Form 6-K Itau Unibanco Holding For: Nov 03

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November 3, 2015 3:35 PM EST
             
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 November 2015
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 Itaúsa
04344-902 São Paulo, SP, Brazil
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F:  x      Form 40-F:   o

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:   o      No:   x

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:   o      No:   x

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:   o      No:   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  
82-___________________.
 
 
 
 
 
 
SIGNATURES
 
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.
 
 
 
Itaú Unibanco Holding S.A.
  
    (Registrant)  
         
         
Date:  November 3, 2015 By: /s/ Marcelo Kopel  
    Name:  Marcelo Kopel  
    Title:  Investor Relations Officer    
         
                          
         
  By: /s/ Eduardo Mazzilli de Vassimon  
    Name: Eduardo Mazzilli de Vassimon  
    Title:  Chief Financial Officer  
         

 
 

 
 
 

 
 
 

 

 
 
 
 
EXHIBIT INDEX
 
         
 
99.1
Announcement to the Market – Disclosure of Results for the Third Quarter and from January to September of 2015, According to International Financial Reporting Standards – IFRS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
               
 
 
Announcement to the Market
  
Disclosure of results for the third quarter and from January to September of 2015,
according to International Financial Reporting Standards – IFRS
   
 
 
We present below the differences between our financial statements in BRGAAP1 and in International Financial Reporting Standards - IFRS. We emphasize that the main difference in the result and equity relates to the allowance for loan losses, that uses the concept of incurred loss in IFRS and of expected loss in BRGAAP.
  
The complete consolidated financial statements under IFRS for the third quarter and from January to September of 2015 are available at our website:www.itau.com.br/investor-relations
 
   
Comparison between BRGAAP1 and IFRS
R$ million
Balance Sheet
  
BRGAAP
Adjustments and
Reclassifications2
IFRS
BRGAAP
Adjustments and
Reclassifications2
IFRS
    Sep/30/2015 Dec/31/2014
Total Assets
     1,322,693     (80,759 )   1,241,702     1,208,702     (81,499 )   1,127,203  
Cash and Cash Equivalents, Reserve Requirements, Interbank Deposits, Securities Under Repurchase Agreements, Financial Assets and Derivatives 3
     658,976     (14,819 )   644,156     610,142     (36,883 )   573,259  
Loan Operations
     477,463     513     477,712     451,760     671     452,431  
(-) Allowance for Loan Losses 4
     (34,193 )   8,521     (25,672 )   (26,948 )   4,556     (22,392 )
Other Financial Assets 5
     120,660     (63,952 )   56,708     96,761     (43,112 )   53,649  
Tax Assets 6
     64,226     (10,112 )   54,113     42,890     (7,647 )   35,243  
Investments in associates and jointly controlled entities, Goodwill, Fixed and Intangible Assets, Assets Held for Sale and Other Assets
     35,826     (910 )   34,916     34,097     916     35,013  
                                       
Current Liabilities and Long Term Liabilities
     1,217,491     (87,170 )   1,130,320     1,110,439     (83,853 )   1,026,586  
Deposits
     300,729     -     300,729     294,773     -     294,773  
Deposits Received Under Securities Repurchase Agreements 3
     317,914     (15,460 )   302,454     325,013     (36,330 )   288,683  
Financial Liabilities Held for Trading, Derivatives,
Interbank and Institutional funding
     277,904     575     278,479     212,826     872     213,698  
Other Financial Liabilities 5
     130,193     (63,166 )   67,027     114,540     (43,048 )   71,492  
Reserves for Insurance, Private Pension and Capitalization
     126,136     152     126,288     112,675     113     112,788  
Provisions and Other Liabilities
     53,303     (3,611 )   49,692     40,765     (78 )   40,687  
Tax Liabilities 6
     11,312     (5,661 )   5,651     9,847     (5,382 )   4,465  
                                       
Total Stockholders’ Equity
     105,202     6,411     111,613     98,263     2,354     100,617  
Non-controlling interests
     1,849     21     1,870     2,415     (1,058 )   1,357  
Controlling Stockholders’ Equity 7
     103,353     6,390     109,743     95,848     3,412     99,260  
1 BRGAAP represents the accounting practices adopted in Brazil for financial institutions, according to regulation of the Brazilian Central Bank;
2 Resulted from reclassifications between assets and liabilities and other effects from IFRS adoption;
3 Resulted from the elimination of transactions between the parent company and exclusive funds (mainly PGBL and VGBL fund quotas), which are consolidated under IFRS;
4 Implementation of the criteria for calculating the Allowance for Loan Losses as defined in IFRS;
5 Difference in accounting, mainly for Foreign Exchange Portfolio, which started to be considered as a net effect of Assets and Liabilities;
6 Difference in accounting, mainly for deferred taxes, which are now treated as a net effect of Assets and Liabilities in each of the consolidated companies;
7 Conciliation of Controlling Stockholders’ Equity is presented in the following table.
 
 
 
Itaú Unibanco Holding S.A.
 
 
 
               
Below, the conciliation of the Result and Equity, and the conceptual description of the major adjustments.
                 
