Itaú Unibanco Holding S.A. (ITUB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la banca latinoamericana, Itaú Unibanco Holding S.A. emerge como una potencia de innovación financiera, tejido estratégicamente de tecnología, centricción al cliente e infraestructura digital robusta en su modelo de negocio integral. Con un enfoque sofisticado que abarca la banca minorista y corporativa, este gigante financiero brasileño aprovecha las asociaciones estratégicas, las plataformas digitales de vanguardia y una comprensión profunda del mercado necesita ofrecer un valor excepcional en diversos segmentos de clientes. Sumérgete en el intrincado lienzo de modelo de negocio que revela cómo Itaú Unibanco ha transformado la banca tradicional en una experiencia financiera perfecta y personalizada que resuena con millones de clientes.

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con empresas de tecnología financiera global

Itaú Unibanco ha establecido asociaciones estratégicas con las siguientes empresas mundiales de tecnología financiera:

Compañía	Detalles de la asociación	Año establecido
Visa Inc.	Soluciones de pago digital	2018
MasterCard Incorporated	Tecnologías de pago transfronterizas	2017
Apple Pay	Integración de pagos móviles	2019

Asociaciones con redes de pago brasileñas e internacionales

Las asociaciones de red de pago clave incluyen:

• Cielo S.A. (Compañía de procesamiento de pagos brasileño)
• Adquirente
• PayPal Holdings, Inc.
• Red de pago internacional Swift

Colaboración con Startups de FinTech para la innovación digital

Itaú Unibanco invierte y colabora con nuevas empresas de FinTech a través de sus programas de innovación:

Programa de colaboración de inicio	Número de startups compatibles	Monto de la inversión
Programa de inicio de Itaú	42 startups	R $ 15.6 millones
Laboratorio de innovación digital	27 asociaciones fintech	R $ 8.3 millones

Relaciones con los principales bancos brasileños e internacionales

Asociaciones bancarias estratégicas:

• Banco Bradesco S.A.
• Banco do Brasil S.A.
• Santander Brasil
• JP Morgan Chase & Co.
• Goldman Sachs Group, Inc.

Acuerdos de asociación bancaria transfronteriza total: 12 relaciones bancarias internacionales a partir de 2024.

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocio: actividades clave

Servicios de banca minorista y corporativa

A partir de 2024, Itaú Unibanco opera con:

• Activos totales de R $ 2.258 billones
• Aproximadamente 57.4 millones de clientes individuales
• Cartera de banca corporativa que sirve a más de 300,000 clientes comerciales

Categoría de servicio bancario	Volumen de transacción (2024)
Transacciones bancarias minoristas	3.200 millones de transacciones anuales
Transacciones bancarias corporativas	1.800 millones de transacciones anuales

Desarrollo de la plataforma de banca digital

Las métricas bancarias digitales incluyen:

• 98.5% de las transacciones realizadas a través de canales digitales
• 25.6 millones de usuarios de banca digital activa
• Aplicación de banca móvil con 22.3 millones de usuarios activos

Inversión y gestión de activos

Indicadores de rendimiento de la inversión:

Categoría de inversión	Activos totales bajo administración
Fondos mutuos	R $ 678.5 mil millones
Fondos de pensiones	R $ 392.3 mil millones

Procesamiento de crédito y préstamos

Desglose de la cartera de préstamos:

• Cartera de préstamos totales: R $ 1.045 billones
• Préstamo corporativo: R $ 612.8 mil millones
• Préstamo individual: R $ 432.6 mil millones

Gestión de riesgos y asesoramiento financiero

Métrica de gestión de riesgos	Valor 2024
Ratio de préstamo sin rendimiento	2.7%
Inversión de gestión de riesgos	R $ 1.2 mil millones anualmente

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocio: recursos clave

Red de sucursal extensa

A partir de 2023, itaú Unibanco opera:

Métrico de red	Número
Sucursales bancarias totales	4,270
Red de cajeros automáticos	24,270
Países de operación	19

Infraestructura bancaria digital

Métricas de rendimiento de la banca digital:

• Usuarios de banca móvil: 21.4 millones
• Transacciones digitales: 95.2% de las transacciones totales
• Inversión de plataforma de banca digital: R $ 3.2 mil millones en 2023

