Ccall 2 q11_ing

Conference Call about
2nd Quarter 2011 Earnings
Results
Alfredo Egydio Setubal
Investor Relations Officer Aug | 03 | 2011
Itaú Unibanco Holding S.A.

1. Results:
 Net income was R$ 3.6 billion in the second quarter (22.2% ROE), an increase of 2.1% from the first quarter of 2011.
Recurring net income reached R$ 3.3 billion in the second quarter of 2011 (20.4% ROE), a decrease of 8.8% from the prior quarter.
 In the first half of 2011, the recurring net income reached R$ 7.0 billion (21.9% ROE), an increase of 7.6% compared to the first half
of 2010. Net income was R$ 7.1 billion in the first half of this year (22.4% ROE).
2. Loan Portfolio Growth:
 The loan portfolio totaled R$ 360.1 billion in the second quarter of 2011, a 4.4% increase quarter-on-quarter and 22.3% from June,
2010.
3. Financial Margin with Clients:
 Managerial financial margin with clients grew 4.3% in the quarter, in line with portfolio growth, and NIM with clients slightly declined
in the quarter (10 bps) but grew in performing credits (30 bps). Other effects in the margin indicate stability in the mix during the
semester and a decrease in the importance of older vintages amid larger spreads in the origination.
 Financial margin with the market totaled R$ 0.7 billion, 26.2% lower than in the first quarter, particularly because of proprietary
positions.
Jun 30, 11 Mar 31, 11 Dec 31, 10 Jun 30, 10
jun/11 -
mar/11
jun/11 -
dec/10
jun/11 -
jun/10
Individuals 135,942 128,696 125,079 112,039 5.6% 8.7% 21.3%
Companies 208,668 201,453 193,951 169,757 3.6% 7.6% 22.9%
Argentina/Chile/Uruguay/Paraguay 15,497 14,706 14,397 12,555 5.4% 7.6% 23.4%
Total with endorsements and sureties 360,107 344,855 333,427 294,350 4.4% 8.0% 22.3%
Variation
Highlights
R$ million

Highlights
4. NPL and Result of Loan Losses:
 The balance of provisions for loan and lease losses increased by 6.9%, therefore, higher than the loan portfolio. Expenses for loan
and lease losses increased 16.6% and reached R$ 5.1 billion. This growth is due to the increase in the regulatory portion of the
provision, as a consequence of the number of days in delay of payments from clients, according to CMN resolution 2682/99,
particularly by very small and small companies.
 The 90 days delinquency ratio increased 30 basis points to 4.5% on June 30, 2011. However, it is still lower than the ratio of 1 year
ago (4.6%), by 10 basis point. Short-term delinquency rate, which is measured by the 31 to 90 days ratio, declined by 20 basis points
in the quarter to reach at 2.7% of the loan portfolio. The balance of the Complementary Allowance for Loan Losses remained stable at
R$ 5.1 billion this quarter, despite the 4.4% growth in the loan portfolio.
5. Banking Service Fees:
 Grew 4.6% in the second quarter and 11.1% in the first semester compared to the same period of last year.
6. Non-Interest Expensese and Efficiency Ratio:
 The non-interest expenses increased 3.7% compared to the prior quarter, to reach R$ 8.0 billion, confirming a trend of deceleration.
They grew 11.7% over the 2ndQ10 against a growth of 18.1% recorded in the 1stQ11 versus 1stQ10 and accumulated a 14.7% growth
in the current year over the same period of last year.
 The efficiency ratio reached 48.3% in the quarter, mainly due to the decrease in net interest income with the market. The
improvement of the efficiency ratio can be observed by comparing the six month period ended in June, 2011 (48.0%) with the
efficiency ratio of 2010 (49.1%).

