Itau Unibanco Holding S.a. · BMFBOVESPA:ITUB3
Itau Unibanco — Q4 2023 Earnings Presentation
60 slides from Itau Unibanco's earnings presentation, Feb 6, 2024
Slide 1: Announcement to the Market: 4th Quarter 2023 Result
ITAÚ UNIBANCO HOLDING S.A. CNPJ 60.872.504/0001-23 A Publicly-Listed Company NIRE 35300010230 ANNOUNCEMENT TO THE MARKET Itaú Unibanco Holding S.A. 4th Quarter 2023 Result Itaú Unibanco Holding S.A. (“Company”) announces to its shareholders and the market at large that the Complete Financial Stateme
Slide 2: Attachment 01 (Portuguese only)
Attachment 01 (portuguese only)
Slide 3: February 2024
le fevereiro de 2024
Slide 4: Destaques do trimestre consolidado
Destaques do trimestre consolidado (1) Margem financeira sensível a spread, excluindo a margem financeira de capital de giro próprio. (2) Receitas de prestação de serviços (+) resultado de operações de seguros, previdência e capitalização (-) despesas com sinistros (-) despesas de comercialização de
Slide 5: Carteira de crédito em R$ bilhões
Carteira de crédito em R$ bilhões ¹ (1) Inclui títulos privados. dez/23 set/23 D dez/22 D Pessoas físicas 415,9 408,0 1,9% 399,3 4,1% Cartão de crédito 135,5 127,7 6,1% 135,1 0,3% Crédito pessoal 60,6 60,7 -0,2% 53,3 13,7% Crédito consignado 73,4 73,8 -0,6% 73,4 0,0% Veículos 33,2 32,8 1,4% 31,6 5,1
Slide 6: Carteira de crédito
Margem financeira sensível a spread, excluindo a margem financeira de capital de giro próprio. (2) Receitas de prestação de serviços (+) resultado de operações de seguros, previdência e capitalização (-) despesas com sinistros (-) despesas de comercialização de seguros, previdência e capitalização.
Slide 7: Receita de serviços e resultado de seguros
Receita de serviços e resultado de seguros ¹ em R$ bilhões Administração de recursos Guidance 2023 vs. realizado serviços e resultado de seguros Consolidado entre 4,7% e 6,7% 5,3% Seguros3 (evolução vs 2022) resultado recorrente 19,6% prêmios ganhos 11,2% Adquirência Receitas 20,4% Valor transaciona
Slide 8: Qualidade do crédito
Qualidade do crédito Brasil Brasil Impacto cessão de créditos¹ consolidado consolidado +0,10 p.p. 3,0% 3,1% 2,7% 2,2% 2,3% 2,3% 2,3% 2,6% 2,5% 2,6% 2,7% 2,8%2,9% 2,9% 3,0%3,0% 2,8% 3,4% 3,5% 3,2% 2,6% 2,7% 2,7% 2,7% 2,8% 2,8% 2,9% 3,0% 3,2% 3,4% 3,4% 3,5% 3,5% 3,2% 1,9% 2,0% 1,4% 1,2% 1,3% 1,5% 1,4%
Slide 9: Despesas não decorrentes de juros
Despesas não decorrentes de juros Variação com destaque para investimentos 2023 vs.2022 (54,6) América Latina Brasil 2022 2022 América Latina 8,8 (45,8) (8,5) Core: (0,7) | 1,6% Negócios e tecnologia (3,1) Brasil 2023 (49,7) Programa eficiência 1,4 2023 (58,1) Brasil com investimentos (48,9) (2,2) T
Slide 10: Capital
Capital Capital principal (CET I) - set/23 Lucro líquido, dividendos e juros sobre capital próprio Índice de capital nível I - dez/23 11,3% 13,1% + 0,51% Ativos ponderados pelo risco1 - 0,09% 1,5% 13,7% 15,2% + 0,16% Ajustes prudenciais e patrimoniais Índice de capital nível I pro forma dez/23 – apó
Slide 11: Guidance
9 Corporativo | Interno (1) Inclui garantias financeiras prestadas e títulos privados; (2) Composto pelo resultado de créditos de liquidação duvidosa, impairment e descontos concedidos; (3) Receitas de prestação de serviços (+) resultado de operações de seguros, previdência e capitalização (-) despe
Slide 12: February 2024
le fevereiro de 2024
Slide 13: Attachment
Attachment 02
Slide 14: Earnings review 4Q23
Slide 15: Quarter highlights consolidated
Quarter highlights consolidated 4Q23 vs. 3Q23 Change Quarter highlights consolidated (1) Spread sensitive financial margin, excluding our own working capital financial margin. (2 ) Result from insurance includes the revenues from insurance, pension plan and premium bonds operations net of retained c
Slide 16: Credit
Cred it 2023 Guidance vs. actual = total credit portfolio portfolio See coasted) © 5.7%and 8.7% inR$ billion Dec-23 Sep-23 A Dec-22 A Individuals credit portfolio - Personnalité and Uniclass segments Individuals 415.9 408.0 1.9% 399.3 4.1% Base 100—Dec-22 16 Credit cardloans 135.5 277 6.1% 135.1 03%
