pt en

acessibilidade

Load GIF

Dividends and Interest on Capital

What is the procedure for the payment of dividends and interest on capital at Itaú Unibanco?

What is the procedure for the payment of dividends and interest on capital at Itaú Unibanco?

Since July 1980, Itaú Unibanco has remunerated its shareholders through monthly and additional payments, the latter historically occurring every six months and distributed equally to common and preferred shareholders.

Monthly Dividends
The amount of R$ 0.015 per share is paid based on the stockholding position on the last trading session of the month prior to the month of accrual on B3 (former BM&FBovespa), and the payment is made on the first business day of the month subsequent to the month of accrual. The monthly payment is made as an advance of the distribution that is to be made following the determination of the annual Balance Sheet.

Additional Payments
Additional payments may be made either as dividends or interest on capital. As a general rule, semiannual payments are made after the determination of the balance sheets as at June 30 and December 31, respectively, by resolution of the Board of Directors. The Board of Directors determines the base date for the stockholding position and payment date.

The procedure for the payment of dividends and interest on capital by Itaú Unibanco provides for the distribution of at least 35% of the annual recurring net income, and the total amount to be distributed every year will be determined by the Board of Directors, considering, among other things:
• The Company’s capitalization level, according to rules defined by BACEN;
• The minimum level established by the Board of Directors of 13.5% for tier 1 capital;
• Profitability for the year;
• The prospects of capital use based on the expected business growth, share buyback programs, mergers and acquisitions, and market and regulatory changes that may change capital requirement; and
• Changes in tax legislation. Therefore, the percentage to be distributed may vary year-on-year based on the Company’s profitability and capital requirements, always taking into consideration the minimum amount provided for in its Bylaws.

For further details, please see Material Fact – Solvency Ratio and Payment of Dividends in the link below:

How are dividends and interest on capital paid?

How are dividends and interest on capital paid?

The payments of the amounts due will be made in accordance with the custody of the shares described below:

Stockholders with current accounts registered at Itaú Unibanco: the payment will be made by means of direct credit to the respective current accounts;

Stockholders with current accounts in other banks that have already indicated the bank/branch/current account: the payment will be made via electronic funds transfer (DOC or TED), according to the respective amounts;

Stockholders whose shares are deposited in fiduciary custody accounts of the São Paulo Securities, Commodities and Futures Exchange (B3 (former BM&FBovespa)): the payment will be made directly to the Central Depositary of B3 (former BM&FBovespa), which will transfer the respective amounts to stockholders by means of the depositing Brokerage Companies; and

Stockholders that do not meet the conditions above: should contact our Stockholder Service Department – (+55 11) 3003-9285, from Monday through Friday, from 9 a.m. to 6 p.m.

American Depositary Receipt (ADR) holders: the payment will be made through B3 to the custodian bank and then transferred to the overseas depositary bank – JP Morgan – which will transfer the amounts to stockholders within an average term of 5 days from date of the payment in Brazil.

What is the Dividend Reinvestment Program?

What is the Dividend Reinvestment Program?

The Dividend Reinvestment Program was created in 2004 as an additional benefit to Itaú Unibanco’s stockholders, allowing the automatic investment of dividends in the purchase of the Company’s preferred or common shares. Any stockholder may participate in the Dividend Reinvestment Program as an Itaú Unibanco S.A. current account holder, whether they are an individual or a legal entity.

You may sign up through Itaú Bankline (http://www.itau.com.br/) on: “Investments > Shares > Dividend Reinvestment Program > Join the Program”.

Further information on the Program is available in the Document Dividend Reinvestment Program – “PRD” on:

What is the purpose of the Stock Buyback Program?

What is the purpose of the Stock Buyback Program?

The acquisitions of the shares are aimed at: (i) maximizing the allocation of capital through the efficient use of available funds; (ii) providing for the delivery of shares to the employees and management members of the Company and its subsidiaries within the scope of the compensation models and the long-term incentive plans; (iii) using the acquired shares should business opportunities arise in the future; or (iv) to possibly cancel them, increasing the individual ownership of each stockholder.

Access the Material Fact with information on the current Buyback Program:

ADRS

What is an American Depositary Receipt (ADR)?

What is an American Depositary Receipt (ADR)?

ADR is the share receipt that enables investors to trade shares of non-U.S. companies in the United States and allows companies outside the United States to trade their securities in the United States. For example: Itaú Unibanco common and preferred shares are traded on B3, the Brazilian stock exchange. However, they are also traded on the U.S. market by means of the Level II ADR program.