1. Credit growth: 16%–20% (*)
(*) Does not include endorsements and sureties.
2. A Slight Increase in NPL Levels
4. Non-Interest Expenses growth: 10%–13%
3. Banking Services Fees growth: 14–16%
5. A 250 Basis Points Improvement in
the Efficiency Ratio
Current (Revised)
1. Reiterate credit growth: 16%–20% (*)
2. A Slight increase in NPL from current levels
3. Reiterate Banking Services Fees growth: 14–16%
4. Non-Interest Expenses growth: 8%–10%
5. Reiterate a 250 Basis Points Improvement in
the Efficiency Ratio
Original
7. Expectations for 2011:
Highlights

16,278 17,544 17,985
31,978
35,529
2ndQ/10 1stQ/11 2ndQ/11 1stH/10 1stH/11
(3,004) (3,173)
(3,715)
(5,980)
(6,888)
3,298 3,638 3,317
6,466
6,955
(7,138) (7,686) (7,971)
(13,645)
(15,657)
R$ million
+2.5%
+14.7%
+11.1%
+7.6%
+15.2%
+10.5%
+3.7%
+11.7%
-8.8%
+0.6%
+17.1%
+23.7%
Highlights
Recurring Net Income
Result from Loan Losses
(Provision for Loan and Lease Losses net of Recovery of Credits Written Off as Losses)
Non-interest Expenses
(Personnel Expenses and Other Administrative, Operating and Tax Expenses)
Managerial Financial Margin Plus Banking Service Fees
(Financial Margin, Banking Service Fees, Result from Op. of Insurance, Pension Plans and
Capitalization before Retained Claims and Other Income)

0.67
0.79
0.50
0.71 0.71
0.70
0.86
0.78
0.75
0.700.60
0.80
0.62
0.73
0.70
0.73
3rdQ/09 4thQ/09 1stQ/10 2ndQ/10 3rdQ/10 4thQ/10 1stQ/11 2ndQ/11
4,024 4,204 4,379 4,493 4,467 4,672
8,228
9,140
1stQ/10 2ndQ/10 3rdQ/10 4thQ/10 1stQ/11 2ndQ/11 1stH/11 1stH/10
R$
Recurring EPSEPS
25.726.0
25.525.3
26.3
25.825.6
25.7
- 70
bps-10
bps
- 250
bps
- 300
bps
- 400
bps
- 100
bps
Net Interest Margin (with Clients) Banking Fees Revenues
Recurring ROE (average) Earnings Per Share (1)
(1) The number of shares outstanding was adjusted to reflect the 10% share bonus that occurred
on August 28, 2009.
Obs.: The financial statements from the first quarter of 2011 and prior quarters, for comparability purposes, have been adjusted by the non consolidation of Porto Seguro (previously consolidated
at 30%) and by the proportional consolidation of FIC at 50% (previously consolidated at 100%), without impact on net income.
Highlights
Participation over Operating Revenues (in %)
+4.6%
+11.1%
R$ thousand
12.1%
12.6%
12.2% 12.2%
11.7% 11.6%
12.3%
11.6%
24.4% 24.4%
20.4%
21.9%
22.5%
23.0% 23.4%
24.4%

Net Interest Margin
12.1%
12.6%
12.2%
11.7% 11.6%
12.2% 12.5% 12.2%
8.2% 8.2%
7.4%
8.7%
7.8%
8.2%
9.3%
8.7%
NIM with clients NIM with clients after Provision of Credit Risk

