Itau Unibanco Holding S.A. Files 20-F for Fiscal Year 2023

TL;DR

<b>Itau Unibanco Holding S.A. has submitted its 2023 annual report on Form 20-F.</b>

AI Summary

Itau Unibanco Holding S.A. (ITUB) filed a Foreign Annual Report (20-F) with the SEC on April 29, 2024. Itau Unibanco Holding S.A. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is located at PC. ALFREDO EGYDIO DE SOUZA ARANHA, 100, SAO PAULO. Itau Unibanco Holding S.A. was formerly known as Itau Unibanco Banco Multiplo S.A., with a name change effective February 26, 2009. The SIC code for the company is 6022, classified under State Commercial Banks.

Why It Matters

For investors and stakeholders tracking Itau Unibanco Holding S.A., this filing contains several important signals. This filing provides a comprehensive overview of Itau Unibanco's financial performance and business operations for the fiscal year 2023, crucial for investors and stakeholders to assess the bank's health and strategic direction. As a major financial institution, Itau Unibanco's 20-F filing offers insights into the Brazilian banking sector and its performance within the broader economic landscape.

Risk Assessment

Risk Level: low — Itau Unibanco Holding S.A. shows low risk based on this filing. The risk is low as this is a standard annual filing for a publicly traded company, providing routine financial and operational information.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F to understand Itau Unibanco's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-04-29 — Filing Date (Filed as of Date)
• 6022 — SIC Code (Standard Industrial Classification)
• 001-15276 — SEC File Number (SEC File Number)

Key Players & Entities

• Itau Unibanco Holding S.A. (company) — Filer name
• Itau Unibanco Banco Multiplo S.A. (company) — Former company name
• BANCO ITAU HOLDING FINANCEIRA S A (company) — Former company name
• BANCO ITAU SA (company) — Former company name
• SAO PAULO (location) — Business address city

FAQ

Industry Context

Itau Unibanco Holding S.A. operates within the commercial banking sector, a critical component of Brazil's financial industry.

Regulatory Implications

As a foreign private issuer, Itau Unibanco is subject to SEC regulations, including the filing of annual reports on Form 20-F.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Review any disclosed risk factors to understand potential challenges.
3. Examine executive compensation details if available in the full filing.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-04-29: Filing Date — Date the 20-F form was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual report for fiscal year 2023, following previous filings which would have covered prior periods.

Filing Documents

• itubform20f_2023.htm (20-F) — 12222KB
• ex02-d.htm (EX-2.D) — 62KB
• ex12-1.htm (EX-12.1) — 7KB
• ex12-2.htm (EX-12.2) — 7KB
• ex13.htm (EX-13) — 4KB
• form_001.jpg (GRAPHIC) — 271KB
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• form_012.jpg (GRAPHIC) — 167KB
• form_013.jpg (GRAPHIC) — 345KB
• form_014.jpg (GRAPHIC) — 353KB
• form_015.jpg (GRAPHIC) — 166KB
• form_016.jpg (GRAPHIC) — 554KB
• form_017.jpg (GRAPHIC) — 774KB
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• form_020.jpg (GRAPHIC) — 40KB
• form_021.jpg (GRAPHIC) — 21KB
• form_022.jpg (GRAPHIC) — 855KB
• form_023.jpg (GRAPHIC) — 58KB
• 0001292814-24-001692.txt (&nbsp;) — 61766KB
• itub-20231231.xsd (EX-101.SCH) — 385KB
• itub-20231231_cal.xml (EX-101.CAL) — 110KB
• itub-20231231_def.xml (EX-101.DEF) — 1406KB
• itub-20231231_lab.xml (EX-101.LAB) — 1443KB
• itub-20231231_pre.xml (EX-101.PRE) — 1551KB
• itubform20f_2023_htm.xml (XML) — 14387KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Audit Firm Id: 1351 Auditor Name: PricewaterhouseCoopers Auditores Independentes Ltda. Auditor Location: So Paulo, Brasil Table of Contents Certain Terms and Conventions 1