Slide 17: Financial margin with clients
Financial margin 2023 Guidance vs. actual financial margin with clients with clients Ge 1.5%and 5.5% Change InR$ billion — | ° : = ‘Workingcapitaland Argentina —Spread-sensitive Productmix?-Averagevolume _—Spreadsand Latin America(ex-Spread-sensitive Working capitaland, ‘others 3023 ‘operations 3023
Slide 18: Financial margin with the market
Financial marg in 2023 Guidance vs. actual financial margin with the market with the market RE3.3 bn Consoldatedetween RSL.GbnandRS3.6bn @ srazil @ Latinamerica r Inthe year ® Capital index hedge ines billion 29 3.3 a0 0.6 05 07 0.6 al 0.7 0.8 ea id a a a Ea 0.5 0.4 0.2 0.5 01 O41 -0.4 -0.5 -0.6 -0.
Slide 19: Commissions, fees and result from insurance
Commissions, fees 2023 Guidance vs. actual commissions and insurance results and result from insurance Bei create, 4.7% and 6.7% in billion 4023 3023 2023 Credit and debit cards 46 42 | 9.4% 16.9 15.1| 11.6% Assets under management Cardissuance 34 3.0 | 12.0% 123 13 8.6% 4Q23x3Q23 2023x2022 Acquirin
Slide 20: Credit quality
Credit quality 15-90 daysNPL% 3.9: 90 days NPL% consolidated R consolidated 3.435% aan 2% 3.4 35% 35% —_— zee3.0x™ 2.6% 2.7% 2.7% 2.7% 28% 2.8% 2.5% 2.5% © Total sox 3.1% 2.9% 2.9% 3.0% 3.0% 2.8% 1.9% 2.0%) 2.0% eq rpactof A ay, 13% 5% 1.4% 1.3% 1.3% 1.4% 1,39 1.3% 1.4% fans" Dec 9 Mar-20 Aun-20 Sap
Slide 21: Quality and cost of credit
Quality and 2023 Guidance vs. actual cost of credit cost of credit R§26.9bn_ “orslidatedbeinen $36.5 bnandR$40.5bn. Cost of credit* | intheyear | > Annualized cost of credit/ Loan portfolio® - (2) , 36.9 3.3% 35% 3.2% 3.3% 3.2% 3.1% 32.3 oO 98 o1 94 93 92 4019 4022 1022 2022 3023 4Q03 2022 2023 Rene
Slide 22: Non-interest expenses
Non-interest 2023 Guidance vs. actual non-interest expenses expenses Ae ee 4.0%and 8.0% eee 4023 3023 A 2023 2022 Efficiency ratio Personnel (6.6) (6.6)} -15%| (25.3)| (226) | 1.8% 45.5% 471% Pre Administrative and other’ (6.6)| (6.0)} 10.0% | (24.4)| (23.2) | 5.3% a ey 45.0% G Total - Brazil (13.2)
Slide 23: Capital
Capital 13.1% Sep-23 common equity Tier I (CET) (Dexctucing ge rate variation ofthe paiog +0.51% + 016% Net income, Prudential and dividends and equity interest on own adjustments capital HH Common equity Tier 1 (CET!) 2023 Distribution of Interest on Capital and Dividends Interest on Capital Intere
Slide 24: 2024 Perspectives
2024 Perspectives
Slide 25: Macroeconomic outlook
Macroeconomic outlook 2023 2024e GDP- Brazil! 2.9% 1.8% SELIC (end of year) 11.75% 9.00% Inflation (IPCA) 4.6% 3.6% Formal jobs? 7.9% 8.0% Dollar? 4.86 4.90 ced (2}measuredby PNAD Contin 18CE) endatyes
Slide 26: Guidance 2024
2024 Guidance Growth ona coiventicated comparable basis* Total credit portfolio’ Growth between 6.5% and 9.5% Financial margin with clients Growth between Growth between 4.5% and7.5% 5.5% and 8.5% Financial margin with the market Between R$3.0 bn and R$5.0 bn Cost of credit* Between R$33.5 bn and R$
Slide 27: Additional information
Slide 28: Additional information
lo, February 6"2024 Additional information Sao Pat < Ww Da = 3S 3 z Oo 12) my oO 2 i= 5 bm oO £
Slide 29: Results
Results InR$ billion Operating revenues Managerial financial margin Financial margin with clients Financial margin with the market Commissions and fees Revenues from insurance Cost of credit Provision from loan losses Impairment Discounts granted Recovery of loans written off as losses Retained clai
Slide 30: Business model
Business model The allocation of principal capital (Common Equity Tier 1) in the bank's business was made at 12% until the first quarter of 2022 and at 11.5% from the second quarter of 2022 on, according to our risk appetite. ‘Change (2023 x 2022) In RS billion Insurance Excess Insurance Excess Tota
Slide 31: Results: 2023 income statement, excluding Banco Itaú Argentina