9,857
11,249
9,238
9,792
10,000
10,820
10,928
10,78910,817
10,143
9,204
1st Q/10 2nd Q/10 3rd Q/10 4th Q/10 1st Q/11 2nd Q/11
Financial Margin with Clients – Credit Mix Adjusted to June, 2011, breakdown
Financial Margin with Clients
25.7% 26.2% 26.6% 27.1% 27.2% 27.2%
26.6% 26.6% 26.8% 26.0% 25.9% 25.4%
21.6% 21.1% 20.7% 20.4% 19.7% 19.0%
10.8% 10.8% 10.5% 11.2% 10.8% 10.9%
6.4% 6.3% 6.1% 5.8% 6.5% 7.1%
9.0% 9.1% 9.4% 9.5% 9.9% 10.5%
mar/10 jun/10 sep/10 dec/10 mar/11 jun/11
Very Small, Small and Middle Market Corporate Vehicles Credit Card Personal Loans Other
Evolution of the Credit Portfolio Mix (*) Simulation of a Constant Mix in the Loan Portfolio
Analysis of Financial Margin
(*) excluding endorsements and sureties
(A) NIM in Performing Credits:
The NIM in performing credits reached 11.3% in the quarter, a 30 basis point increase quarter-on-quarter;
(B) Portfolio Credit Mix:
The portfolio credit mix contributed positively for the financial margin in the quarter but it was neutral for the
accumulated result of the year.
R$ million

36.4%
11.4%14.5%
10.7%11.8%
9.8%
36.9%
8.4%
6.6%
12.0%
5.6%
4.6%
25.7%
12.4%
9.9%25.5%
13.7% 10.6%
261,657 303,656 316,964
33.7%
Jun/10 Mar/11 Jun/11
2nd Q/11 1st Q/11 4th Q/10 3rd Q/10 2nd Q/10 1st Q/10 2009 Other
(C) Profile of the portfolio of credit by origination period:
Older vintages, which had higher spreads, lost relevance compared to the most recent ones, with higher spreads than
those observed in 2010.
R$ million
2010
2011
31.7%
47.8%
Analysis of Financial Margin

792,500
778,472
750,340
647,485
Jun 30, 11Mar 31, 11Dec 31, 10Jun 30, 10
66,083
63,731
60,879
55,074
Jun 30, 11Mar 31, 11Dec 31, 10Jun 30, 10
822,584810,408
784,512
714,869
Jun 30, 11Mar 31, 11Dec 31, 10Jun 30, 10
Highlights
Assets Stockholders' Equity
Loan Portfolio (Includes Endorsements and Sureties)
360,107344,855333,427
294,350
Jun 30, 11Mar 31, 11Dec 31, 10Jun 30, 10
R$ million
+ 22.4%
+ 1.8%
+ 5.6% + 20.0%
+ 3.7%
+ 8.5%
+ 22.3%
+ 4.4%
+ 8.0%
+ 15.1%
+ 4.9%
+ 1.5%
Total Funding with Clients (includes AUA)

2ndQ/11 1stQ/11
2ndQ/11 -
1stQ/11
1stH/11 1stH/10
1stH/11 -
1stH/10
Operating Revenues 17,985 17,544 2.5% 35,529 31,978 11.1%
Financial Margin with Clients 11,249 10,789 4.3% 22,038 19,061 15.6%
Financial Margin with Market 690 935 -26.2% 1,625 1,909 -14.9%
Banking Service Fees and Income from Banking Charges 4,672 4,467 4.6% 9,140 8,228 11.1%
Result from Insurance, Pension Plans and Capit. Operations before
Retained Claims and Selling Expenses
1,279 1,224 4.5% 2,503 2,459 1.8%
Other Operating Income 95 128 -26.0% 223 321 -30.6%
Loan Losses and Retained Claims (4,118) (3,575) 15.2% (7,693) (6,833) 12.6%
Expense for Allowance for Loan Losses (5,107) (4,380) 16.6% (9,487) (7,765) 22.2%
Recovery of Credits Written Off as Losses 1,393 1,207 15.4% 2,600 1,785 45.7%
Retained Claims (403) (402) 0.4% (805) (853) -5.6%
Other Operating Income/(Expenses) (10,550) (10,331) 2.1% (20,881) (18,680) 11.8%
Non-interest Expenses (7,971) (7,686) 3.7% (15,657) (13,645) 14.7%
Tax Expenses for ISS, PIS, Cofins and Other Taxes (983) (935) 5.1% (1,918) (1,780) 7.7%
Other Results (*) (1,596) (1,711) -6.7% (3,307) (3,255) 1.6%
Recurring Net Income 3,317 3,638 -8.8% 6,955 6,466 7.6%
Non-recurring Events 286 (108) -364.0% 178 (66) -368.3%
Net Income 3,603 3,530 2.1% 7,133 6,399 11.5%
Results
R$ million
(*) Other results is composed by equity in earnings of affiliates and other investments, non operating income, selling expenses, income tax and social contribution, profit sharing (officers) and minority
interest in subsidiaries.

