SÃO PAULO, April 29, 2024 /PRNewswire/ -- Itaú Unibanco Holding S.A. (B3: ITUB3, ITUB4; NYSE: ITUB) (the "Company") filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 (the "2023 Form 20-F") with the U.S. Securities and Exchange Commission ("SEC"). The 2023 Form 20-F is available in English at the SEC's website (www.sec.gov), on the Brazilian Securities and Exchange Commission's website (Comissão de Valores Mobiliários, the CVM) (www.cvm.gov.br) and on the Company's Investor Rel ...

For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________ FORM 20-F ____________________________ ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 1 ...

Joa_Souza/iStock Unreleased via Getty Images Investment Thesis I recommend buying Itaú (NYSE:ITUB) shares. Over the years, players who worked in Brazilian banking operations faced major challenges, and Itaú is the main player in this market. Recently, competition with fintechs brought challenges to the bank, which promptly initiated a major operational and cultural change in its operations, aiming to face disruptive competition. Even with a great track record of results, the company trades at a P/E mult ...

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Financial Data and Key Metrics Changes - The company's earnings for Q4 2023 totaled R$ 9.4 billion, representing a 4% growth from the previous quarter, with a consolidated ROE of 21.2% [9] - The NII grew by 3.3% in the quarter, reaching R$ 23.2 billion, while commissions and fees increased by 4.6% to R$ 13.5 billion [9] - The Tier 1 capital ratio increased by 60 basis points to 15.2% [9] - The consolidated NPL over 90 days decreased by 20 basis points, with a 50 basis point drop in the NPL for individuals [9] Business Line Data and Key Metrics Changes - The large corporate loan portfolio grew by 8.7% for the year, while the total loan portfolio in Brazil increased by 5.7% [4] - The individuals portfolio grew by 1.9% in the quarter and 4.1% for the year, while the SME's portfolio grew by 2.6% in the quarter and 3.5% for the year [9][10] - The Personalite and Uniclass loan books grew by 16% for the year and 5% in the quarter [10] Market Data and Key Metrics Changes - The total portfolio growth in Latin America was 3.1% for the year, with a 5.3% growth excluding FX variation [4] - The risk-adjusted NIM increased from 5.6% to 5.8% in the quarter, with the Brazilian operation's risk-adjusted NIM rising from 5.9% to 6.2% [11] Company Strategy and Development Direction - The company focused on derisking the portfolio and targeting specific client segments, resulting in sound growth in focused segments [10] - The company aims to maintain a ROE above 20% and is committed to digital and cultural transformation to enhance client engagement and operational efficiency [77][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit cycle's evolution, highlighting improvements in credit quality indicators and a stable outlook for NPL formation [9][74] - The guidance for 2024 includes expected loan portfolio growth between 6.5% and 9.5% and NII growth between 4.5% and 7.5% [73] Other Important Information - The efficiency ratio reached its best historical level at 39.9% on a consolidated basis, with core costs growing by only 1.6% in the year, below inflation [72][77] - The company plans to continue investing in technology and new business areas, which contributed to the increase in expenses [72] Q&A Session Summary Question: Guidance on credit portfolio growth and dividends - Management indicated that while there may be a reduction in growth expectations, they are targeting a stable ROE above 20% and will consider dividends based on portfolio growth [13][16] Question: Cost of credit and NPL formation - Management noted that the cost of credit has decreased, and they expect NPL formation to remain below historical levels due to a safer portfolio [21][22] Question: Efficiency and competitive positioning - Management acknowledged the need for continued efficiency improvements and highlighted their competitive position against digital banks [24][25] Question: Impact of recent regulatory changes - Management discussed the limited impact of recent regulatory changes on their funding and capital structure, emphasizing their proactive approach to managing these changes [27] Question: Dividend policy and capital structure - Management confirmed their target for a common equity tier fund of around 12% and indicated that they will adjust dividends based on capital management needs [60][61]