We present below the main register file information on our ADR programs:

DR Symbol (ticker) on NYSE: ITUB

CUSIP: 465562106

DR ISIN: US4655621062

Each ADR represents one preferred share.

It is worth mentioning that Itaú Unibanco ADRs are backed by preferred shares (ITUB4) registered in Brazil.

How are dividends paid to ADR holders?

How are dividends paid to ADR holders?

The payments of dividends and distributions in cash, on our preferred shares that back the ADRs, are made directly to the depositary bank abroad, which is responsible for transferring them to the stockholders within an average period of ten (10) days after the payment is made in Brazil.
You can consult the history of dividend payments in the section “Dividends and distributions”, using the link below:

JP Morgan

Our depository bank is JP Morgan Chase Bank, N.A. (“JP Morgan”). For further information on our ADR program, please visit the page on the JP Morgan website.

We present below the main register file information on our ADR programs:

DR Symbol (ticker) on NYSE: ITUB

CUSIP: 465562106

DR ISIN: US4655621062

ADR Ratio: 1:1. Each ADR represents one preferred share

It is worth mentioning that Itaú Unibanco ADRs are backed by preferred shares (ITUB4) registered in Brazil.

Please access the contract of Itaú Unibanco with the depositary (deposit agreement) by clicking here.

For how long have Itaú Unibanco ADRs been traded in the United States?

For how long have Itaú Unibanco ADRs been traded in the United States?

In 1997, Unibanco was the first Brazilian bank to have its shares traded on the New York Stock Exchange (NYSE). Itaú launched its ADR program on NYSE on February 21, 2002. In 2022, we celebrate 25 years as a NYSE listed company. To commemorate this achievement, Itau Unibanco was the guest of honor at the closing bell ceremony.

What is a depositary bank? Which is the depositary bank for Itaú Unibanco?

What is a depositary bank? Which is the depositary bank for Itaú Unibanco?

To issue ADRs on U.S. stock exchanges, companies need a depositary bank, which is responsible for the issuance, cancellation and transfer of shares. The depositary bank is also responsible for maintaining the ownership records and paying dividends to ADR holders.

Our depositary bank is JP Morgan Chase Bank, N.A. (“JP Morgan”). For further information on our ADR program, please refer to the JP Morgan website, using the link below:

JP Morgan

How can I know how many ADRs I own?

How can I know how many ADRs I own?

If the ADRs are held by a securities brokerage, an investment adviser or a custody agent, the information is made available by them. Otherwise, please contact the depositary bank:

Phones:

Calls from the U.S.:  +1 800 990 1135

Calls from outside the U.S.: +1 651 453 2128

Website: JP Morgan.

Can Brazilian investors invest in ADRs?

Can Brazilian investors invest in ADRs?

Yes. However, to purchase and sell ADRs, investors must have an account overseas. Brazilian citizens who wish to open an account overseas must comply with the Brazilian taxation rules as well as remit money abroad.

ESG

Has Itaú Unibanco set a GHG emission reduction target?

Has Itaú Unibanco set a GHG emission reduction target?

Yes. Our target is to become a “NetZero” bank by 2050. To achieve this, we rely on interim targets for our operations, such as targets for reducing emissions from waste and water and energy consumption; and for our businesses, such as financing positive impact sectors and setting sector-specific decarbonization targets. In setting our targets we consider the availability of current technologies, but also rely on the development of new technologies.

As signatories to the Principles for Responsible Banking (PRB) initiative, we are committed to aligning our efforts with the Paris Agreement, the purpose of which is to limit the increase in average global temperatures to less than 1.5°C, and to becoming a Net Zero bank by 2050, including zero net emissions from our credit portfolio. In this way, we work on the transition to a low carbon economy, with our strategy focused on engaging with our stakeholders and defining policies, action plans and measuring performance against the challenges of fighting climate change.

We have been working since 2018 on the transition to a low-carbon economy, including by defining policies and action plans and measuring our performance on the challenges of climate change. We support key global guidelines and commitments for climate change management: Paris Agreement, Task Force on Climate-related Financial Disclosures (TCFD), Paris Agreement Capital Transition Assessment (PCTA), Partnership for Carbon Accounting Financials (PCAF), GHG Protocol, United Nations Environment Program (UNEP-FI) and FEBRABAN’s Climate Risk and Green Economy Working Group.

