IRR310313.pdf - Banco Itaú

Analysis of Net Income
Non-interest Expenses
(*)
Does not include ISS, PIS and Cofins.
1Q13 4Q12 1Q12
1Q13 –
4Q12
Variation
1Q13 –
1Q12
R$ million
Personnel Expenses (3,720) (3,430) (3,402) (290) 8.5% (318) 9.3%
Administrative Expenses (3,429) (3,699) (3,392) 269 -7.3% (37) 1.1%
Operating Expenses (1,011) (1,291) (1,064) 280 -21.7% 53 -5.0%
Other Tax Expenses (*) (119) (71) (97) (48) 67.6% (22) 22.8%
Total (8,280) (8,491) (7,956) 211 -2.5% (324) 4.1%
Non-interest expenses totaled R$8,280 million in the first quarter of 2013, a decrease of 2.5% from the previous quarter, mainly due to the
decrease in administrative expenses and operating expenses. When compared to the same period of the previous year, these expenses
recorded an 4.1% increase. If we disregarded the acquisition of minority interest in Redecard at the end of 2012, these expenses would
have increased 2.1%.
Personnel Expenses
(*)
Includes variable compensation and stock option plans.
Personnel expenses totaled R$3,720 million in the first quarter of
2013, representing an increase of 8.5% from the previous period.
The increase is basically due to the R$446 million growth in
expenses with compensation, charges and social benefits,
impacted by the recognition of actuarial gains related to benefits
to employees that, as from January 1, 2013, are directly recorded
in stockholders’ equity (until 2012 they were recorded in income
– CVM 600).
The increase in personnel expenses was partially offset by the
decrease in expenses with employee terminations and labor
claims in the amount of R$169 million.
Number of Employees
The number of employees decreased from 96,977 in December,
2012, to 96,355 in March, 2013.
107,546 105,969 104,542 102,694
6,015 6,149
99,017
6,284 97,030 96,977 96,355
6,400
6,500 6,603 6,654 6,740
101,531 99,820 98,258 96,294 92,517 90,427 90,323 89,615
Jun/11 Sep/11 Dec/11 Mar/12 Jun/12 Sep/12 dec/12 Mar/13
Brazil
Abroad
R$ million
1Q13 4Q12 Variation
Compensation, Charges and Social Benefits (2,535) (2,089) (446)
Training (38) (64) 26
Profit Sharing (*) (686) (647) (39)
Employee Terminations and Labor Claims (461) (630) 169
Total (3,720) (3,430) (290)
Note: For companies under the control of Itaú Unibanco, 100% of the number of
employees is considered. No employee is considered for companies that are not
under Itaú Unibanco’s control.
Administrative Expenses
R$ million
1Q13 4Q12 Variation
Third-Party Services (769) (897) 127
Advertising, Promotions and Publications (200) (253) 52
Data Processing and Telecommunications (867) (898) 32
Financial System Services (113) (132) 20
Facilities (539) (555) 16
Materials (74) (89) 15
Transportation (113) (124) 10
Travel (41) (49) 8
Security (131) (126) (5)
Depreciation and Amortization (443) (436) (7)
Other (140) (140) 0
Total (3,429) (3,699) 269
Administrative expenses decreased 7.3% from the previous
quarter. This decrease was driven by lower expenses with thirdparty
services of R$127 million (due to the lower volume of
advisory and audit services in the period), and the decrease in
expenses with advertising, promotions and publications of R$52
million (impacted by the higher expenses for institutional
advertising and promotional materials in the previous quarter).
This variation was also influenced by the decrease in expenses
with data processing and telecommunications of R$32 million.
Operating Expenses
R$ million
1Q13 4Q12 Variation
Provision for contingencies (379) (428) 49
Selling - Credit Cards (235) (302) 68
Claims (107) (155) 48
Other (291) (406) 115
Total (1,011) (1,291) 280
In the first quarter of 2013, operating expenses decreased 21.7%
from the previous quarter, impacted by the reduction in credit
card selling expenses of R$68 million (as a result of the
seasonality effect of the last quarter of 2012), in expenses with
the provision for contingencies of R$49 million (due to lower
expenses with civil lawsuits) and in expenses for claims of R$48
million.
Other Tax Expenses (*)
In the first quarter of 2013, other tax expenses increased R$48
million when compared to the previous quarter, mainly due to
the increase in the levy of IOF on Foreign Exchange Operations
and Exchange Rate Exposure this period.
(*)
Does not include ISS, PIS and Cofins.
Management Discussion & Analysis
Itaú Unibanco Holding S.A.
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