IRR310313.pdf - Banco Itaú

Banking Operations & Insurance Operations
Evolution of Efficiency Ratio, Risk-Adjusted Efficiency Ratio and Annualized Return on Average Equity
The efficiency ratio of the banking operations reached 49.9% in
the first quarter of 2013, an increase of 220 basis points from the
previous quarter. This increase was due to the drop in operating
revenues, which exceeded the decrease seen in expenses.
The risk-adjusted efficiency ratio reached 74.5%, a decrease of 50
basis points from the previous quarter. This decrease is due to our
strategy to increase our share in low-risk markets.
74.4
71.9 72.7
49.2 48.6 48.2
75.9 75.7 76.6 75.0 74.5
45.6 46.0 46.0 47.7
49.9
%
The efficiency ratio of the insurance operations reached 37.0%
in the first quarter of 2013, a decrease of 360 basis points from
the previous quarter. This decrease is due to the reduction in
non-interest expenses in the period.
The risk-adjusted efficiency ratio in the first quarter of 2013
reached 70.1% in the period, a reduction of 50 basis points from
the previous quarter. The claims ratio reached 38.4%, an increase
of 510 basis points from the previous quarter, mainly due to the
life and property risk products and to DPVAT.
The annualized recurring return of the insurance operations
reached 36.6% in the first quarter of 2013, a decrease of 270 basis
points from the previous quarter.
33.0
31.1
39.7
62.4
35.0
42.7
33.2
49.9
25.5
56.5 55.7
42.9
35.2
67.7
39.3
41.0
38.1 36.6
34.4
33.3
71.1 73.2
70.6 70.1
38.7 36.2 38.4 39.2 40.6
39.3
37.0
38.4
%
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Efficiency Ratio (ER)
Risk Adjusted Efficiency Ratio (RAER)
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Efficiency Ratio (ER)
Risk Adjusted Efficiency Ratio (RAER) (%)
Recurring Return on Average Equity – Annualized (Insurance Operations)
Claims Ratio (%)
Balance Sheet
Assets
Liabilities and Equity
(1)
This includes Deferred Income.
Consolidated
Mar 31,13
Banking
Operations
Insurance
Operations
Consolidated
Dec 31,12
Banking
Operations
R$ million
Insurance
Operations
Current and Long-term Assets 1,020,288 908,221 112,067 1,006,205 896,659 109,546
Cash and Cash Equivalents 13,761 13,629 132 13,994 13,768 225
Securities and Derivative Financial Instruments 263,908 163,647 100,261 278,850 182,032 96,819
Loan, Lease and Other Loan Operations 373,199 371,348 1,851 368,193 366,285 1,908
(Allowance for Loan Losses) (27,195) (27,188) (7) (27,752) (27,745) (7)
Other Assets 396,615 386,786 9,829 372,920 362,319 10,601
Permanent Assets 12,826 12,913 1,201 12,753 12,745 1,194
Total Assets 1,033,114 921,134 113,268 1,018,958 909,404 110,740
Consolidated
Mar 31,13
Banking
Operations
Insurance
Operations
Consolidated
Dec 31,12
Banking
Operations
R$ million
Insurance
Operations
Current and Long-term Liabilities 956,999 851,093 105,906 943,834 840,134 103,700
Deposits 238,713 238,555 159 243,342 243,200 143
Deposits Received under Securities Repurchase Agreements 296,103 296,103 - 288,818 288,818 -
Fund from Acceptances and Issue of Securities 53,338 53,277 61 55,168 55,108 60
Borrowings and Onlendings 62,890 62,890 - 59,125 59,125 -
Technical Provisions for Insurance, Pension Plans and Capitalization 99,083 39 99,043 95,616 37 95,579
Other Liabilities (1) 206,872 200,229 6,643 201,765 193,846 7,919
Minority Interest in Subsidiaries 1,699 1,697 2 905 903 2
Stockholders' Equity 74,416 68,344 7,360 74,220 68,368 7,038
Total Liabilities and Equity 1,033,114 921,134 113,268 1,018,958 909,404 110,740
On March 31, 2013, total assets from banking operations
reached R$921,134 million, an increase of 1.3% from the previous
quarter.
Liabilities increased in the period due to the growth in the
deposits received under securities repurchase agreements and
borrowings and onlendings.
Total assets from insurance operations reached R$113,268
million on March 31, 2013, a growth of 2.3% from the previous
quarter, mainly due to the increase of 3.6% in investments related
to pension plan technical provisions, totaling R$99,043 million in
the period.
Management Discussion & Analysis
Itaú Unibanco Holding S.A.
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