IRR310313.pdf - Banco Itaú

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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
Analysis of Net Income Result from Loan Losses Variation R$ million 1Q13 4Q12 1Q12 1Q13 -4Q12 1Q13 -1Q12 Expenses for Provision for Loan and Lease Losses (4,939) (5,741) (6,210) 801 -14.0% 1,271 -20.5% Income from Recovery of Loans Written Off as Losses 1,086 1,210 1,212 (124) -10.3% (126) -10.4% Result from Loan and Lease Losses (3,854) (4,531) (4,998) 677 -14.9% 1,145 -22.9% The result from loan and lease losses, net of recovery, totaled R$3,854 million in the quarter, a decrease of 14.9% compared to the previous quarter, despite of the impact of seasonal factors in the first quarter, such as the larger concentration of payments of taxes on properties, expenses related to the beginning of the school year, and other. The expenses for provisions for loan losses dropped R$801 million in the quarter (14.0%) to R$4,939 million, and the income from the recovery of credits that had previously been written off as losses decreased R$124 million (10.3%), to R$1,086 million. Expenses for Provision for Loan Losses and Loan Portfolio 1.79% 1.69% 1.74% 1.64% 1.71% 1.57% 1.58% 1.44% 1.42% 1.38% 1.34% 1.23% 1.25% 1.16% 1.17% 1.04% 6,210 6,139 6,120 5,237 5,587 5,741 5,110 4,998 4,995 4,946 4,939 4,531 3,806 3,779 3,998 3,854 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Allowance for Loan Losses and Credit Portfolio Expenses for provision for loan losses (R$ million) Result from Loan and Lease Losses (R$ million) Expenses for provision for loan losses / Credit portfolio (*) Result from Loan and Lease Losses/ Credit Portfolio (*) (*) Average balance of the Loan Portfolio of the two previous quarters. 7.5% 5.9% 23,775 5,058 7,444 7.4% 7.5% 7.5% 7.6% 7.7% 5.9% 6.0% 24,719 25,772 25,951 5,058 5,058 7,342 7,590 5,058 8,038 7.6% 27,056 27,682 27,745 27,188 5,058 5,058 5,058 5,058 7,964 7,726 8,099 7,935 11,272 12,318 13,123 12,855 14,034 14,898 14,588 14,195 Complementary portion of the provision— expected loss model (R$ million) Risk Rating H Loan Portfolio (R$ million) Allowance for loan losses specific + generic + complementary portion/Loan portfolio Allowance for loan losses specific + generic/Loan portfolio 7.3% 6.0% 6.2% 6.3% 6.2% 6.0% Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 Dec/12 Mar/13 In March 2013, the balance of the credit portfolio without endorsements and sureties increased R$5,063 million (1.4%) in relation to December 2012, amounting to R$371,348 million, whereas the balance of the allowance for loan losses decreased by R$557 million (2.0%) to reach R$27,188 million. The complementary allowance for loan losses in addition to the minimum required by Resolution No. 2,682/99 of the National Monetary Council (CMN) stood at R$5,058 million at the end of first quarter of 2013. The ratio of expenses for provision for loan losses to the credit portfolio reached 1.34% in the fist quarter of 2013, a decrease of 24 basis points when compared to the previous quarter. It was the lowest ratio for this indicator since the association of Itaú and Unibanco in 2008. Non–Performing Loans Delinquency ratios and Non Performing Loans R$ million Mar 31,13 Dec 31,12 Mar 31,12 Non-performing Loans – 60 days (a) 20,414 20,791 21,471 Non-performing Loans – 90 days (b) 16,875 17,563 17,558 Credit Portfolio (c) 371,348 366,285 347,369 NPL Ratio [(a)/(c)] x 100 over 60 days 5.5% 5.7% 6.2% NPL Ratio [(b)/(c)] x 100 over 90 days 4.5% 4.8% 5.1% Coverage: Non-performing Loans – 60 days 133% 133% 121% Non-performing Loans – 90 days 161% 158% 148% (a) Loans overdue for more than 60 days and that do not accrue revenues. (b) Loans overdue for more than 90 days. (c) Endorsements and sureties not included. Overdue Loans The overdue credit portfolio increased 3.0% in the first quarter of 2013, while the balance of the allowance for loan losses, as mentioned above, decreased 2.0% in the same period. R$ million Mar 31,13 Dec 31,12 Mar 31,12 Overdue Loans 30,547 29,663 31,911 Allowance for Loan and Lease Losses (27,188) (27,745) (25,951) Coverage (3,359) (1,918) (5,960) Note: overdue loans are loan operations having at least one installment more than 14 days overdue, irrespective of collateral provided. Management Discussion & Analysis Itaú Unibanco Holding S.A. 21
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 and 16: analysis of net income Itaú Uniban
Page 17 and 18: Analysis of Net Income Managerial F
Page 19: Analysis of Net Income Banking Serv
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
Page 67 and 68: 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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