EX-99.1 2 ss90123_ex9901.htm ANNOUNCEMENT TO THE MARKET
 

 
ITAÚ UNIBANCO HOLDING S.A.
CNPJ 60.872.504/0001-23
A Publicly Listed Company


ANNOUNCEMENT TO THE MARKET

Reclassification of Account Statements


Itaú Unibanco notifies the market that it is to effect reclassifications in the account statements. These reclassifications will have an impact on the first quarter 2010 income statement to be announced to the market on May 4, 2010 following approval by the Board of Directors.
 
That portion of the expenses associated to participation in the results due to the employees – which are incorporated in the Profit Sharing item – shall from henceforth be included under the item Personnel Expenses. Please note that this line shows amalgamated expenses with our employees before associated tax effects.
 
The purpose of this reclassification is to improve the way in which our results are presented. The intention is also to allow a greater degree of comparability with the account statements of different institutions thus contributing to a better understanding and evaluation of our performance.
 
Attached are the reclassified Income Statement and the bank’s Efficiency Ratio track record showing the impact of this reclassification.

São Paulo, April 23, 2010.

ITAÚ UNIBANCO HOLDING S.A.



 
ALFREDO EGYDIO SETUBAL
 
Investor Relations Officer


 
 
ITAÚ UNIBANCO HOLDING S.A.
                                                                        
Consolidated Statement of Income - After Reclassifications
                                                                    
 (In thousands of Reais)
                                                                                
                                                                                     
  2008 2009
   
1st Q.
    
2nd Q.
    
1st H.
    
3rd Q.
    
4th Q.
    
2nd H.
    
Total
    
1st Q.
    
2nd Q.
    
1st H.
    
3rd Q.
    
4th Q.
    
2nd H.
    
Total
  
                                                                                                                 
INCOME FROM FINANCIAL OPERATIONS
     10,268,817       10,566,968       20,835,785       12,819,027       22,776,215       35,595,242       56,431,027       20,988,502       18,426,280       39,414,782       18,949,847       18,363,106       37,312,953       76,727,735  
Loan, lease and other credit operations
     6,290,697       7,055,172       13,345,869       9,157,545       15,388,182       24,545,727       37,891,596       12,349,753       11,348,712       23,698,465       11,736,263       12,042,091       23,778,354       47,476,819  
Securities and derivative financial instruments
     2,766,743       2,815,146       5,581,889       2,737,422       5,579,879       8,317,301       13,899,190       7,137,649       5,925,095       13,062,744       5,900,105       5,062,030       10,962,135       24,024,879  
Financial income from insurance, pension plan and capitalization operations
     578,630       649,805       1,228,435       358,247       734,694       1,092,941       2,321,376       1,172,589       1,161,247       2,333,836       1,215,451       1,026,496       2,241,947       4,575,783  
Foreign exchange operations
     394,240       (211,684 )     182,556       77,195       727,107       804,302       986,858       121,199       (141,488 )     (20,289 )     (74,045 )     103,816       29,771       9,482  
Compulsory deposits
     238,507       258,529       497,036       488,618       346,353       834,971       1,332,007       207,312       132,714       340,026       172,073       128,673       300,746       640,772  
                                                                                                                 
EXPENSES ON FINANCIAL OPERATIONS
     (4,736,914 )     (4,250,046 )     (8,986,960 )     (7,919,938 )     (16,156,762 )     (24,076,700 )     (33,063,660 )     (10,378,629 )     (5,715,950 )     (16,094,579 )     (7,082,337 )     (7,404,107 )     (14,486,444 )     (30,581,023 )
Money market
     (3,793,166 )     (3,431,193 )     (7,224,359 )     (6,884,459 )     (12,721,431 )     (19,605,890 )     (26,830,249 )     (8,956,759 )     (5,227,713 )     (14,184,472 )     (5,992,170 )     (6,120,227 )     (12,112,397 )     (26,296,869 )
Financial expenses on technical provisions for pension plan and capitalization
     (416,874 )     (575,569 )     (992,443 )     (292,477 )     (556,497 )     (848,974 )     (1,841,417 )     (1,026,715 )     (1,046,975 )     (2,073,690 )     (1,015,743 )     (903,111 )     (1,918,854 )     (3,992,544 )
Borrowings and onlending
     (526,874 )     (243,284 )     (770,158 )     (743,002 )     (2,878,834 )     (3,621,836 )     (4,391,994 )     (395,155 )     558,738       163,583       (74,424 )     (380,769 )     (455,193 )     (291,610 )
                                                                                                                 
