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Brazilian Association of Real Estate Loans and Savings Companies


Brazilian Association of Credit Card Companies and Services


Associação Brasileira das Companhias Abertas

Additional Tier I Capital

Consists of instruments of a perpetual nature, which meet the eligibility requirements.


American Depositary Receipt is a negotiable certificate that enables investors to trade shares of non-US companies in the United States, and companies outside of the United States to trade their own securities in US territory. For example: Itaú Unibanco trades its common and preferred shares on Brazilian stock exchange B3. It also trades on the US market through the Level-II ADRs Program.

ADR Level I

The companies in this program are not listed on any stock exchange. Level I ADRs are traded on the U.S. over-the-counter market. Additionally, the Securities and Exchange Commission (SEC), the main capital market regulator in the United States, establishes less requirements for this category.

ADR Level II

This is the level of Itaú Unibanco’s ADR program. In addition to being traded over the counter, Level II ADRs can be listed on the stock exchange, and have greater visibility and liquidity than the companies listed in Level I. On the other hand, there are more requirements from the U.S. regulator.


Similar to Level II in terms of listing on the stock exchange and requirements from the regulator. The main difference is the possibility of using the ADR program for capital increase by means of a public offering in the United States.


Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais


Associação Nacional das Corretoras e Distribuidoras de Títulos e Valores Mobiliários, Câmbio e Mercadorias

Annualized average rate of financial margin with clients

Obtained by dividing the Financial Margin with Clients by the average daily balances of spread-sensitive operations, working capital and others. The quotient of this division is divided by the number of calendar days in the quarter and annualized (rising to 360) to obtain the annual rate.


Agência Nacional de Saúde Suplementar (Brazil’s National Regulatory Agency for Private Health Insurance).


Associação dos Analistas e Profissionais de Investimento do Mercado de Capitais


Available Stable Funding

Asset spreads

Variation in the spreads on credit risk assets between periods.


Additional Tier 1 Capital

Average asset portfolio

Includes the portfolio of credit and private securities net of loans more than 60 days overdue, but excluding the effects of average exchange rate variations in the periods.

Allowance for Default Risk

Allowance required for overdue loan transactions in accordance with CMN’s Res. 2682/1999.

Allowance for Aggravated Risk

Allowance for loans with risk aggravation above the minimum for overdue transactions and also allowance for loans that were renegotiated.

Allowance for Potential Risk

Allowance for expected losses in the case of Retail Bank operations and allowance for potential losses in the case of Wholesale Bank operations, which include financial guarantees provided.

Average funding ticket

average amount of funding per client.


Bolsa, Brasil, Balcão (Brazilian Exchange and OTC).


Central Bank of Brazil.


Brazilian Generally Accepted Accounting Principles.

Business and strategy risk

Risk of a negative impact on our financial results or capital as a consequence of faulty strategic planning, making adverse strategic decisions, and our inability to implement the proper strategic plans and/or changes in its business environment.

Book Income

the financial income of a company calculated according to accounting standards without the managerial segregation by business unit or the deduction of nonrecurring items.

Credit risk

Risk of loss associated with: failure by a borrower, issuer or counterparty to fulfill their respective financial obligations as defined in the contracts; value loss of a credit agreement resulting from a deterioration of the borrower’s, issuer’s or counterparty’s credit rating; reduction of profits or income; benefits granted upon subsequent renegotiation; or debt recovery costs.

Country risk

Risk of losses arising from noncompliance with obligations in connection with borrowers, issuers, counterparties or guarantors as a result of actions taken by the government of the country where the borrower, issuer, counterparty or guarantor is located.


The highest authority of the Brazilian National Financial System (SFN) responsible for the currency and credit policy in Brazil to guarantee stability and social and economic development. Its major purpose is to disclose the general rules for the operation of the entire financial market.

Central Bank

Federal authority responsible for regulating and overseeing the entire National Financial System (SFN), ensuring the stability of the purchasing power of the currency and a solid and efficient financial system and for implementing the policies established by the CMN, authorizing the establishment of financial institutions and supervising them.