Results 2023 income statement, excluding Banco Itau Argentina For a better understanding of the 2024 projections, we present below the quarterly and accumulated income statement for 2023 excluding the results of Banco Itat Argentina. Due to the fact that in August 2023, we entered into an agreement
Slide 32: 4Q23 Institutional Presentation
Slide 33: Attachment
Attachment 03
Slide 34: 4Q23 Institutional Presentation
Slide 35: With 99 years of history, we are a full-service bank
Slide 36: We are present in
We are present in % 18 Countries 2 gb sal QOOO ‘& Colombia Qe) 2 (3X4) = = tener DRY Argentina (+) B Mexico o. Peru (7) ©) moneg 2) =P Panama (1 3 vane ) WY & = Luxembourg © Spain & United Kingdom e bahamas (2)(3) = Unitedstates | aaa Portugal (+) ( 3) 5 @ cayman(s (2a) €8 France (3) © Switzerland)
Slide 37: With the most complete portfolio of products and services
With the most complete portfolio of products and services. ®... Private Bank Ura (ver@RL 1smilion Over BRL 4bilion ininvestments Personnallt® Personnalité Large Over BRLISKor more than BRL250k in totalinvestments From BRLSO0 milion fOBRL billion it =] Itau _... FromeRLsommilion ‘to BRLSCOMilion Unic
Slide 38: Corporate development
Corporate development Pathway to accelerate our cultural and digital transformation Technology| ‘Commercial partnerships PayPal Distribution’ 6 Carrefour channels Sa { Instituto i ‘ayrton SS miles, pad ae = PLATAM { Sécredicard — 7 yapesercun ConectCar | Corporate M&A and Joint Ventures venture capi
Slide 39: Our retail footprint is constantly optimized
Our retail footprint is constantly optmized for our clients’ behaviour and needs. In-person Digital Interactions 3.5k Corporate Individuals Branches 96% Around 42k ATMs In Brazil and in our Other Latin © 24% of tyscaitrnctesintrant econ acm American? operations
Slide 40: Our ability to adapt, innovate and change
Our ability to adapt, innovate and change has enabled us to get where we are now... One of the four top data processing CasaMoreira ——_centersin Brazilis Salles(Unibanco) setup 1983 opens the banking First ATM division in 1924 and Brazil the opening of Banco Central de S itautec Crédito (ttau)in 197
Slide 41: Solid governance ensures business sustainability
Solid governance 5 Governance Pillars Tener ensures business ~~ . one. Pr sustainability [_ Vee Dz Decisi dejointl Meritocracy-based Focus on performance and ecISIONS MACE JOINEY: management long-term value creation Family control, professional (Cupar |) > Family control ensures long-term vision man
Slide 42: Supported by our risk culture, strict models
Supported by our risk culture, we operate based on strict models Athree line-of-defense model: last by the audit area, reporting directly to the Board of Directors 2 (>) Discussion of metrics C., Audit and the outcome of Capital and | ( ) Committee | Risk Appetite, as well as Risk _| Board of a the
Slide 43: Values that guide our cultural transformation journey
values that guide our cultural transformation journey for us_ ethics are non-negotiable
Slide 44: Cultural transformation: client centricity
fe) a 1. Client Centricity We want to be the benchmark in satisfaction, transforming our culture so that the client is at the center of everything Cc ultural transfo rmatio n Our actions and efforts are designed for our to build amore clients’ satisfaction, a key metric for the entire organization e
Slide 45: The client is at the center of everything we do
fe) my The client is at the center of everything we do Our commitment: to serve our clients where, when and how they want to be served Omnichannel Access to the same type of service regardless of channel Phygital Freedom to choose the type of relationship: we are a digital bank with the advantage of
Slide 46: Quality, speed and efficiency
Quality Design appliedto scale and client centricity culture Integrated into our work methodology and development Proprietary methodology for the development of products that our clients love Modernization of systems and focus on quick resolution of problems Efficiency Speed More than 60% of our pla