Loans by Type of Client
Variation
Jun 30, 11 Mar 31, 11 Dec 31, 10 Jun 30, 10
jun/11 -
mar/11
jun/11 -
dec/10
jun/11 -
jun/10
Individuals 135,942 128,696 125,079 112,039 5.6% 8.7% 21.3%
Credit Card 34,555 32,736 33,030 28,141 5.6% 4.6% 22.8%
Personal Loans 30,262 26,825 23,864 22,463 12.8% 26.8% 34.7%
Vehicles 60,141 59,858 60,118 55,092 0.5% 0.0% 9.2%
Mortgage Loans 10,984 9,276 8,067 6,342 18.4% 36.2% 73.2%
Companies 208,668 201,453 193,951 169,757 3.6% 7.6% 22.9%
Corporate 118,958 115,407 110,793 98,643 3.1% 7.4% 20.6%
Very Small, Small and Middle Market (*) 89,710 86,046 83,158 71,114 4.3% 7.9% 26.2%
Argentina/Chile/Uruguay/Paraguay 15,497 14,706 14,397 12,555 5.4% 7.6% 23.4%
Total with endorsements and sureties 360,107 344,855 333,427 294,350 4.4% 8.0% 22.3%
Total Retail (**) 225,652 214,741 208,237 183,152 5.1% 8.4% 23.2%
Corporate - Total Risk (***) 134,182 130,636 126,391 109,655 2.7% 6.2% 22.4%
Endorsements and Sureties 43,144 41,199 38,374 32,694 4.7% 12.4% 32.0%
Individuals 237 225 252 189 5.1% -6.1% 25.1%
Corporate 38,429 36,737 34,111 29,135 4.6% 12.7% 31.9%
Very Small, Small and Middle Market 3,653 3,318 3,123 2,577 10.1% 17.0% 41.8%
Argentina/Chile/Uruguay/Paraguay 825 918 888 792 -10.1% -7.1% 4.1%
(*) Includes rural loans from individuals.
(**) Includes all individuals products and very small, small and middle market companies.
(***) Includes private bonds (debentures, CRI and commercial paper). Without considering the exchange rate variation, the growth would have been 3.6% in relation to Mar 31, 11, and 25.7% in relation to
Jun 30, 10.
Note: The acquired payroll credit portfolio is considered as corporate risk. Mortgage loans and rural loans portfolios from the businesses segment are allocated according to the client’s size.
R$ million

1.5%
2.7%
4.2% 4.1%
1.9%
1.5% 1.3%
1.6%
1.3% 1.4% 1.2%
1.8%
3.4%
2.9%
2.7%
2.9%
2.6% 2.4% 2.3%
2.9%
5.3%
4.7%
4.3% 4.5%
4.2%
3.7% 3.7%
Jun/09 Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11
4.2%
4.5%
5.7% 5.8%
3.1%
4.1% 4.0%
3.3% 3.2%
2.8% 2.9% 3.1%
3.5%
5.3%
5.9%
5.6%
4.8%
4.6%
4.2% 4.2%
8.1% 8.0%
7.4%
6.7%
6.3%
6.0% 5.8%
Jun/09 Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11
Credit Ratios
NPL Ratio (90 days) NPL Ratio (31 to 90 days)
Balance of Allowance for Loan Losses Coverage ratio (*) – 90 days
Individuals Total Companies Individuals Total Companies
R$ million
17,964 18,716
6,477
6,104 6,104
6,104 6,104 6,104 4,531 5,058
5,058
22,915
24,068 24,052
22,872 22,623 22,018 22,239
23,775
17,948
16,438 16,519 16,914 17,487 17,18116,768
23,018
2ndQ/09 3rdQ/09 4thQ/09 1stQ/10 2ndQ/10 3rdQ/10 4thQ/10 1stQ/11 2ndQ/11
Balance of Allowance for Loan Losses – 2,682/99 Res. CMN
Complementary Allow. for Loan Losses — expected loss model
Additional Allow. for Loan Losses — expected loss model + countercyclical provision
166%173%
196%
188%189%
177%173%
184% 177%
jun/11mar/11dec/10sep/10jun/10mar/10dec/09sep/09jun/09
(*) Allowance for Loan Losses / Credits overdue more than 90 days.

