Itau Unibanco Holding S.A 6-K, filed May 5, 2020
Itau Unibanco Holding S.A. (ITUB)
About this 6-K
Itau Unibanco Holding S.A filed this 6-K on May 5, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May, 2020
Commission File Number: 001-15276
Itaú Unibanco Holding S.A.
(Exact name of registrant as specified in its charter)
Itaú Unibanco Holding S.A.
(Translation of Registrant’s Name into English)
Praça Alfredo Egydio de Souza Aranha, 100-Torre Conceicao
CEP 04344-902 São Paulo, SP, Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82–
EXHIBIT INDEX
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99.1 |
Announcement to the Market |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 5, 2020.
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Itaú Unibanco Holding S.A |
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By: |
/s/ Alexsandro Broedel |
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Name: |
Alexsandro Broedel |
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Title: |
Group Executive Finance Director and Head of Investor Relations |
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By: |
/s/ Milton Maluhy Filho |
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Name: |
Milton Maluhy Filho |
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Title: |
Chief Financial Officer |
1
Exhibit 99.1
Announcement to the Market
Disclosure of results for the first quarter of 2020, according to International Financial
Reporting Standards – IFRS
We present below the differences between our financial statements in BRGAAP and in International
Financial Reporting Standards – IFRS.
As from January 1st, 2018, IFRS 9 came into effect, the accounting standard that replaces IAS 39 in the
treatment of Financial Instruments. The new standard is structured to encompass the pillars of
classification, measurement of financial assets and impairment and was applied retrospectively by Itaú
Unibanco Holding.
The complete consolidated financial statements under IFRS for the first quarter of 2020 are available at
our website: www.itau.com.br/investor-relations.
Comparison between BRGAAP1 and IFRS
R$ million
BRGAAPAdjustments and
Reclassifications
2IFRSBRGAAPAdjustments and
Reclassifications
2IFRSMar/31/2020Dec/31/2019Total Assets1,982,498 (134,396) 1,848,102 1,738,713 (101,232) 1,637,481
Cash, Compulsory Deposits and Financial Assets At Amortized Cost 3 4 61,350,019 (42,131) 1,307,888 1,164,753 3,535 1,168,288
(-) Provision for Expected Loss at Amortized Cost 5(46,240) 3,493 (42,747) (38,888) 2,859 (36,029)
Financial Assets at Fair Value Through Other Comprehensive Income 4165,603 (81,534) 84,069 166,676 (89,930) 76,746
(-) Expected Loss at Fair Value Through Other Comprehensive Income 5(2,942) 2,809 (133) (3,162) 3,076 (86)
Financial Assets at Fair Value Through Profit or Loss 4389,955 (19,047) 370,908 345,677 (22,748) 322,929
Tax Assets 773,096 (7,119) 65,977 56,835 (7,875) 48,960
Investments in Associates and Joint Ventures, Goodwill, Fixed Assets,
Intangible Assets, Assets Held for Sale and Other Assets
53,007 9,133 62,140 46,822 9,851 56,673
Total Liabilities1,847,233 (142,648) 1,704,585 1,595,865 (107,849) 1,488,016
Financial Assets at Amortized Cost 3 61,476,139 (140,568) 1,335,571 1,265,471 (105,641) 1,159,830
Financial Assets at Fair Value Through Profit or Loss 488,079 220 88,299 48,008 21 48,029
Provision for Expected Loss (Loan Commitments and Financial Guarantees) 5944 3,747 4,691 959 3,181 4,140
Provision for Insurance and Pension Plan 211,113 1,118 212,231 217,216 1,118 218,334
Provisions20,217 - 20,217 21,454 - 21,454
Tax Liabilities 710,248 (4,347) 5,901 13,870 (5,979) 7,891
Other Liabilities40,493 (2,818) 37,675 28,887 (549) 28,338
Total Stockholders' Equity135,265 8,252 143,517 142,848 6,617 149,465
Non-controlling Interests11,641 2,068 13,709 10,861 1,679 12,540
Total Controlling Stockholders' Equity 8123,624 6,184 129,808 131,987 4,938 136,925
Balance Sheet
1 BRGAAP represents accounting practices in force in Brazil for financial institutions, according to regulation of the Central Bank of Brazil;
2 Resulted from reclassification of assets and liabilities and other effects from the adoption of IFRS;
3 Resulted from the elimination of transactions between parent company and exclusive funds (particularly PGBL and VGBL funds), which are consolidated under IFRS;
4 Refer to reclassification of financial assets between measurement categories at fair value and amortized cost;
5 Application of criterion for calculation of Expected Loss as set forth by IFRS;
6 Difference in accounting, particularly from Foreign Exchange Portfolio, which are now be presented as net effect between Assets and Liabilities;
7 Difference in accounting, particularly deffered taxes, which are now accounted for as net effect between Assets and Liabilities in each one of the consolidated companies;