A government agency subordinated to the to the Ministry of the Economy with purpose of regulating, supervising and developing the securities market.


Responsible for establishing the guidelines and directives for insurance and premium bond companies and open private pension entities.


Cumulative exposure of certain financial instruments or risk factors calculated at market value (mark to market); and

Coverage Ratio

Obtained by dividing the total allowance balance by the balance of operations more than 90 days overdue

Cost of Credit

Composed of the Result from Loan Losses, Impairment and Discounts Granted.

Cost of Credit over Total Risk

Calculated by dividing the Cost of Credit by the average Loan Portfolio for the last two quarters.

Combined Ratio

The sum of retained claims, selling expenses, administrative expenses, other operating income and expenses, tax expenses for ISS, PIS and COFINS and other taxes divided by earned premiums.


Includes cash, bank deposits of institutions without reserve requirements, foreign currency deposits in Brazil, foreign currency deposits abroad, and cash and cash equivalents in foreign currency.

Common Equity Tier I

The sum of social capital, reserves and retained earnings, less deductions and prudential adjustments.

Common share

A share of a company providing all its owners with voting right at stockholders’ meetings. At Itaú Unibanco it is represented by ticker ITUB3.


Compound Annual Growth Rate.


Companhia Brasileira de Liquidação e Custódia (Brazilian clearing and custody entity)


CDCA – Certificado de Direitos do Creditórios do Agronegócio (Agribusiness Certificate of Credit Rights)


(Interbank Deposit Certificate): A certificate issued by financial institutions aimed to raise funds from other financial institutions.


Câmara Interbancária de Pagamentos (Interbank Payment Chamber).


Conselho Nacional da Previdência Social (Brazil’s National Social Security Council).


Certificados de Operações Estruturadas (Structured Operation Certificate). An investment product that combines elements of fixed and variable income products, with interest earned linked to assets and indices, such as foreign exchange, inflation, equities and international assets.


Contribuição Para o Financiamento da Seguridade Social (Social Security Financing Contribution).


Comitê de Política Monetária (Monetary Policy Committee).


Cédula de Produto Rural (Rural Product Note).


Certificado de Recebíveis Imobiliário (Real estate receivables certificate)


Contribuição Social Sobre o Lucro Líquido (Social Contribution on Net Income)


Comissão de Valores Mobiliários (Brazilian Securities and Exchange Commission):


Central Counterparty Clearing


Counterparty Credit Risk


Comitê de Estabilidade Financeira (Financial Stability Committee)


Certificado de Recebíveis Imobiliário (Real estate receivables certificate)


Comissão Técnica de Avaliação de Modelos (Model Assessment Technical Committee)


Credit Valuation Adjustment


Credit Conversion Factor

Capital adequacy

minimum capital reserve required by the regulator that a financial institution should hold to meet its risks, represented by the regulatory capital of credit, market and operational risk and by the capital required to cover all other risks.

Current Liabilities

the company’s obligations that will be settled over the course of the following financial year, which corresponds to one calendar year.

Credit rating

rating awarded by credit rating agencies to an issuer, which can be a bank, company or country, according to its capacity to honor a debt. Credit ratings allow investors to assess the credit risk of debt securities and financial commitments on a relative basis.

Credit Recovery

one of the components of Loan Costs, it represents the revenue arising from the collection of nonperforming loans.

Credit Risk

risk of losses arising from the failure of the borrower, issuer or counterparty to comply with its financial obligations within the agreed terms and conditions, the impairment of a loan agreement as a result of the downgrading of the borrower, issuer or counterparty risk rating, the decrease in gains or payouts, the advantages granted in subsequent renegotiations, and the recovery costs.

Defined Benefit Plans (BD)

Plans which scheduled benefits have their value established in advance, based on salaries and/or length of service of employees, and its cost is actuarially determined;

Defined Contribution Plans (CD)

Are those plans which scheduled benefits have their value permanently adjusted to the investments balance, kept in favor of the participant, including in the benefit concession phase, considering net proceedings of its investment, amounts contributed and benefits paid.

