Ccall 3 q11_ing

Conference Call about
3rd Quarter 2011 Earnings
Results
Alfredo Egydio Setubal
Investor Relations Officer Nov | 03 | 2011
Itaú Unibanco Holding S.A.

Sep 30, 11 Jun 30, 11 Dec 31, 10 Sep 30, 10
Sep/11 -
Jun/11
Sep/11 -
Dec/10
Sep/11 -
Sep/10
Individuals 141,475 135,942 125,079 116,666 4.1% 13.1% 21.3%
Companies 221,660 208,668 193,951 181,115 6.2% 14.3% 22.4%
Argentina/Chile/Uruguay/Paraguay 19,102 15,497 14,397 13,548 23.3% 32.7% 41.0%
Total with endorsements and sureties 382,236 360,107 333,427 311,329 6.1% 14.6% 22.8%
Variation
Highlights
R$ million
1. Results:
Recurring net income reached R$ 3.9 billion in the 3rd
Q/11 (23.5% ROE), an increase of 18.8% from the second quarter. Net
income was R$ 3.8 billion in the third quarter (22.7% ROE), an increase of 5.7% from the prior quarter of 2011.
In 2011, the recurring net income reached R$ 10.9 billion (22.4% ROE), an increase of 13.2% compared to the same period of 2010
and the net income was R$ 10.9 billion (22.5% ROE).
2. Loan Portfolio Growth:
The loan portfolio totaled R$ 382.2 billion on September 30, 2011 a 6.1% increase quarter-on-quarter and 22.8% compared with
September 30, 2010.
Disregarding the exchange rate variation, the increase would have been 3.5% compared to the prior quarter and 21.3% compared to
the same period of 2010.
3. Financial Margin with Clients:
In the third quarter of 2011, managerial financial margin with clients totaled R$ 11.8 billion, an increase of 5.3% from the prior
quarter, higher than the growth of the credit portfolio disregarding the exchange rate variation, and 16.6% compared with the third
quarter of 2010.
Financial margin with the market totaled R$ 1.1 billion, growing R$ 446 million, particularly because of proprietary positions
(including R$151 million from the result of the sale of 6.4 million CETIP shares).

Highlights
4. Nonperfoming Loans and Result of Loan and Lease Losses:
The expenses with provisions for loan and lease losses reached R$ 4.97 billion in the third quarter of 2011, R$136 million less than in the
prior quarter, primarily due to the anticipation of provisions created by the expected loss model on the prior quarters, and to the current level of
allowances considering the evolution of the risk profile of our portfolio.
The 90-day delinquency ratio increased 20 basis points to 4.7% on September 30, 2011. Short-term delinquency rate (31 to 90 days),
declined 10 basis points in the quarter to 2.6% of the loan portfolio. Disregarding the exchange rate variation observed in the quarter, the 90 – day
NPL would have reached 4.8% and the short-term delinquency rate would have remained stable.
4. Efficiency Ratio:
Efficiency ratio reached 47.5% in the third quarter, decreasing 80 basis points compared to the prior quarter. This improvement on the quarter
was due to an increase of 6.6% in revenues, compared with an increase of 5.7% in expenses. The 47.5% represents a 310 basis point
improvement compared with the 50.6% from the third quarter of 2010. In 2011 to date, efficiency ratio reached 47.8% with an increase of 30 basis
points compared with the same period of 2010.
Non-interest expenses increased 5.7% compared to the prior quarter, to R$ 8.4 billion, confirming a trend of deceleration. Personnel expenses
grew only R$135 million (4.1%) compared to 2ndQ11, already considering the 9.0% accrued readjustment related to the Collective Bargaining
Agreement which impacted our expenses in R$164 million. On the first nine months of 2011, non interest expenses grew 12.5% and continue to
reduce their growth compared with the same period of 2010.
Revenues grew less than expected on the first nine months of 2011, reaching 12.5% of growth compared with 2010. Changes in the credit
portfolio mix and lower than expected growth of banking service fees are responsible for this effect. Revenues on overdue credit portfolios were
also responsible for the decline in the growth of revenues in 2011.