INCOME FROM FINANCIAL OPERATIONS BEFORE LOAN LOSSES
     5,531,903       6,316,922       11,848,825       4,899,089       6,619,453       11,518,542       23,367,367       10,609,873       12,710,330       23,320,203       11,867,510       10,958,999       22,826,509       46,146,712  
                                                                                                                 
RESULT OF LOAN LOSSES
     (1,583,498 )     (1,663,077 )     (3,246,575 )     (1,815,510 )     (7,883,521 )     (9,699,031 )     (12,945,606 )     (3,436,781 )     (3,778,425 )     (7,215,206 )     (3,727,130 )     (3,222,971 )     (6,950,101 )     (14,165,307 )
Expense for allowance for loan losses
     (1,829,668 )     (1,957,815 )     (3,787,483 )     (2,151,537 )     (8,340,694 )     (10,492,231 )     (14,279,714 )     (3,834,399 )     (4,251,680 )     (8,086,079 )     (4,296,461 )     (4,016,414 )     (8,312,875 )     (16,398,954 )
Income from recovery of credits written off as loss
     246,170       294,738       540,908       336,027       457,173       793,200       1,334,108       397,618       473,255       870,873       569,331       793,443       1,362,774       2,233,647  
                                                                                                                 
GROSS INCOME FROM FINANCIAL OPERATIONS
     3,948,405       4,653,845       8,602,250       3,083,579       (1,264,068 )     1,819,511       10,421,761       7,173,092       8,931,905       16,104,997       8,140,380       7,736,028       15,876,408       31,981,405  
                                                                                                                 
OTHER OPERATING REVENUES (EXPENSES)
     (1,294,037 )     (1,593,351 )     (2,887,388 )     (1,742,775 )     (7,679,644 )     (9,422,419 )     (12,309,807 )     (4,043,784 )     (3,439,847 )     (7,483,631 )     (3,888,826 )     (3,252,259 )     (7,141,085 )     (14,624,716 )
Banking service fees
     2,069,282       1,978,369       4,047,651       1,874,781       2,726,963       4,601,744       8,649,395       2,882,032       2,929,757       5,811,789       3,154,227       3,489,217       6,643,444       12,455,233  
Asset management
     482,341       492,407       974,748       476,243       516,569       992,812       1,967,560       494,633       526,153       1,020,786       608,650       620,058       1,228,708       2,249,494  
Current account services
     75,958       50,009       125,967       58,295       116,689       174,984       300,951       115,436       109,543       224,979       110,819       130,656       241,475       466,454  
Credit cards
     601,371       631,760       1,233,131       662,809       1,123,034       1,785,843       3,018,974       1,356,937       1,413,635       2,770,572       1,462,553       1,583,379       3,045,932       5,816,504  
Sureties and credits granted
     504,350       273,574       777,924       185,874       279,731       465,605       1,243,529       277,503       300,682       578,185       371,989       373,120       745,109       1,323,294  
Receipt services
     184,930       184,462       369,392       222,207       308,989       531,196       900,588       303,472       292,432       595,904       289,746       318,867       608,613       1,204,517  
Other
     220,332       346,157       566,489       269,353       381,951       651,304       1,217,793       334,051       287,312       621,363       310,470       463,137       773,607       1,394,970  
Income from bank charges
     372,745       555,376       928,121       645,549       981,108       1,626,657       2,554,778       643,573       687,439       1,331,012       698,960       741,751       1,440,711       2,771,723  
Result from insurance, pension plan and capitalization operations
     318,493       367,610       686,103       324,810       296,328       621,138       1,307,241       501,587       620,168       1,121,755       599,655       710,285       1,309,940       2,431,695  
Personnel expenses
     (1,722,702 )     (1,758,024 )     (3,480,726 )     (1,891,443 )     (3,446,542 )     (5,337,985 )     (8,818,711 )     (2,982,171 )     (2,903,366 )     (5,885,537 )     (2,962,976 )     (3,243,801 )     (6,206,777 )     (12,092,314 )
Other administrative expenses
     (1,475,147 )     (1,582,742 )     (3,057,889 )     (1,764,551 )     (3,098,283 )     (4,862,834 )     (7,920,723 )     (2,771,707 )     (2,884,639 )     (5,656,346 )     (2,774,472 )     (3,161,886 )     (5,936,358 )     (11,592,704 )
Tax expenses
     (512,291 )     (612,444 )     (1,124,735 )     (507,356 )     (703,644 )     (1,211,000 )     (2,335,735 )     (899,314 )     (1,119,151 )     (2,018,465 )     (1,018,451 )     (1,200,846 )     (2,219,297 )     (4,237,762 )
Equity in earnings of affiliates
     34,788       (37,100 )     (2,312 )     64,473       131,369       195,842       193,530       25,379       78,639       104,018       43,052       30,885       73,937       177,955  
Other operating revenues
     154,013       105,499       259,512       300,162       949,139       1,249,301       1,508,813       291,289       225,226       516,515       56,743       367,801       424,544       941,059  
Other operating expenses
     (533,218 )     (609,895 )     (1,143,113 )     (789,200 )     (5,516,082 )     (6,305,282 )     (7,448,395 )     (1,734,452 )     (1,073,920 )     (2,808,372 )     (1,685,564 )     (985,665 )     (2,671,229 )     (5,479,601 )
                                                                                                                 