Delta Economic Value of Equity – EVE

Difference between the present value of the sum of repricing flows of instruments subject to IRRBB in a base scenario and the present value of the sum of repricing flows of these instruments in a scenario of shock in interest rates.

Delta Net Interest Income – NII

Difference between the result of financial intermediation of instruments subject to IRRBB in a base scenario and the result of financial intermediation of these instruments in a scenario of shock in interest rates.

Dividends and Interest on Own Capital Net of Taxes

Corresponds to the distribution of part of the profits to stockholders, paid or provisioned, declared and posted in Stockholders’ Equity.


Long-term liquidity statement


Liquidity risk statement


Delta Variation


Debt Capital Market. It refers to the origination and structuring of debt securities issued in local and foreign markets, such as securities, securitization, structured and syndication operations.


Negotiable instrument originated from a loan taken out by a company, with rights of ownership outlined in its indenture.


Statement of cash flows


Interbank Deposit.


Statement of changes in stockholders’ equity.


Statement of income for the year.


Statement of Added Value

Environmental and social risk

Possibility of losses due to exposure to environmental and social events arising from the performance of our activities.

Extrajudicial liquidation

Process of dissolution of the company in cases of unrecoverable insolvency or severe violations of the rules that regulate a financial institution’s activities. The extrajudicial liquidation aims at promoting the liquidation of the existing assets for the payment of creditors, with the return of any amounts left to stockholders. Controlling stockholders may be held responsible for remaining liabilities.

Efficiency Ratio

Obtained by dividing the Non-Interest Expenses by the sum of Managerial Financial Margin, Commissions and Fees, Result of Insurance, Pension Plan and Premium Bonds Operations and Tax Expenses (ISS, PIS, COFINS and Other Taxes).

Equity in Earnings of Affiliates

Earnings received arising from the financial performance of other companies in which Itaú Unibanco holds an equity interest.

Environmental and social risk

the possibility of losses resulting from events of environmental and/or social origin related to the activities carried out by the institution, as defined in CMN Resolution 4327/14.

FGB – Benefit Generating Fund

This is a pension plan with minimum income guarantee, and possibility of receiving earnings from asset performance. Although there are plans still in existence, they are no longer sold.

Financial margin with clients

Consists of spread-sensitive operations, working capital and others. Spread-sensitive operations include: (i) the assets margin, which is the difference between the amount received from loan operations and corporate securities and the cost of money charged by treasury banking and (ii) the liabilities margin, which is the difference between the cost of funding and the amount received from treasury banking. The working capital margin is the interest on working capital at the SELIC interest rate.

Financial margin with the market

Includes treasury banking, which manages mismatches between assets and liabilities – Asset and Liability Management (ALM), terms, and interest, foreign exchange and other rates, and treasury trading, which manages proprietary portfolios and may assume guiding positions, in compliance with the limits established by our risk appetite.


Credit Rights Investment Funds

Free Float

The portion of shares of a company freely traded in the market, that is, outstanding shares.

Fixed assets

Physical assets owned by a company.

Free funds

Funds that financial institutions can freely allocate consisting of the funds raised in the market.

Fair Value

the price at which a transaction to sell the asset or to transfer the liability would take place between willing market participants at the measurement date, under current market conditions.

Gap Analysis

Accumulated exposure of the cash flows by risk factor, which are marked-to-market and positioned by settlement dates.

GDP – Gross Domestic Product

the sum of all final goods and services produced in a country, state or city, usually over a one-year period.

HQLA – High quality liquid assets

Assets that can be easily and immediately converted into cash with no significant loss of value.

HTM (Held to Maturity)

Assets intended to be held up to their maturity recorded in the balance sheet of a company.

Insurance products, pension plan and premium bonds risks

Products that compose portfolios of our insurance companies are related to life and elementary insurance, as well as pension plans and premium bonds.