16,638 17,981 19,183
48,614
54,697
3rdQ/10 2ndQ/11 3rdQ/11 Jan-Sep/10 Jan-Sep/11
(7,741) (7,967) (8,417)
(21,384)
(24,059)
3,158 3,317
3,940
9,624
10,895
(2,896)
(3,715) (3,657)
(8,876)
(10,544)
R$ million
+6.7%
+12.5%
+12.5%
+13.2%
+18.8%
+15.3%
+5.7%
+8.7%
+18.8%
+24.8%
-1.6%
+26.3%
Highlights
Recurring Net Income
Result from Loan and Lease Losses
(Provision for Loan and Lease Losses net of Recovery of Credits Written Off as Losses)
Operating Revenues
Non-interest Expenses
(Financial Margin, Banking Service Fees, Result from Op. of Insurance, Pension Plans and
Capitalization before Retained Claims and Other Income)
(Personnel Expenses and Other Administrative, Operating and Tax Expenses)

0.86
0.840.71 0.71
0.70
0.67
0.78
0.790.80
0.73
0.62
0.73
0.70
0.70
0.75
0.87
4thQ/09 1stQ/10 2ndQ/10 3rdQ/10 4thQ/10 1stQ/11 2ndQ/11 3rdQ/11
Earnings Per Share
22.5% 23.0% 23.8%23.4%
20.4%
23.5% 22.4%
3rdQ/10 4thQ/10 1stQ/11 2ndQ/11 3rdQ/11 Jan-
Sep/10
Jan-
Sep/11
12.2% 12.2% 11.7% 11.6% 11.7% 12.2% 11.6%
Sep/10
Jan-
Sep/11
4,379 4,493 4,467 4,672 4,820
12,607
13,960
Sep/10
Jan-
Sep/11
R$ million
R$
Recurring EPSEPS
25.126.025.525.326.3
25.9
- 60
bps+10
bps
-140
bps
+310
bps
+100
bps
-50
bps
Net Interest Margin (with Clients) Banking Fees Revenues
Recurring ROE (average)
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 %)
+3.2%
+10.7%
25.5

Net Interest Margin
12.6%
12.2% 12.2%
11.7%
12.1%12.5%
11.7%11.6%
9.3%
8.2%
7.8% 8.1%
8.7%
8.2%
8.7%
8.2%
NIM with clients NIM with clients after Provision of Credit Risk

35.1%
13.6%
8.3%10.7%
8.9%9.8%
7.9%
13.4%
6.6%
5.4%
8.6%
4.6%
3.8%
19.6%
9.9% 8.1%
20.3%
10.6% 9.0%
277,175 316,964 335,279
36.4%
11.4%
38.1%
Sep/10 Jun/11 Sep/11
3rd Q/11 2nd Q/11 1st Q/11 4th Q/10 3rd Q/10 2nd Q/10 1st Q/10 2009 Other
Profile of the portfolio of credit by origination period:
Older vintages are losing relevance compared to the most recent ones, with higher spreads than those observed in
2010.
R$ million
2010
2011
Σ = 25.9%
Σ = 57.0%
Analysis of Financial Margin

869,260
823,763
785,616
752,108
Sep 30, 11Jun 30, 11Dec 31, 10Sep 30, 10
382,236
360,107
333,427
311,329
Sep 30, 11Jun 30, 11Dec 31, 10Sep 30, 10
68,206
66,083
60,879
57,225
Sep 30, 11Jun 30, 11Dec 31, 10Sep 30, 10
836,994
793,679
751,444
682,950
Sep 30, 11Jun 30, 11Dec 31, 10Sep 30, 10
Highlights
Assets Stockholders' Equity
Loan Portfolio (Includes Endorsements and Sureties)
R$ million
+22.6%
+5.5%
+11.4% +19.2%
+3.2%
+12.0%
+22.8%
+6.1%
+14.6%
+15.6%
+10.6%
+5.5%
Total Funding with Clients (includes AUA)

