Management Discussion & Analysis and Complete Financial Statements (BRGAAP) - 3Q2021

3Q

21

Management discussion& analysis and complete financial statements

Third quarter of 2021

Contents

Management discussion & analysis

Page 03

Executive Summary	03
Income Statement and Balance Sheet Analysis	11
Managerial Financial Margin	12
Cost of Credit	13
Credit Quality	15
Commissions and Fees & Result from Insurance	17
Result from Insurance, Pension Plan and Premium Bonds	19
Non-interest Expenses	20
Balance Sheet	22
Credit Portfolio	23
Funding	25
Capital, Liquidity and Market Ratios	26
Results by Business Segments	27
Results by Region - Brazil and Latin America	29
Activities Abroad	30
Additional Information	31
Itaú Unibanco Shares	32
Comparison between BRGAAP and IFRS	33
Glossary	35
Independent Auditor's Report	37

Complete financial statements

Page 39

3Q

21

Management discussion & analysis

Third quarter of 2021

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Itaú Unibanco Holding S.A.

04

Management Discussion & Analysis

Executive Summary

Managerial Income Summary

The table below presents the financial indicators of Itaú Unibanco up to the end of each period.

In R$ millions (except where indicated), end of period
Results	Recurring Managerial Result
Operating Revenues	(1)			(2)
	Managerial Financial Margin
	Recurring Managerial Return on Average Equity - Annualized - Consolidated
								(3)
	Recurring Managerial Return on Average Equity - Annualized - Brazil
								(3)
Performance	Recurring Managerial Return on Average Assets - Annualized	(4)
	Nonperforming Loans Ratio (90 days overdue) - Total
	Nonperforming Loans Ratio (90 days overdue) - Brazil
	Nonperforming Loans Ratio (90 days overdue) - Latin America
	Coverage Ratio (Total Allowance/NPL 90 days overdue)
							(5)
	Efficiency Ratio (IE)
	(6)
	Recurring Managerial Result per Share (R$)
						(7)
	Net Income per Share (R$)	(7)
Shares	Number of Outstanding Shares at the end of the period - in millions
Book Value per Share (R$)			(8)
	Dividends and Interest on Own Capital net of Taxes
	Market Capitalization	(9)
	Market Capitalization	(9)	(US$ million)
	Total Assets
	Total Credit Portfolio, including Financial Guarantees Provided and Corporate Securities
	Deposits + Debentures + Securities + Borrowings and Onlending
Sheet								(10)
Loan Portfolio/Funding
				(10)
Balance	Stockholders' Equity
Solvency Ratio - Prudential Conglomerate (BIS Ratio)
	Tier I Capital - BIS III
	Common Equity Tier I - BIS III
	Liquidity Coverage Ratio (LCR)
	Net Stable Funding Ratio (NSFR)
	Portfolio Managed and Investment Funds
	Total Number of Employees
Other	Brazil
Abroad
	Branches and CSBs - Client Service Branches
	ATM - Automated Teller Machines
						(11)

3Q21	2Q21	3Q20	9M21	9M20
6,779		5,030
6,543	19,720	13,148
31,508	30,624	28,389	92,162	85,605
19,515	18,792	16,928	56,941	52,509
19.7%	18.9%	15.7%	19.0%	14.0%
20.5%	19.5%	16.8%	19.6%	14.4%
1.3%	1.2%	1.0%	1.2%	0.9%
2.6%	2.3%	2.2%	2.6%	2.2%
2.8%	2.7%	2.6%	2.8%	2.6%
2.0%	1.4%	1.2%	2.0%	1.2%
234%	283%	339%	234%	339%
44.0%	44.5%	48.0%	44.4%	46.3%
0.69		0.52
0.67
0.59		0.46
0.77
9,780	9,780	9,762
14.25	13.91	13.37
1,360	1,754	1,095
283,421	292,908	219,948
52,105	58,556	38,993
2,154,879	2,069,302	2,113,432
962,335	909,055	846,994
1,081,206	1,041,749	1,038,945
71.0%	69.5%	66.3%
139,348	136,025	130,559
14.7%	14.9%	13.7%
12.9%	13.5%	12.4%
11.3%	11.9%	10.7%
171.1%	180.9%	195.0%
120.6%	122.7%	123.6%
1,497,092	1,478,407	1,377,413
98,764	98,250	96,948
86,195	85,611	84,272
12,569	12,639	12,676
4,319	4,326	4,431
45,472	45,420	45,889

Note: (1) Operating Revenues represents the sum of Managerial Financial Margin, Commissions and Fees and Revenues from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses; (2) Detailed in the Managerial Financial Margin section; (3) The Annualized Recurring Managerial Return was calculated by dividing the Recurring Managerial Result by the Average Stockholders' Equity. This result was then multiplied by the number of periods in the year to derive the annualized rate. The bases for the calculation of returns were adjusted by the amounts of dividends proposed after the balance sheet closing date and not yet approved at Shareholders' or Board Meetings; (4) The return was calculated by dividing the Recurring Managerial Result by the Average Assets; (5) Includes the balance of the allowance for financial guarantees provided; (6) For further details of the Efficiency Ratio calculation methodologies, please refer to the Glossary section; (7) Calculated based on the weighted average number of outstanding shares for the period; (8) Interest on own capital. Amounts paid/provided for, declared and reserved in stockholders' equity; (9) Total number of outstanding shares (common and non-voting shares) multiplied by the average price per non-voting share on the last trading day in the period; (10) As detailed in the Balance Sheet section; (11) Includes electronic service branches (ESBs), service points at third-party locations and Banco24Horas ATMs.

Itaú Unibanco Holding S.A.

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