10.2% 9.8%
9.1%
8.6% 8.3%
7.5% 7.3% 7.5%
1.8% 1.7% 1.5% 1.5% 1.5% 1.4% 1.5% 1.6%
1.6% 1.3% 1.2% 1.2% 1.1% 0.9% 1.1% 1.2%
Credit Ratios
R$ million
Evolution of Expense for Allowance for Loan Losses
Allowance for Loan Losses
(*) There was a R$ 1.6 billion of additional provision reversal.
(**) Average balance of the two previous quarters.
Expense for Allowance for Loan Losses/ Loan Portfolio (**)
Allowance for loan losses specific + generic + additional/ Loan Portfolio
Exp. for Allow. for Loan Losses net of Recov. of Cred. Writt.Off as Loss / Loan Portfolio (**)
(*)
373
4,669
4,016 3,809 3,955 3,918
4,380
5,107
4,010
Expense for Allowance for Loan Losses Recurring Reversal of Additional Provision

Total Funds
R$ million
Variation
Jun 30, 11 Mar 31, 11 Jun 30, 10
jun/11 -
mar/11
jun/11 -
jun/10
Demand Deposits 23,792 24,724 25,844 -3.8% -7.9%
Savings Deposits 59,982 58,971 51,836 1.7% 15.7%
Time Deposits 114,785 110,473 104,794 3.9% 9.5%
Debentures (Repurchase Agreements) and Mortgage – Backed Notes (*) 115,154 108,495 86,548 6.1% 33.1%
Subtotal 1 – Funding from Account Holders Customers 313,712 302,663 269,022 3.7% 16.6%
Institutional Clients 15,140 17,440 13,583 -13.2% 11.5%
Onlending 34,277 32,868 24,749 4.3% 38.5%
Subtotal 2 – Funding from Institutional & Account Holders Customers 363,130 352,971 307,354 2.9% 18.1%
Assets under Administration 379,392 381,778 344,689 -0.6% 10.1%
Technical Provisions of Insurance, Pension Plans and Capitalization 65,524 62,432 54,253 5.0% 20.8%
Deposits from Banks 2,802 2,913 2,272 -3.8% 23.4%
Funds from Acceptance and Issuance of Securities Abroad 11,736 10,314 6,301 13.8% 86.3%
Total – Funding from Clients 822,584 810,408 714,869 1.5% 15.1%
Repurchase Agreements (**) 95,684 105,042 74,641 -8.9% 28.2%
Borrowings 18,670 18,196 13,256 2.6% 40.8%
Foreign Exchange Portfolio 25,458 27,508 18,793 -7.5% 35.5%
Subordinated Debt 37,210 35,294 28,255 5.4% 31.7%
Collection and Payment of Taxes and Contributions 9,385 4,918 3,738 90.8% 151.1%
Free Assets (***) 58,445 56,095 48,170 4.2% 21.3%
Free Assets and Other 244,853 247,052 186,853 -0.9% 31.0%
Total Funds 1,067,437 1,057,460 901,722 0.9% 18.4%
(*) Real estate, mortgage, financial, credit and similar notes.
(**) Does not include own issued Debentures.
(***) Stockholders´ Equity + Minority- Permanent Assets.