Reputación de la marca

Clasificación de marca	Posición
Marca del banco brasileño más valioso	Primero
Valor de marca	R $ 16.5 mil millones

Composición de la fuerza laboral

Categoría de empleado	Número
Total de empleados	86,547
Empleados con educación superior	78.3%

Sistemas tecnológicos

Detalles de la inversión tecnológica:

• Gasto anual de TI: R $ 4.7 mil millones
• Presupuesto de ciberseguridad: R $ 620 millones
• IA y inversiones de aprendizaje automático: R $ 890 millones

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocio: propuestas de valor

Soluciones financieras integrales para individuos y empresas

A partir de 2024, Itaú Unibanco ofrece una amplia gama de servicios financieros con las siguientes métricas clave:

Categoría de servicio	Volumen total	Cuota de mercado
Banca personal	R $ 412.6 mil millones	18.3%
Banca corporativa	R $ 287.4 mil millones	15.7%
Pyme bancaria	R $ 89.2 mil millones	22.1%

Experiencia bancaria digital integrada

Indicadores de rendimiento de la plataforma digital:

• Usuarios de banca móvil: 23.6 millones
• Volumen de transacción digital: 92.4% de las transacciones totales
• Plataformas de banca en línea: 4 sistemas integrados diferentes

Tasas de interés competitivas y productos financieros

Tipo de producto	Tasa de interés promedio	Volumen anual
Préstamos personales	24.5%	R $ 76.3 mil millones
Préstamos comerciales	16.8%	R $ 129.7 mil millones
Préstamos hipotecarios	9.2%	R $ 42.1 mil millones

Servicio al cliente personalizado

Métricas de servicio al cliente:

• Base total de clientes: 57.4 millones
• Tasa de satisfacción del cliente: 87.6%
• Tiempo de respuesta promedio: 12.3 minutos

Amplia gama de opciones de inversión y crédito

Categoría de inversión	Activos totales bajo administración	Crecimiento anual
Fondos mutuos	R $ 346.2 mil millones	8.7%
Fondos de pensiones	R $ 214.5 mil millones	6.3%
Inversiones de renta fija	R $ 187.9 mil millones	5.9%

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocios: relaciones con los clientes

Plataformas de banca digital personalizadas

Itaú Unibanco ofrece plataformas de banca digital con 39.4 millones de usuarios digitales a partir del tercer trimestre de 2023. La aplicación móvil del banco tiene 28.6 millones de usuarios activos, lo que representa una tasa de participación digital del 73%.

Métricas de plataforma digital	Número
Usuarios digitales totales	39.4 millones
Aplicación móvil usuarios activos	28.6 millones
Tasa de compromiso digital	73%

Atención al cliente multicanal

Itaú Unibanco proporciona soporte a través de múltiples canales:

• Centro de llamadas con disponibilidad 24/7
• Soporte bancario de WhatsApp
• Servicios de chat en línea
• Red de sucursales con 4.233 ramas físicas
• Plataformas de soporte digital

Programas de fidelización y recompensas

El programa de fidelización del banco, Itaú Personnalité, atiende a 1,2 millones de clientes de alto patrimonio con recompensas y servicios personalizados.

Detalles del programa de fidelización	Estadística
Miembros del programa Personnalité	1.2 millones
Tasa promedio de retención de clientes	86.5%

Gerentes de relaciones dedicadas para clientes corporativos

Itaú Unibanco atiende a 35,000 clientes corporativos con equipos especializados de gestión de relaciones. El segmento de banca corporativa del banco genera R $ 10.4 mil millones en ingresos anuales.

Herramientas bancarias móviles y en línea

Las herramientas de banca digital incluyen:

• Seguimiento de transacciones en tiempo real
• Gestión de la cartera de inversiones
• Soluciones de pago instantáneo
• Autenticación biométrica

Características bancarias móviles	Tasa de adopción
Transacciones de pago móvil	67 millones mensuales
Volumen de transacción digital	92% de las transacciones totales

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocio: canales

Red de sucursales físicas

A partir de 2023, Itaú Unibanco opera 4.270 ramas físicas en Brasil. El banco mantiene una presencia física generalizada con la siguiente distribución:

Región	Número de ramas
Sudeste de Brasil	2,458
South Brasil	612
Noreste de Brasil	658
Brasil central-oeste	392
Norte de Brasil	150

Aplicación de banca móvil

La aplicación de banca móvil de Itaú tiene 29.8 millones de usuarios mensuales activos a partir del cuarto trimestre 2023. Las características clave incluyen:

• Apertura de cuenta digital
• Transacciones en tiempo real
• Gestión de inversiones
• Servicios de préstamos y tarjetas de crédito

Sitio web de banca en línea

La plataforma bancaria en línea atiende a 36.5 millones de clientes digitales en 2023, con 18.2 millones utilizando la plataforma mensualmente.