Forward-Looking Statements

Forward-Looking Statements 2 Presentation of Financial and Other Information 3 Effect of Rounding 3 Market and Industry Data 3 About our Financial Information 3 PART I 4 ITEM 1 . IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS 4 ITEM 2 . OFFER STATISTICS AND EXPECTED TIMETABLE 4 ITEM 3 . KEY INFORMATION 4 3A. [RESERVED] 4 3B. Capitalization and Indebtedness 4 3C. Reasons for the Offer and Use of Proceeds 4 3D.

Risk Factors

Risk Factors 4 ITEM 4 . INFORMATION ON THE COMPANY 21 4A. History and Development of the Company 21 4B. Business Overview 24 4C. Organizational Structure 90 4D. Property, Plant and Equipment 90 ITEM 4A. UNRESOLVED STAFF COMMENTS 91 ITEM 5 . OPERATING AND FINANCIAL REVIEW AND PROSPECTS 91 5A. Operating Results 91 5B. Liquidity and Capital Resources 114 5C. Research and Development, Patents and Licenses, Etc. 122 5D. Trend Information 122 5E. Critical Accounting Estimates 122 ITEM 6 . DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 122 6A. Directors and Senior Management 122 6B. Compensation 143 6C. Board Practices 153 6D. Employees 156 6E. Share Ownership 157 6F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 157 ITEM 7 . MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 157 7A. Major Shareholders 157 7B. Related Party Transactions 158 7C. Interests of Experts and Counsel 158 ITEM 8 . FINANCIAL INFORMATION 159 8A. Consolidated Statements and Other Financial Information 159 8B. Significant Changes 161 ITEM 9 . THE OFFER AND LISTING 161 9A. Offer and Listing Details 161 9B. Plan of Distribution 162 9C. Markets 162 9D. Selling Shareholders 163 9E.

Dilution

Dilution 163 9F. Expenses of the Issue 163 ITEM 10 . ADDITIONAL INFORMATION 164 10A. Share Capital 164 10B. Memorandum and Articles of Association 164 10C. Material Contracts 170 10D. Exchange Controls 170 10E. Taxation 171 10F. Dividends and Paying Agents 178 10G. 178 10H. Documents on Display 178 10I. Subsidiary Information 178 10J. Annual Report to Security Holders 178 ITEM 11 . QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 178 ITEM 12 .

DESCRIPTION OF SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 183 12A. Debt Securities 183 12B. Warrants and Rights 183 12C. Other Securities 183 12D. American Depositary Shares 183 PART II 185 ITEM 13 . DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 185 ITEM 14 . MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 185 ITEM 15 .

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 185 15A. Disclosure Controls and Procedures 185 15B. Management's Annual Report on Internal Control Over Financial Reporting 185 15C. Attestation Report of the Independent Registered Public Accounting Firm 185 15D. Changes in Internal Control Over Financial Reporting 185 ITEM 16 . [RESERVED] 186 16A. Audit Committee Financial Expert 186 16B. Code of Ethics and Conduct 186 16C. Principal Accountant Fees and Services 186 16D. Exemptions from the Listing Standards for Audit Committees 187 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 187 16F. Change in Registrant's Certifying Accountant 188 16G. Corporate Governance 188 16H. Mine Safety Disclosure 190 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 190 16J. Insider Trading Policies 190 16K. Cybersecurity 190 PART III 191 ITEM 17 .

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 191 ITEM 18 .