Financial Performance - The managerial financial margin reached R$104.1 billion in 2023, a 12.5% increase compared to R$92.6 billion in 2022[103] - Financial margin with clients increased by 8.5% from R$89.6 billion to R$100.8 billion year-over-year[103] - Commissions and fees totaled R$42.6 billion, representing a 3.6% increase compared to R$41.1 billion in the previous year[103] - Revenues from insurance operations grew by 11.6%, reaching R$10.1 billion compared to R$9.1 billion in the prior year[103] - The cost of credit was R$36.9 billion, a 14.4% increase from R$32.3 billion[103] - Non-interest expenses increased by 6.5%, from R$54.6 billion to R$58.1 billion[103] - The recurring managerial result was R$35.6 billion, a 15.7% increase compared to R$30.8 billion[103] Portfolio and Credit Quality - Total credit portfolio (ex-fx variation) increased by 5.3% year-over-year, reaching R$1,176.5 billion[23] - Individuals credit portfolio increased 4.1% to R$415.9 billion[23] - Corporate loans increased 8.7% to R$374.8 billion[35] - The sale of loans with low probability of recovery in 4Q23 included R$198 million of the individuals portfolio, R$22 million of the very small, small and middle market companies portfolio and R$125 million of the corporate portfolio[6] Capital and Distribution - The pro forma Tier I capital after dividends payment in 1Q24 is 13.1% + 0.51%[71] - Additional Dividends to be paid in 3/8/2024 is R$11.0 billion[71]

Financial Performance - Operating revenues for the nine-month period ended September 30, 2023, reached R$116,575 million, a 9.9% increase from R$106,043 million in 2022[24]. - Net interest income increased by 12.8% to R$73,669 million compared to R$65,295 million in the same period last year[24]. - Net income attributable to owners of the parent company was R$24,332 million, reflecting an 11.0% growth from R$21,915 million in 2022[24]. - Operating revenues increased by 9.9% to R$116,575 million for the nine-month period ended September 30, 2023, compared to R$106,043 million for the same period in 2022[34]. - Net income attributable to owners of the parent company rose by 11.0% to R$24,332 million for the nine-month period ended September 30, 2023, from R$21,915 million in the same period of 2022[36]. - Net income for Q3 2023 was R$8,469 million, compared to R$8,118 million in Q3 2022, reflecting a 4.3% year-over-year growth[186]. - Total comprehensive income for Q3 2023 was R$10,753 million, up from R$8,824 million in Q3 2022, representing a 21.7% increase[186]. - Adjusted net income for the period from January 1 to September 30, 2023, was R$67,533 million, a decrease of 22.3% compared to R$87,036 million in the same period of 2022[189]. Asset and Liability Management - Total assets as of September 30, 2023, amounted to R$2,509,117 million, an 8.1% increase from R$2,321,066 million at the end of 2022[27]. - Total liabilities as of September 30, 2023, amounted to R$2,316,443 million, an increase from R$2,143,959 million at the end of 2022[183]. - Total financial liabilities increased by R$138,752 million, or 7.6%, as of September 30, 2023, compared to December 31, 2022[91]. - Current liabilities amounted to R$1,244,279 million, while long-term liabilities totaled R$1,071,687 million as of September 30, 2023[126]. Capital and Equity - The Common Equity Tier I Ratio improved to 13.1%, up 120 basis points from 11.9% in December 2022[27]. - Total stockholders' equity attributed to the owners of the parent company increased by R$15,919 million, or 9.5%, as of September 30, 2023[91]. - The total stockholders' equity attributed to the owners of the parent company rose to R$183,636 million, up from R$167,717 million year-over-year[183]. - The total change in stockholders' equity for the period is R$15,567 million, reflecting the company's performance and transactions with owners[187]. Operational Efficiency - The total number of employees decreased by 2.9% to 97,486 from 100,361 in the previous year[27]. - The number of total branches and client service branches fell by 8.0% to 3,509 from 3,816[27]. - Other operating expenses increased by 10.1% to R$62,935 million, largely due to higher general and administrative expenses[49]. - Capital expenditures for the nine-month period ended September 30, 2023, totaled R$5,756 million, a decrease of 32.4% compared to R$8,495 million for the year ended December 31, 2022[123]. Risk Management - The provision for expected loss increased by 18.7% to R$24,023 million compared to R$20,235 million in 2022[24]. - The 90-day non-performing loan (NPL) ratio was 3.5% as of September 30, 2023, an increase of 40 basis points compared to the same date in 2022[44]. - The coverage ratio for 90-day NPLs was 209% as of September 30, 2023, down from 215% a year earlier[48]. - The expected loss from financial assets was R$7,994 million in Q3 2023, compared to R$7,000 million in Q3 2022, reflecting a 14.2% increase in expected losses[184]. Business Segments Performance - Net income from the Retail Business segment increased by 16.6% to R$9,493 million for the nine-month period ended September 30, 2023, compared to R$8,139 million for the same period in 2022[66]. - Operating revenues for the Retail Business segment rose by R$4,918 million, or 7.4%, driven by an 8.9% increase in interest margin due to higher average credit volume[66]. - Net income from the Wholesale Business segment increased by 12.8% to R$14,880 million for the nine-month period ended September 30, 2023, compared to R$13,188 million for the same period in 2022[72]. - Operating revenues for the Wholesale Business segment increased by R$4,624 million, or 12.9%, primarily due to a 19.0% increase in interest margin[72]. Regulatory Environment - The Central Bank's new regulations, effective from November 1, 2023, enhance rules related to fraud prevention and require financial institutions to share information about fraud incidents[146]. - The implementation of Basel III in Brazil, effective July 1, 2023, introduces changes in capital requirement calculations related to credit risk exposures[140]. - The Central Bank's Resolution No. 348, effective November 1, 2023, amends rules for foreign exchange transactions, particularly for foreign direct investments[139]. - Open Finance regulations, effective April 1, 2023, allow for the sharing of customer data upon authorization, enhancing market competitiveness[136]. Cash Flow and Investments - The company reported a net cash from operating activities of R$92,101 million, down 25.4% from R$123,829 million in the same period last year[189]. - Cash and cash equivalents at the end of the period stood at R$123,056 million, an increase from R$119,569 million year-over-year[189]. - The company paid R$9,901 million in dividends and interest on capital, an increase from R$6,260 million in the same period last year[189].