Redes de cajeros automáticos

Itaú Unibanco mantiene 16.847 cajeros automáticos en Brasil, con la siguiente distribución:

Tipo de ubicación de cajero automático	Número de cajeros automáticos
Sucursales bancarias	4,270
Ubicaciones externas	12,577

Centros de llamadas y atención al cliente digital

El banco opera múltiples canales de atención al cliente:

• Centro de llamadas 24/7 con 6.500 agentes de soporte dedicados
• Soporte de chat digital disponible en plataformas móviles y web
• Tiempo de respuesta promedio: 45 segundos para canales digitales
• Interacciones anuales de servicio al cliente: 98.3 millones

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocio: segmentos de clientes

Clientes de banca minorista individual

A partir de 2023, Itaú Unibanco atiende a aproximadamente 57.4 millones de clientes de banca minorista individual en Brasil. La base de clientes minoristas del banco se descompone de la siguiente manera:

Total de clientes individuales	57.4 millones
Usuarios bancarios digitales	36.2 millones
Usuarios de banca móvil	29.8 millones

Empresas pequeñas y medianas

Itaú Unibanco ofrece servicios financieros a 660,000 pequeñas y medianas empresas (PYME) en Brasil.

Total de clientes de PYME	660,000
Cartera de crédito de las pymes	BRL 96.3 mil millones
Tamaño promedio del préstamo	BRL 145,900

Grandes clientes corporativos

El banco atiende a 18,500 grandes clientes corporativos con soluciones financieras integrales.

Total de grandes clientes corporativos	18,500
Cartera de crédito corporativo	BRL 312.7 mil millones
Ingresos promedio de clientes corporativos	BRL 1.200 millones

Individuos de alto nivel de red

El segmento de banca privada de Itaú Unibanco se dirige a individuos de alto nivel de red.

Clientes de alto nivel de red	45,000
Activos totales bajo administración	BRL 243.5 mil millones
Valor promedio de cartera de clientes	BRL 5.4 millones

Inversores internacionales

El banco ofrece servicios de inversión para inversores internacionales dirigidos al mercado brasileño.

Clientes de inversión internacional	2,750
Cartera de inversiones extranjeras	BRL 87.6 mil millones
Países internacionales de clientes	37

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocio: Estructura de costos

Tecnología e inversiones en infraestructura digital

En 2023, Itaú Unibanco invirtió R $ 4.82 mil millones en tecnología e infraestructura digital. Los gastos de tecnología del banco representaron aproximadamente el 16.5% de sus costos operativos totales.

Categoría de inversión tecnológica	Cantidad (R $ mil millones)
Desarrollo de plataforma digital	1.73
Infraestructura de ciberseguridad	0.92
Soluciones de computación en la nube	0.65
AI y aprendizaje automático	0.42

Salarios y capacitación de los empleados

Los gastos totales de personal para Itaú Unibanco en 2023 alcanzaron R $ 15.6 mil millones.

• Salario anual promedio: R $ 145,000
• Presupuesto de capacitación y desarrollo: R $ 280 millones
• Total de empleados: 86,244

Mantenimiento de la red de sucursales

Los costos operativos de la red de sucursales en 2023 ascendieron a R $ 3.45 mil millones.

Categoría de gastos de mantenimiento de ramas	Cantidad (R $ millones)
Infraestructura física	1,870
Utilidades	620
Equipo y mantenimiento	960

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 totalizaron R $ 1.2 mil millones.

• Presupuesto de departamento legal y de cumplimiento: R $ 420 millones
• Sistemas de informes regulatorios: R $ 280 millones
• Auditoría y consultoría externa: R $ 500 millones

Costos de marketing y adquisición de clientes

El gasto de marketing en 2023 fue de R $ 1.75 mil millones.