3rdQ/11 2ndQ/11
3rdQ/11 -
2ndQ/11
Jan-Sep/11 Jan-Sep/10
Jan-Sep/11 -
Jan-Sep/10
Operating Revenues 19,183 17,981 6.7% 54,697 48,614 12.5%
Financial Margin with Clients 11,824 11,233 5.3% 33,850 29,203 15.9%
Financial Margin with Market 1,136 690 64.6% 2,760 2,816 -2.0%
Banking Service Fees and Income from Banking Charges 4,820 4,672 3.2% 13,960 12,607 10.7%
Result from Insurance, Pension Plans and Capit. Operations
before Retained Claims and Selling Expenses 1,319 1,279 3.2% 3,823 3,604 6.1%
Other Operating Income 84 106 -21.4% 304 384 -20.9%
Loan Losses and Retained Claims (4,041) (4,118) -1.9% (11,734) (10,106) 16.1%
Expense for Allowance for Loan Losses (4,972) (5,107) -2.7% (14,459) (11,775) 22.8%
Recovery of Credits Written Off as Losses 1,315 1,393 -5.6% 3,915 2,899 35.0%
Retained Claims (385) (403) -4.6% (1,190) (1,230) -3.3%
Other Operating Income/(Expenses) (11,202) (10,546) 6.2% (32,068) (28,884) 11.0%
Non-interest Expenses (8,417) (7,967) 5.7% (24,059) (21,384) 12.5%
Tax Expenses for ISS, PIS, Cofins and Other Taxes (946) (983) -3.7% (2,864) (2,668) 7.3%
Other Results (*) (1,838) (1,596) 15.2% (5,145) (4,833) 6.5%
Recurring Net Income 3,940 3,317 18.8% 10,895 9,624 13.2%
Non-recurring Events (133) 286 - 45 (190) -
Net Income 3,807 3,603 5.7% 10,940 9,433 16.0%
Results
R$ million
(*) Other results is composed by equity in earnings of affiliates and other investments, non operating income, insurance selling expenses, income tax and social contribution, profit sharing (officers)
and minority interest in subsidiaries.

Variation
Sep 30, 11 Jun 30, 11 Dec 31, 10 Sep 30, 10
Sep/11 -
Jun/11
Sep/11 -
Dec/10
Sep/11 -
Sep/10
Individuals 141,475 135,942 125,079 116,666 4.1% 13.1% 21.3%
Credit Card 35,586 34,555 33,030 29,176 3.0% 7.7% 22.0%
Personal Loans 33,282 30,262 23,864 23,203 10.0% 39.5% 43.4%
Vehicles 60,008 60,141 60,118 57,262 -0.2% -0.2% 4.8%
Mortgage Loans 12,599 10,984 8,067 7,025 14.7% 56.2% 79.3%
Companies 221,660 208,668 193,951 181,115 6.2% 14.3% 22.4%
Corporate 134,751 123,629 115,348 108,719 9.0% 16.8% 23.9%
Very Small, Small and Middle Market (*) 86,908 85,039 78,604 72,396 2.2% 10.6% 20.0%
Argentina/Chile/Uruguay/Paraguay 19,102 15,497 14,397 13,548 23.3% 32.7% 41.0%
Total with endorsements and sureties 382,236 360,107 333,427 311,329 6.1% 14.6% 22.8%
Total Retail (**) 228,383 220,981 203,682 189,062 3.3% 12.1% 20.8%
Corporate - Total Risk (***) 150,289 138,852 130,946 122,138 8.2% 14.8% 23.0%
Endorsements and Sureties 46,957 43,144 38,374 34,155 8.8% 22.4% 37.5%
Individuals 248 237 252 186 4.7% -1.7% 33.5%
Corporate 42,303 39,159 34,693 30,839 8.0% 21.9% 37.2%
Very Small, Small and Middle Market 3,099 2,923 2,541 2,361 6.0% 22.0% 31.3%
Argentina/Chile/Uruguay/Paraguay 1,307 825 888 769 58.5% 47.2% 69.9%
3.5% 13.0% 21.3%Growth adjusted for the effects of exchange rate changes
Loans by Type of Client
(*) Includes rural loans from individuals.
(**) Includes all products from individuals 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 4.2% in relation to Jun 30, 11, and 20.7% in relation to
Sep 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

