Itaú Unibanco Holding S.A.


Less than two years since the start of the merger between the banks, Itaú Unibanco was able to conclude the integration of the entire base of customer service points throughout Brazil. The branches and the Unibanco Banking Service Units, known as "PABs," were entirely remodeled and integrated with the Itaú units.

In 2010, the company's accumulated Net Profit reached R$13.0 billion, 24.1% higher than during the same period in 2009. This result was due primarily to the 9.4% increase in the financial margin with customers, the 15.1% growth in the revenues from the services offered and bank fees and the 17.7% improvement in the result from doubtful credits. During this period, we also observed a 10.0% growth in the expenses not resulting from interest, due primarily to the migration process of the Unibanco branches to the Itaú branches, finalized in October 2010. The migration-related expenses incurred in 2010 totaled R$835 million. Not considering these expenses, the recurring net profit in 2010 would reach R$13.5 billion.

The total assets on December 31, 2010, were R$755.1 billion, representing a 24.1% growth compared to 2009, and the net equity totaled R$60.9 billion, with a recurring return on net equity of 23.5%.

The credit portfolio, including bond and guarantee operations, totaled R$335.5 billion at the end of 2010, with a 20.5% growth in the operations balance compared to the previous year. In the Personal banking segment, the highlights were the credit card, vehicle and home financing credit portfolios, with a 19.2%, 15.1% and 53.7% growth during the 12-month period, respectively. Worth highlighting in the Business and Corporate Banking segment is the performance of the portfolio of large companies, with a 15.6% growth during the year, and that of the micro, small and medium-sized companies, which grew 31.2% during the 12-month period.

For the second consecutive year, Itaú Unibanco was among the world's 10 largest banks in 2010, with a market value of R$179.6 billion on December 31, 2010, according to Bloomberg.

"The bank is Itaúsa's biggest asset and all the good results we achieved evidently have repercussions on the holding. Because we are a very large company and one that is cutting-edge in several different aspects, many things done at the bank serve as inspiration for the other companies controlled by Itaúsa. In 2010, we worked hard internally and now we have the base necessary to face the major challenges that lie ahead and grow sustainably."

Roberto Setubal

CEO of Itaú Unibanco


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