financial margin with clients 3Q23 BRL25.6bn commissions and insurance 11.1 3Q20 11.6 3Q21 12.3 3Q22 10.8 3Q19 (BRL billion ) ( BRL billion ) ( BRL billion ) cost of credit 8.0 3Q22 12.8 3Q19 7.2 3Q19 < Corporativo | Interno without overlooking risk management 8.1 p.p. 29.6 p.p. 118 124 121 123 1.0 % ( BRL billion ) ( % ) ( % ) ( % ) 1.4% 9.2% Sep-23 3.0% 847 Sep-20 0.2 p.p. Sep-23 vs. Jun-23 Sep-23 vs. Sep-22 Sep-23 14.6% 14.1 12.4 12.9 13.2 Sep-23 209% Sep-23 vs. Jun-23 NSFR 4 Sep-23 127.3% 2019 4Q22 -0- ...

20 Itaú Unibanco Holding S.A. General Extraordinary Stockholders' Meeting Manual November 30, 2023 Contents | 1. Message from Management about the ESM Manual | 03 | | --- | --- | | 2. Information on the Extraordinary Stockholders' Meeting | 04 | | 3. Call notice | 05 | | 4. Resolutions - Extraordinary General Stockholders' Meeting | 06 | | ATTACHMENT I TO CVM RESOLUTION NO. 81/22 | 08 | | ATTACHMENT II - ATTACHMENT L TO CVM RESOLUTION NO. 81/22 | 82 | | ATTACHMENT III - REPORT ON THE ORIGIN AND RATIONALE OF ...

All references in this Form 6-K to (i) "Itaú Unibanco Holding," "Itaú Unibanco Group," "we," "us" or "our" are references to Itaú Unibanco Holding S.A. and its consolidated subsidiaries, except where otherwise specified or required by the context; (ii) the "Brazilian government" are references to the federal government of the Federative Republic of Brazil, or Brazil; (iii) "preferred shares" are references to our authorized and outstanding preferred shares with no par value; and (iv) "common shares" are ref ...