In this sense, we established an initial plan based on actions to reduce and remove greenhouse gas (GHG) emissions, with structured timeframes and monitoring of the technological scenario, which will be reviewed every year to reflect the progress of our climate initiatives, always in line with the science.

The Board of Directors and the Executive Committee supervise the evolution of our climate actions, including through committees dedicated to environmental, social and climate topics, with pre-defined frequency and agendas, ensuring that issues related to this topic are reflected in the strategic decision-making of the Organization, and monitoring our progress against our climate targets and commitments.

We mapped the climate risks and opportunities to which our operations and business are exposed, taking into consideration short-term (up to five years), medium-term (from five to ten years) and long-term time horizons (over 10 years), to be reviewed annually, and have developed an implementation strategy to reach the Net Zero target by 2050. We assess our exposure to different industries and opportunities by means of an integrated climate risk and metrics management. The identified risks and opportunities influence our strategy, which is focused on the adoption of stakeholder engagement actions aimed at a low-carbon economy, and measures to reduce the impacts of climate change on our business and operations.

We develop products and services that have a positive impact on the climate, establish targets for reducing our own emissions and for our exposure to the energy generation and charcoal industries, as the first industries that we have prioritized in accordance with the Net Zero Banking Alliance (NZBA) commitments, and we have been supporting the decarbonization of agribusiness and encouraging the development of Brazil’s carbon market.

We applied different climate scenarios to our risk management processes, as well as to the definition of industry decarbonization targets, and the appetite of our commercial area. Based on the Net Zero scenario of the International Energy Agency (IEA), our targets are in line with the trajectory towards remaining within the 1.5°C limit. These exercises have defined Itaú Unibanco’s commercial strategy and ambition to be in a position as a climate transition bank for our clients. We have developed a methodology to identify physical and transition climate risks in the short-, medium- and long-terms, and have monitored regulatory progress that could impact our activities and operations.

We have adopted measures to address Climate-related risks in our assessments of clients, loan operations and in our operations as a whole, in order to mitigate risks and increase our resilience. Additionally, we monitor, on a monthly basis, the exposure of our loan portfolio to physical and transition risks, with regular reports in accordance with our governance structure.

We adopt specific metrics for the assessment and management of climate risks and opportunities related to our business and our operation. We actively participate in global discussions focused on building new metrics, as well as evolving emissions quantification calculations and methodologies. We measure the emissions across Scopes 1, 2 and 3 (for our operations in Brazil, Argentina, Paraguay and Uruguay), as well as the financed emissions (scope 3, category 15, for all the domestic and international operations), by applying the Brazilian GHG Protocol Program and the Partnership for Carbon Accounting Financials (PCAF) methodology, respectively. These measurements support us in determining our climate strategy, both from the point of view of risk mitigation and the evolution of opportunities.

By 2022, our total emissions, including scope 1, 2 and 3 emissions and financed emissions, reached 20.7 million tCO2e. The increase over 2021 was due to the technological improvements implemented in capturing the data for the preparation of the emissions inventory of our operation, and the continued expansion of the implementation of the PCAF recommendations for financed emissions, which allowed us to achieve full coverage for regions and measurable credit products.

In addition, in 2022 studies were carried out to map the carbon emission scenarios, evaluate sectorial decarbonization curves, identify the main climate transition opportunities and the advances in new technologies, and adjust the management of Climate-related risks, focusing on the creation of value for our clients and advances in actions that support them in the transition to a low carbon economy.

To learn more about the topic, visit Itaú’s Climate Report – TCFD and the ESG Report 2022 on the Investor Relations website.

Does the company have ESG factors linked to compensation?

Does the company have ESG factors linked to compensation?

Yes. Environmental, social and governance issues affect the variable compensation of employees involved in activities, businesses, and commitments related to the ESG agenda, and is determined based on the performance indicators, projects and initiatives set out in the individual goals contract, at various hierarchical levels. The topics are connected to our ESG strategy, which is made up of the following positive impact commitments: Financing in positive impact industries; Responsible investment; Inclusive management; Responsible management; Amazon; Transparency in communications; Financial citizenship; Ethics in relationships and business; Inclusion and entrepreneurship; and Private social investment.

We highlight some links between the variable compensation of our managers and important topics on our ESG agenda. These targets seek to ensure that the deliveries related to our ESG strategy are targeted and strengthen our strategic fronts in relation to this topic.