Conciliation
   R$ million
Adjustments
  
Equity
Results
   
Sep/30/15
3rdQ/15
2ndQ/15
3rdQ/14
jan-sep/15
jan-sep/14
BRGAAP – Values Attributable to Controlling Stockholders
     103,353     5,945     5,984     5,404     17,662     14,722  
(a) Allowance for Loan Losses
     5,119     2,682     (153 )   364     2,375     295  
(b) Adjustment to market value of shares and quotas
     76     -     -     -     -     -  
(c) Acquisition of interest in Porto Seguro Itaú Unibanco Participações S.A.
     469     (4 )   (3 )   (4 )   (11 )   (11 )
(d) Effective interest rate
     (106 )   10     (3 )   13     28     40  
(e) Financial Leasing Operations
     520     520     -     -     520     -  
(f) Other adjustments
     314     50     20     116     147     164  
IFRS - Values Attributable to Controlling Stockholders
     109,743     9,202     5,845     5,893     20,720     15,210  
IFRS - Values Attributable to Minority Stockholders
     1,870     96     89     91     295     218  
IFRS - Values Attributable to Controlling Stockholders and Minority Stockholders
     111,613     9,298     5,934     5,984     21,015     15,428  
    
Differences between IFRS and BRGAAP Financial Statements
(a) On IFRS (IAS 39), loan losses allowances must be made when there is objective evidence that loan operations have suffered a reduction in its value (Incurred Loss). On BRGAAP, the expected loss model is used 8.
(b) On IFRS (IAS 39 and 32), stocks and quotas classified as permanents investments were measured at fair value and its gains and losses were recorded directly on Equity, with no impact on the income statement of the period.
(c) On IFRS, the effect of accounting at fair value the acquisition of the participation in Porto Seguro Itaú Unibanco Participações S.A. was recognized.
(d) On the IFRS (IAS 39), the assets and financial liabilities measured at amortized cost are recognized according to the methodology of effective interest rate, which appropriates the revenues and costs directly attributed to the acquisition, issue or disposal for the period of operation. On BRGAAP, the recognition of expenses and revenues from fees occurs at the time of contracting these operations.
(e) Under IFRS (IAS 17) the financial leasing operations are recorded as fixed assets on the other hand the Other Financial Liabilities. On BRGAAP, as of September 30, 2015, the consideration of these transactions are now recorded in income in accordance with CMN Resolution No. 3,617/08.
(f) Other Adjustments mainly comprise the difference in the eligibility of operations of the Cash Flow Hedge for purposes of IFRS and the reversal of the Goodwill Amortizations pursuant the BRGAAP.
8 For more details see our Complete Financial Statements for the period from january to september of 2015.
 
For comparison purposes, we present on the table below the Result and the Recurring Result according to the IFRS and the BRGAAP.

R$ million
Recurring Result
  
3rd Q/15
2nd Q/15
jan-sep/15
jan-sep/14
   
BRGAAP
IFRS
Variation
BRGAAP
IFRS
Variation
BRGAAP
IFRS
Variation
BRGAAP
IFRS
Variation
Result - Attributable to Controlling Stockholders
   5,945   9,202   3,257   5,984   5,845   (139 )   17,662   20,720   3,058     14,722   15,210   488  
Exclusion of the Non-Recurring Events
   172   (3,135 ) (3,307 ) 150   115   (35 )   397   (2,969 ) (3,366 )   237   114   (123 )
Increase of the Social Contribution Rate
   (3,988 ) (3,948 ) 40   -   -   -     (3,988 ) (3,948 ) 40     -   -   -  
Complementary provision for loan losses 1
   2,793   -   (2,793 ) -   -   -     2,793   -   (2,793 )   -   -   -  
Provision for contingencies - tax and social security lawsuits
   514   514   -   46   46   -     560   560   -     -   -   -  
Provision for contingencies - Economic Plans
   26   26   -   41   41   -     108   108   -     88   88   -  
Changing the accounting treatment of financial leasing
   520   -   (520 ) -   -   -     520   -   (520 )   -   -   -  
Pension Fund
   130   130   -   -   -   -     130   130   -     -   -   -  
Goodwill Amortization
   34   -   (34 ) 35   -   (35 )   130   37   (93 )   123   -   (123 )
Impairment
   -   -   -   43   43   -     43   43   -     -   -   -  
Program for the settlement or installment payment of taxes
   1   1   -   (14 ) (14 ) -     (40 ) (40 ) -     (37 ) (37 ) -  
Cofins/Provision for tax loss - Porto Seguro
   -   -   -   -   -   -     -   -   -     60   60   -  
Favorable decision on the increase of the PIS/COFINS calculation basis IRB
   -   -   -   -   -   -     -   -   -     (33 ) (33 ) -  
Provision for loan losses - Creditcard
   -   -   -   -   -   -     -   -   -     37   37   -  
Others
   143   143   -   -   -   -     143   143   -     -   -   -  
Recurring Result - Attributable to Controlling Stockholders
   6,117   6,067   (50 ) 6,134   5,961   (174 )   18,059   17,752   (307 )   14,959   15,324   365  
(1) Formation of additional allowance for loan losses to the minimum required by Resolution No. 2.682/99 of the Nacional Monetary Council
 
The tables in this report show the figures in millions. Variations and summations, however, are calculated in units.

 
São Paulo, November 3, 2015.
Marcelo Kopel
Investor Relations Officer
 
 
Itaú Unibanco Holding S.A.

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