Categoría de gastos de marketing	Cantidad (R $ millones)
Marketing digital	620
Publicidad de medios tradicional	480
Campañas de adquisición de clientes	650

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos y productos de crédito

Para el año fiscal 2022, Itaú Unibanco reportó ingresos por intereses totales de BRL 101.7 mil millones. El desglose de la cartera de préstamos fue el siguiente:

Categoría de préstamo	Volumen total (BRL mil millones)
Préstamos corporativos	295.4
Préstamos minoristas	422.6
Préstamos al consumo	186.3

Tarifas de servicio bancario

En 2022, Itaú Unibanco generó BRL 23.5 mil millones en tarifas de servicio, con la siguiente distribución:

• Tarifas de mantenimiento de la cuenta: BRL 5.2 mil millones
• Tarifas de procesamiento de transacciones: BRL 8.7 mil millones
• Tarifas de servicio de tarjeta de crédito: BRL 6.9 mil millones
• Otros servicios bancarios: BRL 2.7 mil millones

Ingresos de gestión de inversiones

Los ingresos de gestión de inversiones para 2022 totalizaron BRL 12.4 mil millones, con segmentos clave:

Segmento de inversión	Ingresos (BRL miles de millones)
Gestión de activos	6.8
Gestión de patrimonio	4.2
Fondos de pensiones	1.4

Tarifas de procesamiento de transacciones

Las tarifas de procesamiento de transacciones en 2022 ascendieron a BRL 18.6 mil millones, incluyendo:

• Procesamiento de pagos: BRL 7.3 mil millones
• Servicios de adquisición de comerciantes: BRL 6.9 mil millones
• Tarifas de transacción digital: BRL 4.4 mil millones

Venta de seguros y productos financieros

Los ingresos de seguros y productos financieros para 2022 llegaron a BRL 16.2 mil millones:

Categoría de productos	Ingresos (BRL miles de millones)
Seguro de vida	5.6
Seguro de propiedad	4.3
Otros productos financieros	6.3

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Value Propositions

You're looking at the core value Itaú Unibanco Holding S.A. delivers across its vast client base. It's not just about holding deposits; it's about being the single financial partner for nearly every need.

Universal bank offering: full suite of financial services

Itaú Unibanco Holding S.A. operates as a true universal bank, which means you get everything from basic checking to complex capital markets advisory under one roof. This breadth is significant; for instance, the Retail Business accounted for 60% of the bank's revenue in 2024, while the Wholesale Business contributed 34%. The total assets on the balance sheet as of June 30, 2025, stood at R$ 2,122,480 million. The bank maintains a broad footprint, being present in 18 countries with retail operations concentrated in Latin America. The net income for the first half of 2025 was R$ 17,047 million.

Here is a snapshot of the loan portfolio distribution as of the end of the second quarter of 2025:

Loan Category	Balance (R$ billion, 2Q25)	Year-over-Year Growth (D 2Q24)
Individuals (Total)	451.9	8.0%
Credit Card Loans	141.1	7.7%
Mortgage Loans	134.4	17.2%
Very Small, Small and Middle Market Loans	(Data not directly comparable to Individuals total)	(Data not directly comparable to Individuals total)

The loan portfolio to funding ratio, net of compulsory deposits, cash, and cash equivalents, reached 98.6% in the second quarter of 2025, showing tight management of its balance sheet resources.

Sector-leading digital experience and personalized journeys

A key value is the push for a fully digital operation, making services simple and accessible. You see this in how they drive product adoption through their app. For example, the purchase volume for credit card account holders grew 14% in 2024 compared to 2023, driven by journey innovation in the app. The bank is focused on delivering the best products and services with a competitive cost to serve.

Open investment platform with third-party products

Itaú Unibanco Holding S.A. offers a complete portfolio that includes both proprietary and third-party products, which is a big draw for sophisticated investors. Assets under management and administration grew 9.9% in the last 12 months ending in the second quarter of 2025, with the open platform specifically growing by 10.6%. To give you a sense of scale, Itaú Asset Management recorded the highest net new money in 2024, bringing in R$63.1 billion. Also, Kinea held R$146.3 billion in assets under management as of December 31, 2024. For brokerage services, Itaú Corretora de Valores served over 531,000 clients, recording R$156.1 billion in trading volume in 2024.