• Climate change: Targets related to the implementation of the climate strategy with a focus on transition plans for net zero carbon; the development of new products, services, metrics, positions, and advocacy on climate change issues. These targets are found in the contracts with the officers and superintendents of the various topic-related departments.
• Environmental management: Targets for reducing energy, emissions, water consumption and waste generation in our own and our suppliers’ operations, in addition to creating monitoring indicators. The compensation of some of the executives of business units responsible for infrastructure are linked to the achievement of these targets.
• Diversity: Goals related to the increase and promotion of diversity in the workforce (considering the inclusion of race, gender, people with disabilities, LGBT+ and generations), mainly via the hiring flow, as well as by acting on cultural and behavioral aspects, such as unconscious biases. These targets are found in the contracts with executives, officers and superintendents responsible for recruitment, selection, training and diversity processes, as well as some executives from other departments in the bank.
• Employee experience: Targets for achieving a level of eNPS excellence, projects to define new work models, the promotion of a healthy, humanized and psychologically safe workplace, and initiatives to attract and retain talent. These targets are found in the contracts with executives, officers, and superintendents of some bank departments.
• Financial citizenship: Initiatives aimed at fostering entrepreneurship, financial inclusion, and financial education actions for non-clients and clients (indebted and over-indebted) and debt renegotiation and collection initiatives. These targets are reflected in the employment contracts of the officers and superintendents of topic-related departments.

Just as a practical example, Itaú BBA’s CEO has the challenge of guiding the implementation of the bank’s ESG and climate strategy in his individual target agreement, including the targeting of the R$400 billion commitment to positive impact sectors and projects and the Net Zero journey towards decarbonization of our credit portfolio.

To learn more about ESG issues related to compensation, visit our ESG 2022 Report.

Does Itaú Unibanco have a structured sustainability governance?

Does Itaú Unibanco have a structured sustainability governance?

Sustainability governance is a fundamental pillar in the sustainability strategy, responsible for the solidity of our positive impact commitments. We have an integrated governance structure, which is responsible for managing environmental, social and governance issues, our positive impact commitments and corporate sustainability policies, and for reporting to the Board of Directors and the Executive Committee. These forums also help develop knowledge, skills and experience at senior management level on different topics related to sustainable development.

Sustainability is an important item on the agenda at Board of Directors’ meetings and the topic is dealt at least once per year. The Board is charged with guiding, reviewing, approving and monitoring the effectiveness of our ESG strategy and our Social, Environmental and Climate Risks Policy (PRSAC), in line with the long-term challenges and trends, supported by the Social, Environmental and Climate Responsibility Committee (CRSAC) and by responsible Officer, in addition to promoting the socialization and engagement of employees on ESG issues. In 2022, the topics discussed included issues related to our climate strategy and the monitoring of our positive impact commitments.

The main responsibilities of the Social, Environmental and Climate Responsibility Committee, which includes members of the Board of Directors and Executive Committee, are as follow:

• define strategies to strengthen our social, environmental and climate responsibility.
• monitor the performance of the initiatives focused on sustainability.
• assess the follow-through on the actions implemented and their effectiveness, including recommendations for improvements.

The Superior ESG Council, which is composed by members of the Executive Committee and chaired by our CEO, is responsible for:

• ensuring compliance with our ESG strategy.
• monitoring the evolution of the main business sustainability indicators, projects and initiatives. • monitoring the Bank’s work against the main ESG demands of stakeholders.
• approving projects and resources required to address any priority challenges related to the effectiveness of our Social, Environmental and Climate Risk Policy.
• providing guidance to the Board of Directors.

In 2022, highlights among the topics discussed at the ESG Council included the monitoring of the positive impact commitments, reviews of long-term targets, the expansion of the climate strategy, the implementation of the Social, Environmental and Climate Risks Policy (PRSAC), and the progress of our private social investment programs.

The Risk and Capital Management Committee (CGRC) is responsible for management of Social, Environmental and Climate (SAC, abbreviation in Portuguese) risks involves a governance structure composed of various joint bodies responsible for decision-making according to the specifics of each forum, focusing on mitigating our exposure to SAC risks.

In addition, each positive impact commitment has its own governance established to integrate the theme into the conglomerate’s business initiatives. The sponsors are responsible for the strategic monitoring of the positive impact commitments and are supported by focal points – employees responsible for monitoring material topics with the business areas and operations.

 

To learn more about Sustainability Governance, visit our ESG 2022 Report.

Is there a negative screening of specific sectors for financing activities?

Is there a negative screening of specific sectors for financing activities?