A time-limited regime in which the Central Bank appoints an intervenor that takes charge of the financial institution’s management, suspending its regular activities and dismissing the financial institution’s management, with the main purpose of preventing the continuation of certain irregularities and the aggravation of the financial situation of the financial institution, which can put assets at risk and harm the financial institution’s creditors – it suspends all actions related to payment obligations of the financial institution, prevents the early settlement or maturity of its obligations and freezes pre-existing deposits.


International Accounting Standards Board


Instituto Brasileiro de Geografia e Estatística (Brazilian Institute of Geography and Statistics). An institute linked to Brazil’s Ministry of Economy, aimed to create and assess statistics information in Brazil.


Instituto Brasileiro de Relações com Investidores.

ICAAP: Internal Capital Adequacy Assessment Process

A set of internal tests carried out by financial institutions to assess the adequacy of its regulatory capital levels.

Insurance loss ratio:

Ratio of insurance claims to earned premiums.


Instituto Nacional do Seguro Social (Brazil’s National Institute of Social Security): An autonomous government agency linked to Brazil’s Ministry of Economy responsible for collecting contributions for maintenance of the social security scheme in Brazil.


Tax on loan, foreign exchange and insurance operations or on securities.

IPO: Initial Public Offering

a process of floating a company by getting its shares listed on stock exchanges.


Instituto de Resseguros do Brasil S.A. (Brazilian Reinsurance Institute)


Corporate income tax.


Withholding income tax.


Corporate sustainability index.


Quarterly Financial Information disclosed by publicly-held companies.


the code used (ticker) to identify Itaú Unibanco’s common shares on B3.


the code used (ticker) to identify Itaú Unibanco’s preferred shares on B3.

Impairment of Assets

a set of procedures to ensure that assets are not recognized recorded in books at an amount higher than their recoverable amount through use or sale. If there is clear evidence that assets are impaired, the impairment is recognized by recognizing a loss allowance.

Joint Stock Company (S.A.)

legal form of incorporation of companies in which the capital stock is divided into shares and the stockholders have limited liability.

Liquidity risk

Likelihood that an institution will not be able to effectively honor its expected and unexpected obligations, current and future, including those from guarantees commitment, without affecting its daily operations or incurring significant losses.


Ratio of the amount of financing to the value of the underlying real estate.

Loan Portfolio over Gross Funding

Obtained by dividing Loans by Gross Funding (Funding from Clients, Funds from Acceptance and Issuance of Securities Abroad, Borrowing and Others) at the end of the period.

LCR – Liquidity Coverage Ratio

the proportion of highly liquid assets held by a financial institution to ensure its ability to meet short-term obligations.

Leverage ratio

Ratio of Tier 1 capital to total exposure amount with no risk weighting.


Liability adequacy test

Loan Origination

New lending by a financial institution over a period of time.


set of the bank’s obligations.

Liquidity risk

the possibility of the institution not being able to efficiently discharge its expected and unexpected, current and future obligations, including those resulting from guarantees, without affecting its daily operations and incurring in significant losses.

Market risk

Possibility of losses resulting from fluctuations in the market value of positions held by a financial institution, including the risk of operations subject to variations in foreign exchange rates, interest rates, price indexes, equity and commodity prices.

Model risk

Risk that arises from the models used by us not reflecting, on a consistent basis, the relationships of variables of interest, creating results that systematically differ from those observed. This risk may materialize due to the use in different situations from those modeled.

Mathematical provisions for benefits to be granted (PMBAC)

Recognized for the coverage of commitments assumed to participants or policyholders, based on the provisions of the contract, while the event that gives rise to the benefit and/or indemnity has not occurred;

Managerial Financial Margin

The sum of the Financial Margin with Clients and the Financial Margin with the Market.

Market Capitalization

Obtained by multiplying the total number of outstanding shares (common and non-voting shares) by the average price per non-voting share on the last trading day in the period.

Mix of Products

Change in the composition of credit risk assets between periods.

