IRR310313.pdf - Banco Itaú

3.2) Income
R$ billion
Statement of Income for the Period (1) 1st Q/13 1st Q/12
Change
(%)
Gross income from financial operations 7.9 9.0 -12.3
Expenses for allowance for loan losses (4.9) (6.0) -18.0
Income from recovery of credits written off as loss 1.1 1.2 -8.9
Banking service fees and income from bank charges 5.6 5.0 11.5
Income from insurance, pension plan and capitalization operations 0.9 0.8 15.5
Personnel, and other administrative and operating expenses (8.3) (8.1) 2.3
Tax expenses (1.2) (1.2) -1.8
Income tax and social contribution (1.4) (1.8) -22.7
Recurring net income 3.5 3.5 -0.9
Net income 3.5 3.4 1.4
Dividends and interest on capital (net of taxes) 0.6 0.7 -10.6
(1) Excludes the non-recurring effects of each period.
Net income for the period from January to March 2013 reached R$ 3.47 billion, with annualized return of 18.9%
on average equity (19.3% in the same period of the previous year). Recurring net income was R$ 3.51 billion,
with annualized return of 19.1%. The decrease of 12.3% in income from financial operations (before allowance
for loan losses), the increase of 11.5% in banking service fees and income bank charges, and of 15.5% in
income from insurance, pension plan and capitalization operations, as compared to the same period of 2012,
added to the control over personnel, and other administrative and operating expenses, which increased 2.3% in
the period, contributed to the result.
The risk-adjusted efficiency ratio reached 72.8% in the first quarter of 2013, as compared to 73.9% recorded in
the same period of 2012.
3.3) Asset Data
Balance Sheet
March 31,
2013
March 31,
2012
R$ billion
Change
(%)
Total assets 1,028.7 896.8 14.7
Loan portfolio with endorsements and sureties 434.2 400.5 8.4
Free, raised and managed own assets 1,489.7 1,310.9 13.6
Subordinated debt 52.0 45.0 15.7
Stockholders’ equity 74.4 72.5 2.7
Referential equity (economic financial consolidated) 110.6 94.0 17.7
3.3.1) Assets
Total consolidated assets exceeded R$ 1.0 trillion at the end of March 2013, which represented a growth of
14.7% when compared to the same period of the previous year. Noteworthy is the 38.2% increase in the
institution’s liquidity (cash and cash equivalents added to short-term investments, current).
The diversification of our business is reflected in the composition of our funding and loan portfolio, reducing
risks to specific segments, which may be more impacted by the volatility in economy, as follows:
Itaú Unibanco Holding S.A. – Complete Financial Statements – Mach 31, 2013 76