IRR310313.pdf - Banco Itaú

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Analysis of Net Income Managerial Financial Margin The managerial financial margin for the first quarter of 2013 totaled R$ 11,526 million. This amount corresponded to a decrease of R$ 1,081 million (an 8.6% drop) in relation to the fourth quarter of 2012. 1Q13 4Q12 1Q12 The main drivers of these variations are presented below: 1Q13 ‒ 4Q12 Variation 1Q13 ‒ 1Q12 R$ million Financial Margin with Clients 10,929 11,732 12,259 (803) -6.8% (1,330) -10.8% Interest Rate-Sensitive 955 950 1,466 5 0.5% (511) -34.9% Spread-Sensitive 9,974 10,782 10,793 (807) -7.5% (819) -7.6% Financial Margin with Market 597 875 958 (278) -31.8% (361) -37.7% Total 11,526 12,608 13,217 (1,081) -8.6% (1,691) -12.8% Financial Margin with Clients The managerial financial margin with clients arises from the use of financial products by our clients, including both account and non-account holders. In the first quarter of 2013 the financial margin with clients totaled R$ 10,929 million, corresponding to a decrease of 6.8% in relation to the previous period, impacted by (a) the lower number of calendar days and (b) by the mix of credit origination that currently favors larger growth of lower spread and risk products and segments, and (c) the migration of funds obtained from clients to mutual funds. For a better understanding of the financial margin, we divided the operations into two different groups: financial margin of operations that are sensitive to interest rate variations, and financial margin of operations that are sensitive to spread variations. Interest Rate-Sensitive Operations The financial margin of operations that are sensitive to interest rates totaled R$ 955 million in the quarter, which corresponds to a 0.5% increase in relation to the previous quarter, mainly impacted by an increase in the balance of operations in Brazilian reais subject to the SELIC rate and by a decrease in the balance of operations in U.S. dollars, which consist of investments in U.S. Treasury Bonds. The fall in the annualized Brazilian benchmark rate (SELIC) for the period, which reduced the financial margin that is sensitive to this variation, impacted R$ 67 million on the margin for this quarter when compared to the previous quarter and R$ 507 million when compared to the first quarter of the previous year. The detailed evolution of these margins is shown on the next page of this report. Annualized Rate of Interest Rate-Sensitive Operations R$ million Variation 1Q13 4Q12 1Q13 – 4Q12 Average Balance 66,582 64,323 2,258 3.5% Financial Margin 955 950 5 0.5% Annualized Rate 5.8% 5.9% -10 bps SELIC - Annualized Rate 7.0% 7.1% -10 bps 11.0% 11.1% 9.0% 8.4% 7.0% 7.1% 5.9% 5.8% Spread-Sensitive Operations The financial margin of spread-sensitive operations amounted to R$9,974 million in the period, corresponding to a decrease of 7.5%, or R$807 million, from the previous quarter. The credit spread dropped 70 basis points in the quarter, whereas the spread of the other interest-bearing assets considered in this analysis reached 1.5%. The combined spread of spread-sensitive operations decreased 80 basis points, reaching 9.6% in the first quarter of 2013. Annualized Rate of Spread-Sensitive Operations R$ million Variation 1Q13 4Q12 1Q13 – 4Q12 Average Balance 420,643 413,245 7,398 1.8% Financial Margin 9,974 10,782 (807) -7.5% Annualized Rate 9.6% 10.4% -80 bps 12.2% Managerial Financial Margin with Market 940 161 779 11.9% 700 11.3% The financial margin with market basically arises from treasury transactions that include Asset and Liability Management (ALM) and proprietary portfolio management. In the quarter, the financial margin with market amounted to R$ 597 million, a reduction of R$ 278 million in relation to the previous quarter, mainly due to the lower results from fixed-rate positions and to the positive impact of R$ 36 million arising from the sale of 2.9 million shares of BM&FBovespa in the fourth quarter of 2012. Below, we segregate the income from our financial margin with market from that income from the sale of shares of CETIP and BM&Bovespa. 1,142 151 990 1,039 175 12.0% 12.1% 958 136 864 822 1,128 100 1,028 11.4% 10.4% 849 875 36 839 597 9.6% 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Average 830 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Sales of Cetip/BM&FBovespa Shares Financial Margin with Market (ex-Sales of Shares) Average Financial Margin Market (ex-Sales of Shares) Management Discussion & Analysis Itaú Unibanco Holding S.A. 16