1.3%
2.6%
4.1% 4.2%
1.5%1.8%
1.2%1.4%1.3%
1.6%
1.3%1.5%
2.7%2.9%
2.3%2.4%2.6%
2.9%2.7%2.9%
4.2%
3.7%3.7%
4.2%
4.5%4.3%
4.7%
Sep/09 Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11
4.5% 4.7%
5.8%
6.3%
4.1% 4.0%
3.3% 3.2%
2.8% 2.9% 3.1%
3.5% 3.5%
5.9%
5.6%
4.8% 4.6%
4.2% 4.2% 4.2%
8.0%
7.4%
6.7%
6.3%
6.0% 5.8% 5.7%
17,948
19,661
6,104 6,104
6,104 6,104 6,104 4,531 5,058
5,058 5,058
24,068 24,052
22,872 22,623 23,018 22,239
23,775 24,719
16,519
18,716
17,18117,48716,91417,964
16,768
22,018
92% 94% 95% 96% 93% 90% 91% 89% 87%
37% 43% 41% 51% 51% 42% 41% 37%
44% 44%
50% 51%
52%
37% 39% 35%
32%
173% 174%
189% 188%
196%
177% 173%
166%
156%
36%
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
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(*) Allowance for Loan Losses / Credits overdue more than 90 days.
Specific Allowance Coverage Additional Allowance Coverage
Complementary Allowance CoverageGeneric Allowance Coverage
Disregarding the exchange variation in credit portfolio, the NPL over 90 days ratio would have
reached 4.8%

54.9% 52.8%
49.4% 47.5% 46.7%
40.7% 38.5%
42.2%
2.9% 2.9%
3.3%
3.0% 3.1% 3.2%
3.8% 3.9%
Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11
Balance of Provisions for Loan and Lease Losses / Reneg. Portfolio
Reneg. Portfolio / Total Credit Portfolio
4,016
3,809
3,955 4,010
4,380
5,107 4,972
3,918
9.8%
9.1%
8.6% 8.3%
7.5% 7.3% 7.5% 7.4%
1.7% 1.5% 1.5% 1.5% 1.4% 1.5% 1.6% 1.5%
1.3% 1.2% 1.2% 1.1% 0.9% 1.1% 1.2% 1.1%
Credit Ratios
R$ million
Evolution of Expense for Allowance with 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 (**)
(*)
Renegotiation Portfolio (*)
(*) According to the National Monetary Council (CMN) 2,682/99 resolution.

Sep30, 11 Jun30, 11 Sep30, 10
Sep/11 –
Jun/11
Sep/11 –
Sep/10
DemandDeposits 25,439 23,792 28,469 6.9% -10.6%
Savings Deposits 63,307 59,982 54,858 5.5% 15.4%
Time Deposits 121,402 114,785 106,011 5.8% 14.5%
Debentures (Repurchase Agreements) andFunds from Bills (1)
127,815 115,154 94,040 11.0% 35.9%
(1) Total – Funding from Account Holders 337,963 313,712 283,378 7.7% 19.3%
Institutional Clients 17,735 15,140 14,104 17.1% 25.7%
Onlending 36,073 34,277 28,862 5.2% 25.0%
(2) Total – Funding from Institutional & Account Holders 391,772 363,130 326,344 7.9% 20.0%
Assets under Administration 390,811 379,392 357,495 3.0% 9.3%
Technical Provisions of Insurance, PensionPlans and Capitalization 70,170 66,703 57,717 5.2% 21.6%
(3) Total – Clients 852,752 809,225 741,555 5.4% 15.0%
Deposits from Banks 2,157 2,802 1,258 -23.0% 71.6%
Funds from Acceptance andIssuance of Securities Abroad 14,350 11,736 9,295 22.3% 54.4%
Total Funds from Clients + Banks 869,260 823,763 752,108 5.5% 15.6%
Repurchase Agreements (2)
85,004 95,684 65,844 -11.2% 29.1%
Borrowings 21,799 18,670 14,333 16.8% 52.1%
Foreign Exchange Portfolio 39,759 25,458 21,399 56.2% 85.8%
SubordinatedDebt 37,638 37,210 33,017 1.1% 14.0%
Collection andPayment of Taxes andContributions 4,636 9,385 3,706 -50.6% 25.1%
Free Assets (3)
59,010 58,445 49,907 1.0% 18.2%
Free Assets and Other 247,845 244,853 188,206 1.2% 31.7%
Total Funds (Free, Raised and Managed Assets) 1,117,105 1,068,616 940,314 4.5% 18.8%
Variation
R$ million
(1) Includes funds from Real estate, mortgage, financial, credit and similar notes.
(2) Does not include own issued Debentures, classified as funding.
(3) Stockholders´ Equity + Minority- Permanent Assets.
Total Funding | Free, Raised and Managed Assets