We have specific criteria that must be met for maintaining relationships with clients and suppliers, and we consider the use of slave or child labor and the exploitation of prostitution to be excluded practices.

In line with our commitments to promoting positive impacts on society and responsible investment, we are promoting the decarbonization of our portfolio and, therefore, the phase-out of some sectors.

In 2020 we approved a strategy that will result in the gradual reduction, by 2025, of Itaú’s credit exposure to clients whose activities are related to tobacco, such as agricultural producers that exclusively grow this crop, and cigarette manufacturers. In addition, we prohibit the financing of oil and gas projects in the Arctic or in the tar sands.

We recognize energy transition from fossil fuel to renewable energy and low emission sources as crucial for mitigating climate change. Therefore, in 2023, we reviewed our commitment to promote the phase-out of thermal coal by 2030 and made it more ambitious. We understand that, although it encourages the transition to cleaner energy sources, the phase-out of carbon intensive activities must be conducted in a responsible manner. For this reason, we are committed to a gradual phase-out, contributing, most of all, to the achievement of a low-carbon economy.

The restrictions, declared in our commitment, respect the legal impositions that exist or come to exist in the regions where we operate and apply, initially, to thermal coal, that is, assets or projects of coal-fired thermal power plants or projects of mineral coal extraction and dedicated infrastructure.

Restriction for thermal coal:
• in July 2023, We will not perform any investment banking services or financial operations directly aimed at thermal coal energy generation assets and at economic groups or companies that have, more than 15% of their revenue arising from thermal coal energy generation or whose installed capacity in thermal coal energy generation exceeds 1,000 MW.
• In 2030, the restriction will be extended to economic groups and companies that have any percentage of their revenue arising from thermal coal energy generation.
• In the case of prospective economic groups, that is, potential clients, the beginning of a relationship will not be accepted when a dependence of revenue higher than 10% arising from thermal coal energy generation or from the installed capacity higher than 1,000 MW is verified. • Additionally, the restrictions also apply to any assets, economic groups and companies that are expanding their thermal coal energy generation activity.

Restriction for coal mining and dedicated infrastructure:
• in 2023 the restrictions apply directly to mineral coal extraction assets (coal mining) and dedicated infrastructure and to economic groups and companies that have more than 15% of their revenue arising from coal mining or dedicated infrastructure or whose annual mineral coal extraction exceeds 10 million metric tons.
• In 2030, the restrictions will be extended to economic groups and companies that have any percentage of their revenue arising from these activities, that is, the limit of annual mineral coal extraction will be zero.
• In the case of prospective economic groups, that is, potential clients, the beginning of a relationship will not be accepted when a dependence of revenue higher than 10% arising from coal mining or dedicated infrastructure or the annual mineral coal extraction exceeds 10 million tons is verified.
• Additionally, the restrictions also apply to any economic groups and companies that are expanding their coal mining activities or dedicated infrastructure, regardless of the share of their revenue.

Decarbonization of the Power Generation portfolio:
We have also set a target for reduction of 63% in the intensity of emissions from the power generation portfolio by 2030, reaching Net Zero by 2040. By means of financial instruments and products that finance the transition and increase the participation of renewable energy, we support our clients in their decarbonization trajectory that is in line with the Paris Agreement.

Our approach to the decarbonization of agribusiness:
With the support of the consulting firm BCG, in August 2022 we started our journey towards the structuring of the data necessary for the construction and refinement of the baseline of agribusiness’s emissions, as well as the definition of the science-based decarbonization scenario that is appropriate for the reality of Brazilian farming. In this journey, some progress has already been made. However, for the definition of a responsible target and a proper decarbonization strategy, we believe that some advances are still necessary. Regardless of the definition and publication of our target for agribusiness, we see great opportunities in the provision of solutions developed in partnership with our clients and that help them in the transition to a low-carbon emission farming activity. Promoting this transition is the central piece of our strategy to grow in the sector.

IR Agenda

Where can I find the Investor Relations agenda for the year 2023?

Where can I find the Investor Relations agenda for the year 2023?

The agenda of corporate events is available on the Investor Relations website, at the following  link.

Is it possible to schedule a virtual meeting with the Investor Relations team?

Is it possible to schedule a virtual meeting with the Investor Relations team?

Yes, you can access it through our Investor Relations website (see – “Menu > Itaú Unibanco – Investor Services > Contact IR.”)

You can schedule a meeting directly on the website according to available dates and times, all us on +55 (11) 2794 3547, or send an e-mail to. ri@itau-unibanco.com.br.