MtM – Mark to Market

Method of valuing an asset or liability by its “fair value” based on current market price.

Minimum BACEN Allowance for Loan and Lease Losses

Balance of the allowance for expected credit losses calculated according to the late payment rules of BACEN’s resolution 2682.

Managerial Recurring Result

Financial income calculated based on internal rules to better reflect the performance of its different business units and the way the institution is managed. It is derived from the company’s book income and excludes nonrecurring items.

Managerial Recurring Earnings per Share

It is calculated based on the weighted average number of shares outstanding in the reporting period.

Market risk

the possibility of incurring losses arising from fluctuations in the market value of the positions held by a financial institution, including the risks of transactions that are subject to variations in foreign exchange rates, interest rates, price indexes, share prices, and commodity prices, as established by the National Monetary Council (CMN).

NPL Ratio (over 90 days)

Calculated by dividing the balance of nonperforming loans over 90 days by the total loan portfolio. Loans more than 90 days overdue include the total balance of transactions with at least one installment more than 90 days overdue.

NPL Creation

The balance of loans that became overdue by more than 90 days during the quarter.

NSFR – Net Stable Funding Ratio

the proportion of liquid assets held by a financial institution to ensure its ability to meet long-term obligations.

Non-controlling Interests in Subsidiaries

in the Statements of Income, refers to the effects (income or expenses) arising from the non-controlling interests that Itaú Unibanco Holding holds in other group companies and that are not consolidated in its balance sheet.

Non-current Liabilities

the company’s obligations that will be settled after the end of the following financial year, which corresponds to one calendar year.

Net Income before Taxes and Non-controlling Interests

net income calculated by an entity for a certain period before the deduction of Income Tax and Social Contribution and interests held by non-controlling stockholders and affiliates.

Non-Operating Income (expenses)

Income and expenses incurred by a company that are not directly related to the core business.

Operational risk

Possibility of losses arising from failure, deficiency or inadequacy of internal processes, people or systems or from external events that affect the achievement of strategic, tactical or operational objectives. It includes legal risk associated with inadequacy or deficiency in contracts signed by us, as well as penalties due to noncompliance with applicable laws and damages to third parties arising from the activities undertaken by us.

Operating Revenues

The sum of Managerial Financial Margin, Commissions and Fees and Result from Insurance, Pension Plan and Premium Bonds Operations before Retained Claims and Selling Expenses.

ON (Common Shares)

term used to refer to the shares that provide voting rights to their holders in decisions of stockholders’ meetings.

Operational risk

possibility of losses resulting from failure, deficiency or inadequacy of internal processes, staff and systems, or from external events that impact the achievement of strategic, tactical or operational goals. It includes the legal risk, which is the risk associated with the inadequacy or deficiency of contracts signed by the institution, as well as with sanctions arising from the noncompliance with legal provisions and indemnities for damages caused to third parties arising from activities developed by the institution.

PGBL – Free Benefit Generating Plan

The main objective of this plan is the accumulation of financial resources, but it can be purchased with additional risk coverage. Recommended for customers that file the full version of the income tax return, because they can deduct contributions paid for tax purposes up to 12% of their annual taxable gross income.

Provision for unearned premiums (PPNG)

This provision is recognized, based on insurance premiums, to cover amounts payable for future claims and expenses. In the calculation, the term to maturity of risks assumed and issued and risks in effect but not issued (PPNG-RVNE) in the policies or endorsements of contracts in force is taken pro rata on a daily basis.