OPERATING INCOME
     2,654,368       3,060,494       5,714,862       1,340,804       (8,943,712 )     (7,602,908 )     (1,888,046 )     3,129,308       5,492,058       8,621,366       4,251,554       4,483,769       8,735,323       17,356,689  
                                                                                                                 
NON-OPERATING INCOME
     179,659       114,106       293,765       23,559       (111,542 )     (87,983 )     205,782       (11,074 )     364,489       353,415       36,256       40,765       77,021       430,436  
                                                                                                                 
INCOME BEFORE TAXES ON INCOME AND PROFIT SHARING
     2,834,027       3,174,600       6,008,627       1,364,363       (9,055,254 )     (7,690,891 )     (1,682,264 )     3,118,234       5,856,547       8,974,781       4,287,810       4,524,534       8,812,344       17,787,125  
                                                                                                                 
INCOME TAX AND SOCIAL CONTRIBUTION
     (658,795 )     (1,134,562 )     (1,793,357 )     651,737       11,000,889       11,652,626       9,859,269       (848,931 )     (3,024,703 )     (3,873,634 )     (1,746,031 )     (1,032,198 )     (2,778,229 )     (6,651,863 )
Due on operations for the period
     (635,519 )     (1,210,147 )     (1,845,666 )     151,241       (661,591 )     (510,350 )     (2,356,016 )     (1,275,224 )     (3,080,121 )     (4,355,345 )     (1,854,860 )     1,179,859       (675,001 )     (5,030,346 )
Related to temporary differences
     (23,276 )     75,585       52,309       500,496       11,662,480       12,162,976       12,215,285       426,293       55,418       481,711       108,829       (2,212,057 )     (2,103,228 )     (1,621,517 )
                                                                                                                 
PROFIT SHARING
     (44,790 )     (58,889 )     (103,679 )     (41,265 )     37,812       (3,453 )     (107,132 )     (54,054 )     (58,274 )     (112,328 )     (54,015 )     (38,298 )     (92,313 )     (204,641 )
Employees – Law No. 10,101 of 12/19/2000
     -       -       -       -       -       -       -       -       -       -       -       -       -       -  
Officers – Statutory – Law No. 6,404 of 12/15/1976
     (44,790 )     (58,889 )     (103,679 )     (41,265 )     37,812       (3,453 )     (107,132 )     (54,054 )     (58,274 )     (112,328 )     (54,015 )     (38,298 )     (92,313 )     (204,641 )
                                                                                                                 
MINORITY INTEREST IN SUBSIDIARIES
     (86,959 )     59,533       (27,426 )     (127,193 )     (111,771 )     (238,964 )     (266,390 )     (200,412 )     (202,675 )     (403,087 )     (219,676 )     (241,250 )     (460,926 )     (864,013 )
                                                                                                                 
NET INCOME
     2,043,483       2,040,682       4,084,165       1,847,642       1,871,676       3,719,318       7,803,483       2,014,837       2,570,895       4,585,732       2,268,088       3,212,788       5,480,876       10,066,608