IRR310313.pdf - Banco Itaú

Analysis of Net Income
Credit Cards
Credit card revenues totaled R$2,087 million in the first quarter of
2013, recording an 2.4% increase when compared to the
previous quarter, despite the unfavorable seasonality of the
period, since the fourth quarter is typically marked by greater
interchange revenues due to merchants’ sales.
When compared to the same period of the previous year, these
revenues recorded a 36.1% increase, mainly due to the increased
volume transactions, the acquisition of minority shareholders’
interest in Redecard at the end of 2012 and the larger revenues
from annual fees.
If both revenues from credit card processing services (due to the
sale of Orbitall), and the effect of the proportional increase of our
share in Redecard were disregarded, credit card revenues would
have increased 13.9% compared to the same period of the
previous year.
R$ million
1,398 1,443
517 535
1,590 1,534 1,496
590 530 552
1,574
881 909 1,000 1,004 944 1,008 912 1,048
566
2,037 2,087
1,125
1,039
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 1,105
Other
R$ million
1Q13 4Q12 Variation
Foreign Exchange Services 24 26 (2)
Brokerage and Securities Placement 101 103 (2)
Custody Services and Management of Portfolio 65 61 4
Economic and Financial Advisory Services 77 160 (83)
Other Services 252 224 28
Total 518 574 (55)
Revenues from economic and financial advisory services
decreased R$83 million, influenced by the lower volume of
Investment Banking operations.
Result from Insurance, Pension Plan and Capitalization
The result from insurance, pension plan and capitalization
operations totaled R$1,354 million in the first quarter of the year,
a 3.4% decrease when compared to the previous quarter. This
increase was mainly influenced by the higher expenses for
claims. When compared to the same period of the previous year,
these revenues recorded a 5.9% increase.
66.7 70.2 73.8
1,297
1,363
77.8
82.5
87.2
1,279 1,227 1,195
93.2 96.6
1,402
R$ million
1,354
Acquiring Services
Other Credit Card Revenues
Acquiring Services
Acquiring service revenues, which include the revenues
generated by Redecard and Hipercard, totaled R$1,039 million in
the first quarter of 2013, recording a 7.6% decrease when
compared to the previous quarter, mainly influenced by the
seasonality factor in the last quarter of 2012.
Credit card revenues related to acquiring services decreased
11.4% from the previous quarter, impacted by the seasonality
effect of the last quarter of 2012.
Debit card revenues totaled R$188 million in the first quarter of
2013, a decrease of 8.9% when compared to the previous quarter.
Revenues from rental of equipment grew 2.6% from the
previous quarter, totaling R$274 million in the period, driven by
the increase of the installed equipment base.
Acquiring Services Revenues
517 535
67 73
117 123
590
86
134
530 552 566
77 77 84
132 138 143
333 339 369 321 337 339
1,125
206
267
652
R$ million
1,039
188
274
577
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Result from Insurance, Pension Plan and Capitalization (*)
Technical Provisions from Insurance, Pension Plan and Capitalization (R$ billion)
(*) Income from Insurance, Pension Plan and Capitalization operations (-) Expenses
for Claims (-) Selling Expenses with Insurance, Pension Plan and Capitalization.
Banking Service Fees and Income from Banking Charges and
Result from Insurance, Pension Plan and Capitalization
In the first quarter of 2013, the ratio between total banking
service fees and income from bank charges plus the result from
insurance, pension plan and capitalization operations, divided by
operating revenues – which includes, in addition to these
revenues, the managerial financial margin and other operating
revenues – reached 34.4%. In this quarter, this ratio was higher
than the average ratio of the last quarters. The chart below
presents the quarterly historical data of banking service fees,
including the result from insurance, pension plan and
capitalization operations and their relation with our operating
revenues.
R$ million
5,227
5,530
5,795 5,590 5,568 5,532
29.3% 29.1% 30.2% 28.6% 28.1% 28.8%
6,551
32.9%
6,476
34.4%
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Credit Card Rental of Equipment Debit Card
2 Q11 3 Q11 4 Q11 1 Q12 2 Q12 3 Q12 4 Q12 1 Q13
Banking Services Fees and Income from Banking Charges and Result from Insurance,
Pension Plan and Capitalization
(Banking Services Fees and Income from Banking Charges and Result from Insurance,
Pension Plan and Capitalization) /Operating Revenues
Management Discussion & Analysis
Itaú Unibanco Holding S.A.
20