Provision for unsettled claims (PSL)

This provision is recognized to cover expected amounts for reported and unpaid claims, including administrative and judicial claims. It includes amounts related to indemnities, reserve funds and past-due income, all gross of reinsurance operations and net of coinsurance operations, when applicable. When necessary, it must cover adjustments for IBNER (claims incurred but not sufficiently reported) for the total of claims reported but not yet paid, a total which may change during the process up to final settlement;

Provision for claims incurred and not reported (IBNR)

This provision is recognized for the coverage of expected amount for settlement of claims incurred but not reported up to the calculation base date, including administrative and judicial claims. It includes amounts related to indemnities, reserve funds and income, all gross of reinsurance operations and net of coinsurance operations;

Provision for financial surplus (PEF)

It is recognized to guarantee amounts intended for the distribution of financial surplus, if provided for in the contract. Corresponds to the financial income exceeding the minimum return guaranteed in the product;

Provision for redemptions and other amounts to be regularized (PVR)

This provision is recognized for the coverage of amounts related to redemptions to be regularized, returned premiums or funds, transfers requested but, for any reason, not yet transferred to the recipient insurance company or open private pension entity, and where premiums have been received but not quoted;

Provision for related expenses (PDR)

Recognized for the coverage of expected amounts related to expenses on benefits and indemnities, due to events which have occurred or will occur.

Put Option

A derivative instrument that gives its holder, or buyer, a future right, but not an obligation, to purchase shares; and to its seller, a future obligation to sell, if so requested by the option buyer.

Price to Book Ratio (P/B)

Indicator obtained by dividing the price of a stock by its Book Value. It is a market multiple used for comparative analyses of the market cap of companies.

Price to Earnings Ratio (P/E)

Indicator obtained by dividing the price of a stock by a company’s earnings for a giver a period of time. It is a market multiple used for comparative analyses of business valuations.


Customer site branches. Extension of a bank’s head office or branch installed by a financial institution within the premises of a government entity or a private company, intended to provide services on behalf of such financial institution.


Electronic Service Facility: premises consisting of one or more self-service terminals, linked to a branch or the head office of the financial institution.


Percentage of net income distributed to stockholders in the form of dividends or interest on capital.

Pillar 3

Risk and Capital Management Report, prepared by financial institutions and required by the Central Bank of Brazil under Circular 3930, in which information regarding risk and capital management is disclosed.


a means of instant electronic payment created by the Central Bank of Brazil. Using this method, funds are transferred between accounts in a few seconds, at any time or day, and can be transferred from a current account, savings account, or prepaid payment account.

PN (Preferred Shares)

A share of a company providing its owners with priority to receive dividends and interest on capital and to be refunded from the capital invested in the case the company enters bankruptcy. At Itaú Unibanco it is represented by ticker ITUB4.

Pension Plan

product aimed at clients seeking to build up a financial reserve for retirement or in case of loss of working capacity.

Partner and associate programs

long-term incentive programs that recognize and show appreciation for employees who make a difference and lead the build uop of a forward-looking bank, aligned with the vision and values of the institution, by distributing Itaú Unibanco’s equity.

Provisions for civil, tax and labor obligations

provisions recognized in an institution’s balance sheet to cover expenses arising from civil, tax, and/or labor lawsuits.

Profit Reserve

reserve accounts recognized in the Stockholders’ Equity of companies from their earned profits that can be used for specific purposes.

Regulatory risk

Risk of incurring losses due to fines, sanctions and other penalties applied by regulatory agencies resulting from lack of compliance with regulatory requirements.

Reputational risk

Risk arising from internal practices, risk events and external factors that may generate a negative perception of us among clients, counterparties, stockholders, investors, supervisors and commercial partners, among others, which could affect the value of our brand and financial losses, in addition to adversely affecting our capability to maintain our existing commercial relations, start new businesses and continue to have access to financing sources.

Recurring Return on Average Equity – Annualized

Obtained by dividing the Recurring Net Income by the Average Stockholders’ Equity. The resulting amount is multiplied by the number of periods in the year to derive the annualized rate. The calculation bases of returns were adjusted by the dividends proposed after the balance sheet closing dates, which have not yet been approved at annual stockholders’ or Board meetings.

Recurring Return on Average Assets

Annualized Obtained by dividing the Recurring Net Income by the Average Assets.

Recurring Net Income per Share

Calculated based on the weighted average number of outstanding shares for the period, including stock splits when they take place.