Analysis of Net Income Managerial Financial Margin with Clients As a result of the changes described above, the Net Interest Margin (NIM), which is the annualized rate of the managerial financial margin with clients and does not consider the financial margin with the market, reached 9.1% in the first quarter of 2013. Taking into consideration the financial margin with clients after the expenses for provision for loan losses, net of the recovery of credits that had previously been written off as losses, the risk adjusted NIM reached 5.9%. R$ million Average Balance Financial Margin Average Rate (p.y.) Average Balance Financial Margin Demand Deposits + Floatings 44,115 42,662 (-) Reserve Requirements (14,778) (14,089) Contingent Liabilities (-) Deposits in guarantee of Contingent Liabilities 2,909 1,781 Tax and Social Security obligations (-) Deposits in guarantee 16,169 17,559 Working Capital (Equity + Minority Interests - Permanent Assets - Capital Allocated to Treasury - Cash Equivalents Abroad) 46,155 40,660 (-) Tax Credits (34,860) (33,140) Interest Rate-Sensitive Operations in Brazil 59,710 951 6.5% 55,432 945 Interest Rate-Sensitive Operations Abroad 6,872 4 0.3% 8,891 6 1Q13 4Q12 Average Rate (p.y.) 6.8% 0.3% Interest Rate Sensitive Margin with Clients (A) 66,582 955 5.8% 64,323 950 5.9% Average Balance Financial Margin Spread (p.y.) Average Balance Financial Margin Cash and Cash Equivalents + Interbank Deposits + Securities (*) 78,469 74,832 Interbank and Interbranch Accounts (**) 3,501 3,586 Spread-Sensitive Margin with Clients – Other Assets 81,970 293 1.5% 78,418 437 2.2% Loans, Leasing and Other Credits 365,944 362,402 (Allowance for Loan Losses) (27,271) (27,575) Spread-Sensitive Margin with Clients – Credit (B) 338,673 9,681 11.6% 334,827 10,344 12.3% Spread-Sensitive Margin with Clients (C) 420,643 9,974 9.6% 413,245 10,782 10.4% Net Interest Margin with Clients (D = A+C) 487,225 10,929 9.1% 477,568 11,732 9.8% Provision for Loan and Lease Losses (E) (4,939) (5,741) Recovery of Credits Written Off as Losses (F) 1,086 1,210 Spread (p.y.) Net Interest Margin with Credit after Provision for Credit Risk (G = B+E+F) 338,673 5,827 7.0% 334,827 5,814 6.9% Net Interest Margin after Provision for Credit Risk (H = D+E+F) 487,225 7,076 5.9% 477,568 7,201 6.0% (*) Cash and Cash Equivalents + Interbank Deposits + Securities (-) Interbank Deposits related to Repurchase Liability (-) Derivative financial instruments (-) Assets Guaranteeing PGBL/VGBL and Insurance Technical Provisions (-) Operations Sensitive to Variations in Interest Rate; (**) Net of reserve requirements (Central Bank). Note: Due to the managerial reclassification, the historical data were reclassified. The main reclassification were: The full consolidation (100%) of companies FIC, Luizacred and Investcred, the reclassification of margins from insurance, pension plan and capitalization to the result from insurance, pension plan and capitalization operations , the balance of assets guaranteeing insurance and the equity in earning of investment in “Banco CSF S.A.” (“Banco Carrefour”) to the margin of other assets. The spread calculation, as from this quarter, considers the number of calendar days of each period. Net Interest Margin with Clients and Net Interest Margin of Credit before and after Provision for Credit Risk 13.4% 13.4% 12.7% 12.8% 12.7% 12.6% 12.3% 11.9% 12.0% 11.6% 11.4% 11.7% 11.0% 11.3% 10.8% 11.2% 9.8% 10.7% 9.1% 9.8% 8.3% 8.0% 8.1% 7.8% 7.3% 7.4% 7.6% 6.9% 7.0% 7.5% 7.9% 6.9% 7.4% 6.9% 6.9% 6.8% 6.5% 6.5% 6.0% 5.9% 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Credit NIM (gross spread) NIM with clients Risk adjusted credit NIM (net spread) Risk adjusted NIM with clients (after provision for loan and lease losses and net of the recovery) CDI Management Discussion & Analysis Itaú Unibanco Holding S.A. 17
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 and 10: Executive Summary We present below
Page 11 and 12: Executive Summary Banking Services
Page 13 and 14: Executive Summary Credit Portfolio
Page 15: analysis of net income Itaú Uniban
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
Page 53 and 54: Banking Operations & Insurance Oper
Page 55 and 56: Insurance, Life and Pension Plan &
Page 57 and 58: Insurance The figures presented in
Page 59 and 60: Life and Pension Plan Pro Forma Rec
Page 61 and 62: activities abroad Itaú Unibanco Ho
Page 63 and 64: Activities abroad Main Operations i
Page 65 and 66: 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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IRR310313.pdf - Banco Itaú

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