Dedicated high-touch service for Personnalité and Uniclass segments

For clients needing more personalized attention, the segmentation is clear. The Itaú Uniclass segment is specifically for mass-affluent customers, generally those with monthly incomes between R$4,000 and R$15,000. Personnalité targets affluent customers. As of the end of the fourth quarter of 2024, the combined Personnalité and Uniclass segments represented 10.9% of a certain loan metric, showing their importance in the overall structure.

Commitment to sustainable finance and ESG-linked products

The bank has formalized its commitment to sustainability through a new ESG strategy, which is a major value driver for institutional investors. Itaú Unibanco has a target to expand sustainable financing to R$1 trillion by 2030, building upon the R$400 billion already allocated to sustainable development. In 2024 alone, ESG bond issuance reached R$13.6 billion across 30 operations, and ESG loans increased by 170% compared to the prior year.

The bank has set clear internal representation goals for 2025:

• 35% to 40% of leadership roles held by women.
• 27% to 30% Black representation across the organization.
• Aiming for 50% female representation in entry-level hiring flows.
• Aiming for 40% Black representation in entry-level hiring flows.

Furthermore, Itaú Unibanco aims to direct R$15 billion in microcredit to support small-scale entrepreneurs by 2030. That's a concrete action tied to their social value proposition. Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Customer Relationships

You're looking at how Itaú Unibanco Holding S.A. manages the connection with its diverse client base as of late 2025. It's a dual approach: heavy automation for the mass market and high-touch service for wealth segments.

Automated, Personalized Service via Mobile App and AI

The core of mass-market relationship management is digital. Over 90% of customers now use mobile banking, with the app serving around 20 million users and maintaining an NPS above 70. This digital ecosystem is powered by 'Itaú Intelligence,' launched in November 2024, which uses generative AI to create hyper-personalized interactions. The bank refines over 1,300+ AI models using data from every interaction, which feeds a self-reinforcing data flywheel. For instance, features like Pix on WhatsApp simplify transactions, reducing friction for high-volume users. Still, user feedback suggests challenges remain; 72% of users report difficulty accessing human assistance, setting a high bar for the digital support experience.

Dedicated Relationship Managers for Wholesale and Private Banking

For clients requiring bespoke service, the relationship model shifts entirely. Itaú Private Bank, recognized as Latin America's best for next-gen in 2025, focuses on building long-term relationships. This segment manages $164 billion in assets under management and serves a client roster of 9,000 families. They hold a 29% share of their main, domestic wealth market. This high-touch service contrasts sharply with the digital focus for retail clients.

Here's a quick look at the relationship structure across key segments:

Customer Segment	Primary Relationship Model	Key Metric/Focus
Retail/Mass Market	Automated/Self-Service via SuperApp	Mobile App Users: ~20 million
Uniclass/Personnalité	Hybrid: Digital + Dedicated Support	100% of loan book growth came from these segments (YoY)
Private Banking	Dedicated Relationship Managers	Assets Under Management: $164 billion
Wholesale/Corporate	Dedicated Relationship Managers	Market Share in DCM Origination: 25% (9M 2025)

Digital Self-Service Tools for High-Volume, Low-Margin Transactions

The bank is actively consolidating its digital footprint. The new superapp, launched in July 2024, targets the migration of approximately 15 million customers to this unified platform by the end of 2025. This platform is designed to make high-volume tasks, like payments and collections, seamless. For example, the bank has been reducing credit card annual fees, making them increasingly irrelevant as part of a strategy to avoid adverse selection and maintain the lifetime value of the client base. The overall consolidated credit portfolio stood at R$1,402.0 billion as of September 2025.

Loyalty Programs and Rewards for Credit Card Usage

Credit card relationships are managed through targeted growth in higher-value segments. The financed credit card portfolio for individuals grew by 4.3% in Q3 2025. It's defintely worth noting that 100% of the year-over-year growth in the loan book came from the Uniclass and Personnalité segments, indicating a focus on rewarding and growing relationships with higher-income clients through their card products. Commissions and insurance revenue reached R$14.7 billion in Q3 2025, showing the monetization of these relationships.