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 191 ITEM 19 . EXHIBITS 191 Table of Contents INTRODUCTION Certain Terms and Conventions All references in this annual report to (i) " Ita Unibanco Holding ," " Ita Unibanco Group ," " we ," " us " or " our " are references to Ita Unibanco Holding S.A. and its consolidated subsidiaries and affiliates, except where specified or differently 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 references to our authorized and outstanding common shares with no par value. All references to " ADSs " are to American Depositary Shares, each representing one preferred share, without par value. The ADSs are evidenced by American Depositary Receipts, or " ADRs ," issued by The Bank of New York Mellon, or BNY Mellon. All references herein to the " real ," " reais " or " R$ " are to the Brazilian real, the official currency of Brazil. All references to " US$ ," " dollars " or " U.S. dollars " are to United States dollars. Additionally, unless specified or the context indicates otherwise, the following definitions apply throughout this annual report: " Ita Unibanco " means Ita Unibanco S.A., together with its consolidated subsidiaries; " Ita BBA " means Banco Ita BBA S.A., together with its consolidated subsidiaries; " Central Bank " means the Central Bank of Brazil; " CLP " means the Chilean peso, the official currency of Chile; " CMN " means the Brazilian National Monetary Council; and " CVM " means the Securities and Exchange Commission of Brazil. Additionally, acronyms used repeatedly, defined and technical terms, specific market expressions and the full names of our main subsidiaries and other entities referenced in this annual report are explained or detailed in the section entitled "Glossary"

Forward-Looking Statements

Forward-Looking Statements This annual report contains statements that are or may constitute forward-looking statements within the meaning of Section 27A of the U.S Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or Exchange Act. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting our business. These forward-looking Political instability in Brazil, including developments and the perception of risks in connection with the Brazilian elected government, as well as ongoing corruption and other investigations and increasing fractious relations and infighting within the administration of the Brazilian government, as well as policies and potential changes to address these matters or otherwise, including economic and fiscal reforms, any of which may negatively affect growth prospects in the Brazilian economy as a whole; General economic, political, and business conditions in Brazil and variations in inflation indices, interest rates, foreign exchange rates, and the performance of financial markets in Brazil and the other markets in which we operate; Global economic and political conditions, as well as geopolitical instability, in particular in the countries where we operate, including in relation to the United States, the Russian invasion of Ukraine and the Israel – Hamas conflict; Changes in laws or regulations, including in respect of tax matters, compulsory deposits and reserve requirements, that adversely affect our business; The effect of any changes in tax law, tax reforms or review of the tax treatment on our activities, our operations and profitability; Disruptions and volatility in the global financial markets; Costs and availability of funding; Failure or hacking of our securit

[RESERVED]

ITEM 3A. [RESERVED] 3B. Capitalization and Indebtedness Not applicable. 3C. Reasons for the Offer and Use of Proceeds Not applicable. 3D. Risk Factors This section addresses the risks we consider material to our business and an investment in our securities. Should any of the following risks actually occur, our business and financial condition, as well as the value of any investments made in our securities, will be adversely affected. Accordingly, investors should carefully assess the risk factors described below and the information disclosed in this annual report before making an investment decision. The risks described below are those that we currently believe may adversely affect us. Other risks that we do not presently consider material, emerging risks or risks not currently known to us may also adversely affect us. Summary of Risk Factors Macroeconomic and Geopolitical Risks Changes in macroeconomic and geopolitical conditions may adversely affect us. Developments and the perception of risk of other countries may adversely affect the Brazilian economy and the market price of Brazilian securities. The Brazilian government has exercised, and continues to exercise, influence over the Brazilian economy. This influence, as well as Brazilian political and economic conditions, may adversely affect us. Inflation and fluctuation in interest rates could have a material adverse effect on our business, financial condition and results of operations. Political instability in Brazil may adversely affect us. Exchange rate instability may adversely affect the Brazilian economy and, as a result, us. Any downgrading of Brazil's credit rating may adversely affect us. Communicable Diseases The outbreak of communicable diseases around the world has led and may continue to lead to higher volatility in the global capital markets, adversely affecting the trading price of our shares. Regulatory, Compliance and Legal We are subject to regulation on a con

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View this 20-F filing on SEC EDGAR