Slide 47: Our commitment: structural efficiency gains
Our commitment: developing and implementing structural efficiency gains initiatives Continuous investing in technology 4Q23 vs 2018 Solution Infrastructure development costs investments Strengthening culture ‘Ongoing challenging activities and processes to seek efficiency gains Goal Progressively re
Slide 48: Cards and SMEs
= Cards Market Leader ‘ 7 An 89% increase in our portfolio in the last 3 years (from 26.7% market share in revenue in Sep/23? BREA6 hilfon to BRES7.allion) The most complete shelf of cards Agribusiness GDP could reach BRL 2.7 trillion and accounted for 25% of Brazil's GDP in 2023? We have tripled th
Slide 49: Leadership in several business and growth opportunities
Leadership in several business and growth opportunities ”\ Asset du Management al Market Leader Largest private asset manager in Latin America 23.4% market share in acquiring | TPV 10.5% market share in Dec/23? (Total Payment Volume) : in3Q23" 15 times elected as best fund manager? Titimesinarow Ope
Slide 50: Growth alongside innovation, new products and channels
Growth alongside innovation, new products, channels and services Ia launched CO ion Itau OO icc __O MeuNegécio Investment platform 2 Specialized investment platform: Global visualization of portfolios Products from Ita and peers Digital and human interaction channels Financial Education Platform: fo
Slide 51: Positive impact commitments
Positive impact commitments Since 2019, our ESG materiality and material themes have been translated into Positive Impact Commitments Basis for our conduct and our way of doing things Positive impact through our business Development of Brazil Guides our accountability Ethics in relations and busines
Slide 52: ESG initiatives
ESG initiatives vy Coordinator of the Brazilian government's first green bondissue Raise USD 2 billion + First operation of the National Treasury with these characteristics + Eligible projects: social and environmental projects + Participation of tat ESG advisor since the creation of the framework a
Slide 53: Solid results: sustainable value creation
241% 239% 237% 203% 21.8% 219% 209% 493% 203% 210% Solid results 16.0% 163% 110% sustainable a u e 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 e Cc reati 0) n —O- ROE —O- Average cost of capital Increase of BRL billion 35.6 —2.1%invaluecteation Yor 30.8 (20232022) @ recurring managerial r
Slide 54: Higher revenue with a cost discipline
Slide 55: Without overlooking risk management
Without overlooking risk management ~11% ec23vs.Sep-23 ec 22 (@Rt billion) Dec-23 BRL 1,346 bn
Slide 56: Capital ratio vs minimum required capital
170% 115% 15% NS% 5% 15% 15% NS% 15% 11.0% 10% 2019 2020 2021 1022. 2022) 3022) 4022) 1023S 2023S 3Q23—S 4023 =O= |taWUnibanco =O= Minimum required capital
Slide 57: Diversified shareholders base with high liquidity
Diversified shareholders base with high liquidity Free float* |Non-voting shares Daily average volume of shares 4.8 billion traded (BRL million) —ITUB4 486k direct shareholders in Dec/23 of shares 4Q21 4Q22 4Q23 (©) Excluding controling shareholders and treasury Weare listed at B3 Weare the only Lat
Slide 58: Guidance 2023
2023 Guidance Consolidated Actual Guidance Total credit portfolio! 3.1% between 5.7% and 8.7% Financial margin with clients 12.5% between 12.5% and 15.5% Financial margin with the market BRL3.3 bn between BRL1.6 bn and BRL3.6 bn Cost of credit? BRL 36.9 bn between BRL 36.5 bn and BRL40.5 bn Commissi
Slide 59: Guidance 2024
2024 Guidance ;: Growthona Consolidated Ae comparable basis: Growth between ; a Total credit portfolio 6.5% and 9.5% Financial margin with clients Stowthbetycen ronthbetnen Z 4.5% and 7.5% 5.5% and 8.5% Financial margin with the market pe ea 2 BRL 3.0 bn and BRL5.0 bn Between Cost of credit? osrorer
Slide 60: Investor relations contact
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Itau Unibanco Holding — Q4 2023 Earnings Presentation on 6ix