Ratio between Credit Portfolio and Funding
R$ billion
281 274 267 292 295 304
334
244 250 262 277 295 304 317 335
292
86.9%
91.5%
98.1% 95.1%
101.1% 102.9% 104.1% 100.5%
77.2% 77.7% 76.8% 75.6% 75.5% 75.9% 76.6% 75.2%
Dec/09 Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11
Funding from Clients Credit Portfolio
Credit Portfolio / Funding Credit Portfolio / Gross Funding (*)
(*) Gross funding, disregarding the deduction of compulsory deposits and cash and cash equivalents.

4,205
4,024
4,205
4,379 4,493 4,467
4,8204,672
24.8% 25.6% 25.8% 26.3% 25.3% 25.5% 26.0% 25.1%
Banking services fee and Income from banking charges
Banking services fee and Income from banking charges/Operating Revenues
3rd
Q/11 2nd
Q/11
3rdQ/11 -
2nd
Q/11
Jan-Sep/11 -
Jan-Sep/10
Asset Management 671 638 5.1% 1,946 1,850 5.2%
Current Account Services 623 598 4.1% 1,797 1,810 -0.8%
Loan Operations and Guarantees Provided 823 827 -0.4% 2,429 2,063 17.8%
Collection Services 357 301 18.8% 988 975 1.3%
Credit Cards 1,891 1,804 4.8% 5,387 4,702 14.6%
Other 455 503 -9.6% 1,414 1,208 17.1%
Total 4,820 4,672 3.2% 13,960 12,607 10.7%
Banking Fees Revenues
R$ million

98,379 100,339 101,231 102,316 104,022 101,531 99,820
5,508 5,648 5,724 5,814 6,015 6,149
103,835 105,847 106,879 108,040 109,836 107,546 105,969
5,456
Mar/10 Jun/10 Sep/10 Dec/10 Mar/11 Jun/11 Sep/11
Brazil Abroad
Non–Interest Expenses
R$ million
(*) Does not include PIS, Cofins and ISS.
Evolution of the Number of Employees
Expectation for 2011: 8%–10% growth
3rd
Q/11 2nd
Q/11
3rd
Q/11 -
2nd
Q/11
Jan-Sep/11 -
Jan-Sep/10
Personnel Expenses (3,471) (3,335) 4.1% (10,049) (9,136) 10.0%
Administrative Expenses (3,584) (3,422) 4.7% (10,266) (9,746) 5.3%
Operating Expenses (1,276) (1,125) 13.4% (3,495) (2,263) 54.5%
Other Tax Expenses (*) (87) (84) 3.7% (249) (240) 3.7%
Non–Interest Expenses (8,417) (7,967) 5.7% (24,059) (21,384) 12.5%

Efficiency Ratio and Risk-Adjusted Efficiency Ratio
47.548.347.751.950.648.045.648.8
69.772.5
69.369.971.470.168.7
74.0
48.849.6
49.649.1
48.3
47.1
46.847.2
70.370.870.270.171.172.073.575.2
47.1 46.7 47.8
50.1
49.3
50.3
48.1
47.5
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 (%)
E.R. Cumulative figure of the last 9 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
=

15.5%
16.1%
15.3%
11.9%
12.8%
12.0%
11.4%12.1%11.1%
Sep 30, 11Jun 30, 11Sep 30, 10
BIS Tier I Tangible Capital
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.
•Note: The Basel ratio of the financial system consolidated reached 15.1% on September 30, 2011. An issue of subordinated debt, amounting R$ 1,187 million, is pending approval from the Central
Bank of Brazil. If we considered this issue, the Basel ratio of the financial system would have reached 15.3%;
• An issue of subordinated debt, amounting R$ 1,187 million, is pending approval from the Central Bank of Brazil. If we considered this issue, the Basel
ratio would have reached 15.7%;
• The BIS ratio was influenced in 40 basis points by the Circ. 3.515/BACEN, that became effective since July 1st, 2011;
• The repurchase of 41 million shares to the Treasury, which occurred in 2011 impacted the BIS in 20 basis points.

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