Proactive Risk Communication and Financial Advisory

Advisory services are a growing revenue stream, with advisory services and brokerage growing 33.7% quarter-over-quarter in Q3 2025. The bank's overall Return on Equity in Brazil was 24.2% in Q3 2025, supported by this focus on quality assets and advisory. The bank also emphasizes proactive communication regarding credit quality, which remained stable with the NPL ratio (90 days overdue) at 1.9% in Q3 2025 across the broader portfolio. Mortgage loans, a long-term relationship product, saw 15.2% growth year-over-year, with R$24 billion originated in the first nine months of 2025.

• AI-Driven Insights: 78% of users seek AI-driven recommendations, such as payment reminders or investment tips.
• Financial Planning Tools: Growing demand for tools that simplify financial planning and goal setting.
• Credit Quality Communication: NPL ratio (90 days overdue) held at 1.9% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Channels

You're looking at how Itaú Unibanco Holding S.A. gets its value propositions to its customers, and honestly, it's a massive, multi-layered operation that blends old-school presence with aggressive digital scaling. The bank is clearly pushing a phygital (physical + digital) strategy, making sure they cover every possible touchpoint.

The digital front is dominated by the mobile experience. The sheer scale here is what drives efficiency and volume for the mass market. We're talking about the Itaú mobile banking app, which is reported to have over 29.8 million active monthly users. This massive user base is the engine for high-frequency, low-cost transactions, which is crucial for profitability in retail banking today.

The physical footprint remains a key differentiator, especially for complex products or segments less inclined to digital-only interaction. The physical branch network and proprietary ATM fleet provide essential reach. While the bank is optimizing, the expectation is that the number of branches in Brazil won't drop significantly below 1,500, down from approximately 2,114 at the end of 2024, supporting their nationwide presence. They also maintain a fleet of around 40,000 ATMs as of late 2024 data.

For specialized investment services, the channels branch out. Itaú Corretora (brokerage) serves the domestic retail investor base, while Avenue (US digital platform) targets international exposure. As of late 2025, Itaú Unibanco Holding S.A. solidified its commitment to this channel by assuming control of Avenue, increasing its participation to 50.1%. By March 2025, Avenue had already reached 1 million accounts, a testament to the demand for cross-border investment access. Itaú Corretora itself serviced over 531,000 clients with positions in equity and fixed income as of December 31, 2024, generating R$ 156.1 billion in trading volume that year.

For the largest clients, the channel is highly personalized. Corporate and investment banking specialized sales teams, operating primarily through Itaú BBA, focus on building deep relationships to advise on capital markets, M&A, and complex treasury needs for Brazil's largest economic groups. This is a relationship-driven channel, not a volume play.

Finally, support is layered across digital and traditional means. This includes contact centers and online chat support, which are essential for managing the massive digital user base and resolving issues that the self-service app can't handle. The bank has been focused on improving these interactions, aiming for a reduction in high-impact incidents for clients.

Here's a quick look at the scale of some of these key channels as of the latest reported figures:

Channel Component	Metric	Latest Reported Figure	Date/Context
Itaú mobile banking app	Active Monthly Users	over 29.8 million	Late 2025 (Required Data Point)
Physical Branch Network (Brazil)	Estimated Minimum Count	~1,500	Post-2024 Optimization Estimate
Proprietary ATM Fleet	Total Count	40,000	End of 2024
Itaú Corretora	Retail Brokerage Clients	over 531,000	December 31, 2024
Itaú Corretora	Trading Volume	R$ 156.1 billion	2024
Avenue (US Platform)	Itaú Control Stake	50.1%	December 2025
Avenue (US Platform)	Total Accounts	1 million	March 2025

The strategy clearly shows a tiered approach to channel management. The digital channels handle the scale, while the specialized teams and physical branches handle complexity and high-value relationships. The migration of over 10 million clients to the One Itaú platform is a key enabler for this channel strategy, unifying access points.

• Digital adoption is high: Over 80% of Brazilian retail banking transactions took place digitally as of 2018, a trend that has certainly accelerated.
• The bank is focused on integrating services: The 'One Itaú' superapp aims to consolidate services, with 54% of migrated clients now holding three or more products.
• Investment Banking presence is global: Itaú BBA supports advisory services in Latin America and the Northern Hemisphere.