Retail Banking

Consists of banking products and services offered to both current account and noncurrent account holders. Products and services offered include: personal loans, credit cards, payroll loans, vehicle financing, mortgage loans, insurance, pension plan and premium bonds products, and acquiring services, among others.


portion related to exposures to credit risk


amount of risk-weighted assets corresponding to credit risk exposures to the non-banking private sector, calculated for jurisdictions whose ACCPi is different from zero


Portion related to exposures to market risk, using the internal models approach


Portion related to exposures to market risk, calculated using the standard approach


Portion related to the calculation of operational risk capital requirements.


Reference Rate, disclosed by the Central Bank. An index calculated based on the monthly average interest of fixed time deposits, net of taxes, raised at commercial, investment banks, multiple banks with commercial or investment portfolios, savings and loan banks, or of federal, state and local government securities, according to the methodology approved by the Brazilian Monetary Council (CMN).

Repo Agreements

Transactions where a financial security is sold and the seller assumes a commitment to repurchase such security after a predetermined period, for the amount agreed upon at the time of the sale.

Referential equity (capital requirement)

Consisting of Tier I and Tier II Capital of a financial institution, calculated to check compliance with operating limits. It is used to determine the Basel ratio.

Reputational risk

the risk arising from internal practices and/or external factors that may generate a negative perception about Itaú Unibanco by clients, employees, stockholders, investors, regulatory bodies, government, suppliers, the press and society in general, which may impact the bank’s reputation, the value of its brand, and/or result in financial losses. Additionally, it may affect the maintenance of existing business relationships, access to funding, the attraction of new businesses and talents to the company’s staff, or even the license to operate.

Risk Weighted Assets (RWA). Methodology used by financial institutions to calculate, in a weighted manner, the risk exposure of their assets. Used to determine the capital ratios (Basel).

Stress Testing – Losses in Stress Scenarios

A simulation technique to evaluate the impact, in the assets, liabilities and derivatives of the portfolio, of various risk factors in extreme market situations (based on prospective and historic scenarios);

Stop Loss

Metrics that trigger a management review of positions, if the accumulated losses in a given period reach specified levels;

Stressed VaR

A statistical metric derived from VaR calculation, aimed at capturing the biggest risk in simulations of the current portfolio, taking into consideration the observable returns in historical scenarios of extreme volatility.

Supplemental Coverage Reserve (PCC)

Recognized when technical reserves are found to be insufficient, as shown by the Liability Adequacy Test, provided for in the regulations;

Sensitivity (DV01 – Delta Variation Risk)

Impact on the market value of cash flows when a 1 basis point change is applied to current interest rates or on the index rates.


Sistema Brasileiro de Poupança e Empréstimo (Brazilian Savings and Loan System). A system of credit facilities offered by public and private financial institutions, the funds of which are mostly intended for the purchase of properties.


the reference rate disclosed by the Selic (the special clearing and custody system).  It is the daily average adjusted financing rate calculated at Selic for federal securities. Its target is set at the meetings held by the Central Bank’s Monetary Policy Committee, also known as COPOM.

SFN – Sistema Financeiro Nacional (Brazil’s National Financial System)

A set of entities and institutions that carry out financial intermediation, that is, meeting of lenders and borrowers. It is through the financial system that individuals, companies and the government move most of its assets, pay debts and make investments.


the Central Bank of Brazil’s Reserve Transfer System, whereby all financial obligations in Brazil are ultimately settled.


Superintendência de Seguros Privados (Superintendency of Private Insurance). An autonomous government agency under the Brazilian Federal Public Administration, with head office in Rio de Janeiro state, responsible for authorizing, controlling and inspecting the insurance, private pension plan, capitalization and reinsurance markets in Brazil.

Stockholders’ Equity

the result of the difference between assets and liabilities. It represents the book value of a company at a given moment.

Supplementary Allowance for Loan and Lease Losses

Balance accrued for expected credit losses in excess of the minimum required by the Central Bank of Brazil.