Banking Fees Revenues
2ndQ/11 1stQ/11
2ndQ/11 -
1stQ/11
1stH/11 1stH/10
1stH/11 -
1stH/10
Asset Management 638 636 0.3% 1,275 1,195 6.7%
Current Account Services 598 576 3.9% 1,174 1,169 0.4%
Loan Operations and Guarantees Provided 827 778 6.2% 1,606 1,336 20.2%
Collection Services 301 330 -8.9% 631 639 -1.3%
Credit Cards 1,804 1,691 6.7% 3,496 3,067 14.0%
Other 503 455 10.6% 959 822 16.7%
Total 4,672 4,467 4.6% 9,140 8,228 11.1%
R$ million

102,754 101,640 103,835 105,847 106,879 108,040 109,836 107,546
Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11
Non–Interest Expenses
R$ million
2ndQ/11 1stQ/11
2ndQ/11 -
1stQ/11
1stH/11 1stH/10
1stH/11 -
1stH/10
Personnel Expenses (3,335) (3,243) 2.9% (6,578) (5,896) 11.6%
Administrative Expenses (3,422) (3,260) 5.0% (6,682) (6,120) 9.2%
Operating Expenses (1,129) (1,105) 2.2% (2,234) (1,472) 51.8%
Other Tax Expenses (*) (84) (78) 8.2% (162) (156) 3.3%
Non–Interest Expenses (7,971) (7,686) 3.7% (15,657) (13,645) 14.7%
(*) PIS, Cofins and ISS not included.
Evolution of the Number of Employees
Expectation for 2011: 8%–10% growth

Efficiency Ratio and Risk-Adjusted Efficiency Ratio
48.347.8
51.950.648.045.648.845.7
72.5
69.369.971.470.168.7
74.074.8
46.2
49.6
49.649.148.3
47.1
46.847.2
47.6
70.870.270.171.172.073.575.275.9
47.3
48.0
51.3 49.949.4
46.8
47.3
Quarter E.R. (%) Quarter R.A.E.R. (%)
E.R. Cumulative figure of the last 12 months (%) R.A.E.R. Cumulative figure of the last 12 months (%)
R.A.E.R. Cumulative figure of the last 6 months (%)
Operating Expenses + Other Tax Expenses) + Insurance Selling Expenses
Non-Interest Expenses (Personnel Expenses + Administrative Expenses +
+ Result from Loan Losses + Retained Claims
(Managerial Financial Margin + Banking Service Fees and Banking Charges + Operating Result of Insurance,
Capitalization and Pension Plans before Retained Claims and Insurance Selling Expenses + Other Operating
Income - Tax Expenses for ISS, PIS, Cofins and Other Taxes)
Risk
Adjusted
Efficiency
Ratio
=
Expectation for 2011:
250 bps Decrease

BIS Ratio
Evolution of BIS Ratio, Tier I and Tangible Capital
(Economic Financial Consolidated)
(*) Tangible Common Equity (TCE) ratio is internationally defined as Stockholders’ Equity less intangible assets, goodwill and redeemable preference shares. In Brazil, non-voting shares basically have
an equity function and, for this reason, have not been excluded from Tangible Equity.
(**) Consolidated operation in the concept, the BIS reached 15.8% level adequate by management.
12.1%11.9%11.5%
16.1% 16.1% 16.1% (**)
12.3%
12.7% 12.8%
Jun 30, 11Mar 31, 11Jun 30, 10
BIS Tier I Tangible Capital (*)
An issue of subordinated debt, wich on June 30, 2011 amounted to R$ 2,387 million, is pending approval from the Central Bank of Brazil in
order to comprise the Tier II of Referencial Equity. Should we consider this issue, the Basel ratio would have reached at 16.6%.

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