Itaú Unibanco Holding S.A. Material Fact: 2017 Forecast
SÃO PAULO, July 31, 2017 /PRNewswire/ -- In compliance with Article 157, paragraph 4, of the Brazilian Corporate Law (Law No. 6,404/76) and Instruction No. 358/02 of the Brazilian Securities Commission (CVM), Itaú Unibanco Holding S.A. ("Itaú Unibanco" or "Company") informs its shareholders and the market in general that, as of the second quarter of 2017, the line "Discounts Granted" is disclosed as a component of "Cost of Credit", composed of the Result from Loan Losses, Impairment and Discounts Granted in our managerial statements. Accordingly, we submit the projections for 2017 considering the reclassification effects of Discounts Granted, from Financial Margin with Clients to the Cost of Credit line in 2017 and the reclassified historical series (Income Statement as attached).
Consolidated1 |
||
Forecast 2017 |
Reclassification |
Forecast 2017 |
Total Credit Portfolio2 |
Total Credit Portfolio2 |
|
From 0.0% to 4.0% |
From 0.0% to 4.0% |
|
Financial Margin with Clients |
+R$1.0 bn |
Financial Margin with Clients5 |
From -4.0% to -0.5% |
From -4.2% to -0.8% |
|
Result from Loan Losses and Impairment3 |
-R$1.0 bn |
Cost of Credit6 |
Between R$14.5 bn and R$17.0 bn |
Between R$15.5 bn and R$18.0 bn |
|
Commissions and Fees and Result from Insurance Operations4 |
Commissions and Fees and Result from Insurance Operations4 |
|
From 0.5% to 4.5% |
From 0.5% to 4.5% |
|
Non-Interest Expenses |
Non-Interest Expenses |
|
From 1.5% to 4.5% |
From 1.5% to 4.5% |
|
Brazil1,7 |
||
Forecast 2017 |
Reclassification |
Forecast 2017 |
Total Credit Portfolio2 |
Total Credit Portfolio2 |
|
From -2.0% to 2.0% |
From -2.0% to 2.0% |
|
Financial Margin with Clients |
+R$1.0 bn |
Financial Margin with Clients5 |
From -5.0% to -1.5% |
From -5.2% to -1.8% |
|
Result from Loan Losses and Impairment3 |
-R$1.0 bn |
Cost of Credit6 |
Between R$12.5 bn and R$15.0 bn |
Between R$13.5 bn and R$16.0 bn |
|
Commissions and Fees and Result from Insurance Operations4 |
Commissions and Fees and Result from Insurance Operations4 |
|
From 0.0% to 4.0% |
From 0.0% to 4.0% |
|
Non-Interest Expenses |
Non-Interest Expenses |
|
From 3.0% to 6.0% |
From 3.0% to 6.0% |
|
1) Considers USD-BRL rate at R$ 3.50 in Dec-17; |
The Company also informs that currently expects that the financial margin with the market will be between R$5.5 billion and R$6.5 billion and the effective Income Tax and Social Contribution will be between 30% and 32% in 2017. It is noteworthy mentioning that the Company currently considers, for management purpose, a cost of capital from 14.0% to 15.0% p.y..
MARCELO KOPEL
Investor Relations Officer
Attachment
Managerial Income Statement - Consolidated |
||||
In R$ millions |
2016 |
2015 |
change |
|
Managerial Financial Margin |
72,121 |
71,442 |
679 |
0.9% |
Financial Margin with Clients |
65,122 |
64,465 |
657 |
1.0% |
Financial Margin with the Market |
6,999 |
6,977 |
22 |
0.3% |
Cost of Credit |
(25,480) |
(19,804) |
(5,676) |
28.7% |
Provision for Loan Losses |
(26,152) |
(23,844) |
(2,308) |
9.7% |
Impairment |
(1,882) |
(85) |
(1,797) |
- |
Discounts Granted |
(1,211) |
(746) |
(465) |
62.2% |
Recovery of Loans Written Off as Losses |
3,765 |
4,871 |
(1,106) |
-22.7% |
Net Result from Financial Operations |
46,640 |
51,637 |
(4,997) |
-9.7% |
Other Operating Income/(Expenses) |
(15,876) |
(15,007) |
(868) |
5.8% |
Commissions and Fees |
30,952 |
29,278 |
1,674 |
5.7% |
Result from Insurance, Pension Plan and Premium Bonds Operations |
6,263 |
6,196 |
66 |
1.1% |
Non-interest Expenses |
(46,625) |
(44,426) |
(2,199) |
4.9% |
Tax Expenses for ISS, PIS, Cofins and Other Taxes |
(6,466) |
(6,056) |
(410) |
6.8% |
Income before Tax and Minority Interests |
30,765 |
36,630 |
(5,865) |
-16.0% |
Income Tax and Social Contribution |
(8,540) |
11,287) |
2,748 |
-24.3% |
Minority Interests in Subsidiaries |
(75) |
(1,527) |
1,451 |
-95.1% |
Recurring Net Income |
(22,150) |
23,816 |
(1,666) |
-7.0% |
SOURCE Itaú Unibanco Holding S.A.
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