Share Buyback Program

program in which a company buys back part of its shares traded on the stock market, usually to hold them in treasury, compensate its officers, or cancel them.

Sustainability and Environmental and Social Responsibility Policy (PRSA)

policy that sets the guidelines, strategies, and key principles for environmental and social management, starting with institutional issues and addressing the most material risks for the operation of the Institution using specific procedures.

Service Revenue

Revenue from services provided by a financial institution such as checking account, credit cards, funds management, and other services.

Systemic Risk

risk of collapse of the financial system or market, with strong impact on interest rates, exchange rates, and asset prices in general, and widely affecting the economy – as opposed to the risk associated with an individual entity, group, or system component.

SEC (Securities and Exchange Commission)

An independent US federal regulatory agency responsible for protecting investors and preserving the fair and efficient functioning of the capital markets.


creation of a new and independent company by selling or distributing the shares of an existing business.

Securities (TVM)

securities or investment contracts that generate an equity, partnership, or payout rights. Examples: shares, debentures, fund units, etc.

Temporary special administration regime or RAET

A less severe special regime with limited duration which allows financial institutions to continue to operate – the whole management loses its offices and is replaced by a steering committee appointed by the Central Bank with broad management powers, which will adopt of measures aimed at the resumption of the financial institution’s regular activities. If resumption is not possible, this regime may be turned into an extrajudicial liquidation.

Tag Along

Is a defense mechanism of minority stockholders (those who are not part of the controlling group), which assures them a minimum price to be paid for their shares in the event of a sale of the Company’s control.

Tier I Capital Ratio

The sum of the Common Equity Tier I and the Additional Tier I Capital, divided by the Total Risk Weighted Assets.

Tier I Capital

The sum of the Common Equity Tier I and the Additional Tier I Capital.

Tier II Capital

Consists of subordinated debt instruments with defined maturity dates that meet the eligibility requirements.

Total Capital

The sum of the Tier I and Tier II Capital.

Total Risk Weighted Assets

Consists of the sum of the portion related to credit risk exposure (RWACPAD), to the market risk capital requirement (RWAMINT) and to the operational risk capital requirement (RWAOPAD).

Technical provision

how much money an insurance company needs to set aside on its balance sheet to meet future commitments to its policyholders.

Tag Along

granting non-controlling stockholders the control premium paid to controlling stockholders. The right of non-controlling stockholders to dispose of their shares in the event of a sale of shares by the controlling stockholders of the company.

TCFD (Task Force on Climate-Related Financial Disclosures)

task force created by the Financial Stability Board, an international body created in 2009 after the G20 summit, that monitors and makes recommendations on the global financial system, to improve and increase the disclosure of climate-related financial information.

Todos Pela Saúde (All for Health)

Initiative launched by Itaú Unibanco in 2020 to tackle COVID-19 in Brazil.


Threat and Vulnerability Analysis

Underwriting Margin

The sum of earned premiums, retained claims and selling expenses.


Assets consisting of more than one class of securities, for example, a common share (ON) and a preferred share (PN) traded together.

Variable Contribution Plans (CV)

In this type of plan, scheduled benefits present a combination of characteristics of defined contribution and defined benefit modalities, and the benefit is actuarially determined based on the investment accumulated by the participant on the eligibility date

Value at Risk (VaR)

A statistical metric that quantifies the potential economic loss expected in normal market conditions. The consolidated VaR of Itaú Unibanco is calculated based on a Historical Simulation of the bank’s total exposure to market risk, at a confidence level of 99%, a historical period of four years (1000 business days) and a holding period of one day. In addition, using a conservative approach, the VaR is calculated daily, whether or not volatility-weighted, and the final VaR is the most restrictive value between both methodologies.


the measure of the dispersion of returns for a given security or market index.

Wholesale Banking

Consists of the activities of Itaú BBA, the unit responsible for commercial operations with large companies and for investment banking services, the activities of our units abroad, and the products and services offered to high-net worth clients (Private Banking) and to middle market companies and institutional clients.