Interna
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Itaú Unibanco Holding S.A. - Compl
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Banco Itaú BMG Consignado S.A. - i
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3.2) Income R$ billion Statement of
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Default At March 31, 2013, total de
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Custody Services - In the custody m
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In the January-March 2013 period, t
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ITAÚ UNIBANCO S.A. Chief Executive
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ITAÚ UNIBANCO HOLDING S.A. Consoli
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ITAÚ UNIBANCO HOLDING S.A. Stateme
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Itaú Unibanco Holding S.A. Stateme
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ITAÚ UNIBANCO HOLDING S.A. NOTES T
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In ITAÚ UNIBANCO HOLDING CONSOLIDA
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NOTE 3 - REQUIREMENTS OF CAPITAL AN
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During this period, the effects of
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Cash Flow Hedge - the effective amo
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Mathematical provisions for benefit
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NOTE 5 - CASH AND CASH EQUIVALENTS
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NOTE 7 - SECURITIES AND DERIVATIVE
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c) Trading securities See below the
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e) Held-to-maturity securities See
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I - Derivatives by index Memorandum
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II - Derivatives by counterparty Se
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III - Derivatives by notional amoun
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V - Accounting hedge a) The effecti
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VI - Realized and unrealized gain o
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j) Sensitivity analysis (TRADING AN
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II - By maturity and risk level 03/
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) Credit concentration Loan, lease
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e) Restricted operations on assets
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NOTE 9 - FOREIGN EXCHANGE PORTFOLIO
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c) Deposits received under securiti
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e) Borrowings and onlending BORROWI
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Description Name of security / Curr
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) Assets Guaranteeing Technical Pro
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NOTE 12 - CONTINGENT ASSETS AND LIA
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- Tax and social security lawsuits
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The main discussions related to Leg
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c) Receivables - Reimbursement of c
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) Prepaid expenses Commissions 03/3
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d) Banking service fees 01/01 to 03
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f) Personnel expenses Compensation
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NOTE 14 - TAXES a) Composition of e
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) Deferred taxes I - The deferred t
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III - The estimate of realization a
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d) Taxes paid or provided for and w
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II - Composition of investments 03/
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II) Goodwill CHANGES Amortization p
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NOTE 16 - STOCKHOLDERS’ EQUITY a)
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c) Capital and revenue reserves 03/
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f) Stock Option Plan I - Purpose an
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Summary of Changes in the Share-Bas
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NOTE 17 - RELATED PARTIES a) Transa
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) Compensation of Management Key Pe
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To obtain the market values for the
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c) Defined benefit plan I - Main as
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V- Change in the net amount recogni
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NOTE 20 - INFORMATION ON FOREIGN SU
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I - Market Risk Market risk is the
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II - Credit Risk Credit risk is the
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NOTE 22 -SUPPLEMENTARY INFORMATION
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Report on Review To the Directors a
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ITAÚ UNIBANCO HOLDING S.A. CNPJ. 6
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