If onboarding for new digital features takes too long, churn risk rises, so the focus on efficiency in the chat and contact centers is defintely important for maintaining the digital gains. Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Customer Segments

Retail Individuals (mass market and high-income Uniclass)

Itaú Unibanco Holding S.A. serves a customer base exceeding 40 million individuals in Brazil, representing a 32% share of the retail banking market as of Q2 2025. The bank aims for its new superapp to consolidate services for approximately 15 million customers by the end of 2025. The individual loan portfolio in Brazil reached its best historical level in Q3 2025, showing a growth of 6.5% in that quarter. The Uniclass tier falls within this broader Retail Business segment, tailored for high-income individual clients. The bank offers a suite of services including credit cards, vehicle financing, and investment products to this mass market base.

High Net Worth Individuals (Personnalité and Private Banking)

The high-income offering is split between Personnalité, which is grouped within the Retail Banking segment, and the dedicated Itaú Private Bank. Itaú Private Bank serves a client roster of 9,000 families and manages $164 billion in assets under management as of early 2025. This division holds a 29% share of its main, domestic wealth market. The bank maintains international offices in Zurich, New York, Lisbon, Miami, and the Bahamas to support these clients' global asset needs.

Small and Medium-sized Enterprises (SMEs) via Itaú Emps

Itaú Unibanco launched Itaú Emps in the second quarter of 2025, a bank focused specifically on micro and small businesses. This initiative expands the bank's presence in the SME ecosystem. In Q1 2025, SME lending saw a year-over-year growth of 17.7%, demonstrating the segment's importance to the overall credit portfolio expansion. The Retail Business segment includes a unit specializing in meeting the diverse needs of small and medium enterprises.

Large Corporations and Institutional Clients (Wholesale Banking)

The Wholesale Business segment provides a wide range of products and services to the largest economic groups of Brazil. These activities span from commercial bank operations to capital markets and mergers and acquisitions advisory services. For the year ended December 31, 2024, the Wholesale Business segment accounted for 34% of Itaú Unibanco Holding S.A.'s revenue. The total credit portfolio, including corporate securities, grew 6.4% in Q3 2025 compared to Q3 2024.

International clients in Latin America, US, and Europe

Itaú Unibanco supports international clients through its global footprint, which focuses on Corporate & Investment Banking, Asset Management, Private Banking, and Retail services abroad. As of June 2025, the bank had 9,360 employees across Latin America and 579 employees in other countries, totaling 9,939 employees abroad. The total consolidated assets globally for Itaú Unibanco Holding S.A. were $461.6 billion as of December 31, 2024. The U.S. operations principally serve the Latin American customer base with wholesale banking and private banking services.

Key Segment Metrics Snapshot (Late 2025 Data)

Segment Indicator	Value	Date/Period
Total Retail Customer Base (Brazil)	Over 40 million	Q2 2025
Retail Banking Market Share (Brazil)	32%	Q2 2025
Private Bank Clients (Families)	9,000	Early 2025
Private Bank Assets Under Management	$164 billion	Early 2025
Wholesale Business Revenue Share	34%	Year ended Dec 31, 2024
Total Employees Abroad	9,939	June 2025
Total Consolidated Global Assets	$461.6 billion	Dec 31, 2024

The bank's strategy involves tailored digital journeys for individuals and robust solutions for companies.

• Mobile banking adoption exceeds 90% of the customer base.
• The bank's app serves approximately 20 million recurring users.
• Non-performing loan rate (90+ days overdue) was 1.9% in Q3 2025.
• Total Credit Portfolio reached R$1,402.0 billion in Q3 2025.

Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Itaú Unibanco Holding S.A. engine for 2025. It's all about managing the necessary costs to support that massive credit book and digital push.

The primary expected outlay related to lending risk is the Cost of Credit. Management has guided this figure to fall within a specific band for the full year 2025.

