Itau Unibanco S.A.(US:ITUB)2024-02-06 12:56Financial 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]