8 Reconciliation of Controlling Stockholders' Equity is presented in the following table.
Below is the reconciliation of Results to Stockholders’ Equity, with the conceptual description of major adjustments.
R$ million
Stockholders
Equity *
Mar/31/20201st Q/204th Q/191st Q/19BRGAAP - Values Attributable to Controlling Stockholders123,624 3,401 7,482 6,710
(a) Expected Loss - Loan and Lease Operations and Other Financial Assets1,580 (136) 1,569 (74)
(b) Adjustment to Fair Value of Financial Assets(654) (126) (250) 125
(c) Acquisition of Interest in Porto Seguro Itaú Unibanco Participações S.A.438 (1) (1) (1)
(d) Criteria for Write-Off of Financial Assets 1,906 (21) (36) (39)
(e) Financial Lease Operations156 (37) (61) (36)
(f) Other adjustments2,758 379 (29) 62
IFRS - Values Attributable to Controlling Stockholders 129,808 3,459 8,674 6,747
IFRS - Values Attributable to Minority Stockholders 13,709 219 41 156
IFRS - Values Attributable to Controlling Stockholders and Minority Stockholders 143,517 3,678 8,715 6,903
* Events net of tax effects
ReconciliationResult *
Differences between IFRS and BRGAAP Financial Statements9 More details in the Complete Financial Statements for the first quarter of 2020.
(f) Other Adjustments is mainly composed of reversal of Amortizations of Goodwill under BRGAAP.
(a) In the adoption of IFRS 9, there was a change in the calculation model of incurred loss (IAS 39) to expected loss, considering forward-looking information. On BRGAAP, the
concept of Expected Loss is used, pursuant to BACEN Resolution No. 2,682/99.9(b) Under IFRS, stocks and quotas classified as permanent investments were measured at fair value and its gains and losses were recorded directly in Result. Additionally, there
was a change in the model of classification and measurement of financial assets due to the new categories introduced by IFRS 9.
(c) Under IFRS, the effect of accounting at fair value of the acquisition of interest in Porto Seguro Itaú Unibanco Participações S.A. was recognized.
(d) Criterion for write-off of financial assets on IFRS considers the recovery expectative.
(e) Under IFRS (IAS 17) the financial lease operations are recorded as Fixed Assets, as a contra-entry of Other Financial Liabilities. Under BRGAAP, as from September 30th,
2015, the consideration of these transactions are now recorded in result, in accordance with CMN Resolution No. 3,617/08.
For comparison purposes, we present on the table below the Result and Recurring Result in IFRS and BRGAAP.
R$ million
Recurring ResultBRGAAPIFRSVariationBRGAAPIFRSVariationResult - Attributable to Controlling Stockholders 3,401 3,459 58 6,710 6,747 37
Exclusion of the Non-Recurring Events (510) (324) (186) (167) - (167)
Goodwill Amortization (186) - (186) (167) - (167)
Mark to Market of Collateralized Securities (307) (307) - - - -
Others (18) (18) - - - -
Recurring Result - Attributable to Controlling Stockholders3,912 3,784 (128) 6,877 6,747 (130)
1st Q/191st Q/20
The tables in this report show the figures in million. Variations and summations, however, were calculated in units.
São Paulo, May 4th, 2020.
Alexsandro Broedel
Group Executive Finance Director and Head of Investor Relations