Cost Component	2025 Projection/Figure	Basis/Context
Cost of Credit	R$34.5 billion to R$38.5 billion	Full-year 2025 guidance maintained as of November 2025
Non-interest Expenses Growth	5.5% to 8.5% growth	Full-year 2025 guidance maintained as of November 2025
Non-interest Expenses (2Q25 Actual)	R$16.5 billion	Quarterly figure, up 9.4% year-on-year due to investments and salary impact
Cost of Capital	Around 15.0% p.y.	Used for business management purposes as of February 2025

The projection for Non-interest expenses growth in 2025 is set between 5.5% and 8.5%. To be fair, this growth reflects necessary spending, not just bloat. For example, the second quarter of 2025 saw non-interest expenses hit R$16.5 billion, which was a 9.4% increase compared to 2Q24, partly due to the collective agreement on salaries effective from September 2024.

A major driver within these expenses is the Significant technology and digital transformation investment. The bank is pouring capital into this area to drive efficiency. We saw an investment of R$2.7 billion in Q1 2025 alone. This follows up on 2024, where Itaú Unibanco closed the year with R$2.3 billion in investments in business and technology.

The ongoing operational footprint requires significant upkeep, covering Personnel costs and branch network maintenance. While specific figures for maintenance aren't isolated, the overall expense structure is managed with an eye on digital migration. The bank reported having over 17,000 tech workers as of mid-2025, a key component of personnel costs, while simultaneously achieving an efficiency ratio of 36.9% in Brazil for Q2 2025, the best level for a second quarter in the historical series.

The internal hurdle rate for capital deployment, the Cost of capital used for management, is explicitly stated at approximately 15.0% per year.

Here are the key cost-related guidance points for 2025:

• Cost of Credit range: R$34.5 billion to R$38.5 billion.
• Non-interest expenses growth: 5.5% to 8.5%.
• Technology investment (Q1 2025): R$2.7 billion.
• Cost of Capital: 15.0% p.y..

Finance: draft 13-week cash view by Friday.

Itaú Unibanco Holding S.A. (ITUB) - Canvas Business Model: Revenue Streams

The revenue streams for Itaú Unibanco Holding S.A. are heavily anchored in its core banking activities, supplemented by fee-based services and insurance operations.

Net Interest Income (NII) from lending and credit operations forms the foundation, closely tied to the Financial Margin with Clients. For the third quarter of 2025, the financial margin with clients remained stable at R$30.5 billion on a consolidated basis.

The outlook for this core segment remains positive, with Itaú Unibanco maintaining its 2025 projection for growth in the Financial Margin with Clients between 11.0% and 14.0%. This is supported by a projected total credit portfolio growth for 2025 between 4.5% and 8.5%.

Revenue from Commissions and fees and results from insurance operations is also a key driver. For the third quarter of 2025, this combined revenue reached R$14.7 billion. The bank maintained its full-year 2025 projection for growth in Commissions and fees and results from insurance operations to be between 4.0% and 7.0%.

Delving into the components of insurance, pension plans, and capitalization operations, premiums earned showed a year-over-year increase of 14.0% for the first nine months of 2025 compared to the same period in 2024, with recurring results growing by 17.3% over that same period.

The overall profitability metric reflecting these streams is the Recurring managerial net income, which for the third quarter of 2025 was reported at R$11.9 billion. This figure represented an 11.3% rise compared to the third quarter of the previous year.

Here's a look at the key consolidated 2025 projections Itaú Unibanco maintained as of November 2025:

Revenue/Metric Component	2025 Consolidated Projection	Status
Financial Margin with Clients Growth	Growth between 11.0% and 14.0%	Maintained
Commissions and fees and results from insurance operations Growth	Growth between 4.0% and 7.0%	Maintained
Financial Margin with the market	Between R$3.0 bn and R$3.5 bn	Reviewed Upward
Total credit portfolio Growth	Growth between 4.5% and 8.5%	Maintained
Cost of credit	Between R$34.5 bn and R$38.5 bn	Maintained

You can see the strength in the core business through these specific Q3 2025 results:

• Recurring managerial result (Net Income): R$11.9 billion.
• Financial margin with clients (Q3 2025): R$30.5 billion.
• Commissions and insurance revenue (Q3 2025): R$14.7 billion.
• Consolidated credit portfolio (as of September 2025): R$1,402.0 billion.

Also, keep in mind the underlying cost assumption used for management decisions:

• Cost of capital considered as of February 2025: around 15.0% per year.

Finance: draft 13-week cash view by Friday.