Itaú Unibanco Holding S.A. (iTUB): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la banque latino-américaine, Itaú Unibanco Holding S.A. apparaît comme une puissance d'innovation financière, de technologie de tissage stratégique, de centacre client et d'infrastructure numérique robuste dans son modèle commercial complet. Avec une approche sophistiquée qui s'étend sur le commerce de détail et les services bancaires d'entreprise, ce géant financier brésilien exploite les partenariats stratégiques, les plateformes numériques de pointe et une compréhension approfondie du marché pour offrir une valeur exceptionnelle à travers divers segments de clients. Plongez dans la toile du modèle commercial complexe qui révèle comment Itaú Unibanco a transformé les services bancaires traditionnels en une expérience financière personnalisée sans couture qui résonne avec des millions de clients.

Itaú Unibanco Holding S.A. (iTUB) - Modèle commercial: partenariats clés

Alliances stratégiques avec les entreprises mondiales de technologie financière

Itaú Unibanco a établi des partenariats stratégiques avec les sociétés mondiales de technologie financière suivantes:

Entreprise	Détails du partenariat	Année établie
Visa Inc.	Solutions de paiement numérique	2018
MasterCard Incorporated	Technologies de paiement transfrontalières	2017
Pomme	Intégration de paiement mobile	2019

Partenariats avec les réseaux de paiement brésiliens et internationaux

Les partenariats clés du réseau de paiement comprennent:

• Cielo S.A. (société de traitement des paiements brésiliens)
• Réviseur
• PayPal Holdings, Inc.
• Réseau de paiement international Swift

Collaboration avec les startups fintech pour l'innovation numérique

Itaú Unibanco investit et collabore avec les startups fintech par le biais de ses programmes d'innovation:

Programme de collaboration de startup	Nombre de startups prises en charge	Montant d'investissement
Programme de démarrage ITAú	42 startups	15,6 millions de R
Laboratoire d'innovation numérique	27 partenariats fintech	8,3 millions de R

Relations avec les grandes banques brésiliennes et internationales

Partenariats bancaires stratégiques:

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

Accords de partenariat bancaire transfrontalier total: 12 relations bancaires internationales à partir de 2024.

Itaú Unibanco Holding S.A. (iTUB) - Modèle d'entreprise: activités clés

Services de vente au détail et de banque d'entreprise

En 2024, Itaú Unibanco opère avec:

• Actif total de 2,258 billions de R
• Environ 57,4 millions de clients individuels
• Portfolio des services bancaires d'entreprise desservant plus de 300 000 clients commerciaux

Catégorie de service bancaire	Volume de transaction (2024)
Transactions bancaires au détail	3,2 milliards de transactions annuelles
Transactions en banque d'entreprise	1,8 milliard de transactions annuelles

Développement de la plate-forme bancaire numérique

Les mesures bancaires numériques comprennent:

• 98,5% des transactions effectuées via des canaux numériques
• 25,6 millions d'utilisateurs de banque numérique active
• Application bancaire mobile avec 22,3 millions d'utilisateurs actifs

Investissement et gestion des actifs

Indicateurs de performance d'investissement:

Catégorie d'investissement	Total des actifs sous gestion
Fonds communs de placement	678,5 milliards de R
Fonds de pension	392,3 milliards de R

Traitement du crédit et des prêts

Répartition du portefeuille de prêts:

• Portefeuille de prêts totaux: 1,045 billion de R
• Prêt de l'entreprise: 612,8 milliards de dollars
• Prêt individuel: 432,6 milliards de dollars

Gestion des risques et avis financier

Métrique de gestion des risques	Valeur 2024
Ratio de prêts non performants	2.7%
Investissement de gestion des risques	1,2 milliard de R $ par an

Itaú Unibanco Holding S.A. (iTUB) - Modèle commercial: Ressources clés

Réseau de succursale étendue

En 2023, Itaú Unibanco fonctionne:

Métrique du réseau	Nombre
Succursales bancaires totales	4,270
Réseau ATM	24,270
Pays d'opération	19

Infrastructure bancaire numérique

Métriques de performance bancaire numérique:

• Utilisateurs des banques mobiles: 21,4 millions
• Transactions numériques: 95,2% du total des transactions
• Investissement de la plate-forme bancaire numérique: 3,2 milliards de dollars en 2023

Réputation de la marque

Classement de marque	Position
Marque de banque brésilienne la plus précieuse	1er
Valeur de marque	16,5 milliards de rands

Composition de la main-d'œuvre

Catégorie des employés	Nombre
Total des employés	86,547
Employés de l'enseignement supérieur	78.3%

Systèmes technologiques

Détails de l'investissement technologique:

• Dépenses informatiques annuelles: 4,7 milliards de dollars
• Budget de la cybersécurité: 620 millions de dollars
• Investissements en IA et en apprentissage automatique: 890 millions de dollars

Itaú Unibanco Holding S.A. (iTUB) - Modèle d'entreprise: propositions de valeur

Solutions financières complètes pour les particuliers et les entreprises

En 2024, Itaú Unibanco propose un éventail diversifié de services financiers avec les mesures clés suivantes:

Catégorie de service	Volume total	Part de marché
Banque personnelle	412,6 milliards de R	18.3%
Banque commerciale	287,4 milliards de R	15.7%
Banking PME	89,2 milliards de R	22.1%

Expérience bancaire numérique intégrée

Indicateurs de performance de la plate-forme numérique:

• Utilisateurs des banques mobiles: 23,6 millions
• Volume des transactions numériques: 92,4% du total des transactions
• Plateformes bancaires en ligne: 4 systèmes intégrés différents

Taux d'intérêt concurrentiels et produits financiers

Type de produit	Taux d'intérêt moyen	Volume annuel
Prêts personnels	24.5%	76,3 milliards de R
Prêts commerciaux	16.8%	129,7 milliards de dollars
Prêts hypothécaires	9.2%	42,1 milliards de dollars

Service client personnalisé

Métriques du service client:

• Base de clientèle totale: 57,4 millions
• Taux de satisfaction client: 87,6%
• Temps de réponse moyen: 12,3 minutes

Large gamme d'investissement et d'options de crédit

Catégorie d'investissement	Total des actifs sous gestion	Croissance annuelle
Fonds communs de placement	346,2 milliards de R	8.7%
Fonds de pension	214,5 milliards de R	6.3%
Investissements à revenu fixe	R 187,9 milliards de dollars	5.9%

Itaú Unibanco Holding S.A. (iTUB) - Modèle d'entreprise: relations avec les clients

Plateformes de banque numérique personnalisée

Itaú Unibanco propose des plateformes de banque numérique avec 39,4 millions d'utilisateurs numériques au T3 2023. L'application mobile de la banque compte 28,6 millions d'utilisateurs actifs, représentant un taux d'engagement numérique de 73%.

Métriques de plate-forme numérique	Nombre
Total des utilisateurs numériques	39,4 millions
Application mobile utilisateurs actifs	28,6 millions
Taux d'engagement numérique	73%

Support client multicanal

Itaú Unibanco fournit un support sur plusieurs canaux:

• Centre d'appel avec disponibilité 24/7
• Support bancaire WhatsApp
• Services de chat en ligne
• Réseau de succursale avec 4 233 branches physiques
• Plateformes de support numérique

Programmes de fidélité et récompenses

Le programme de fidélité de la banque, Itaú Personnalité, dessert 1,2 million de clients à haute noueur avec des récompenses et des services personnalisés.

Détails du programme de fidélité	Statistiques
Membres du programme PersonNalité	1,2 million
Taux de rétention de clientèle moyen	86.5%

Gestionnaires de relations dédiées aux entreprises clientes

Itaú Unibanco dessert 35 000 clients d'entreprise avec des équipes de gestion des relations spécialisées. Le segment des services bancaires d'entreprise de la banque génère 10,4 milliards de rands de rands de revenus annuels.

Outils bancaires mobiles et en ligne

Les outils bancaires numériques comprennent:

• Suivi des transactions en temps réel
• Gestion du portefeuille d'investissement
• Solutions de paiement instantanées
• Authentification biométrique

Fonctionnalités bancaires mobiles	Taux d'adoption
Transactions de paiement mobile	67 millions par mois
Volume de transaction numérique	92% du total des transactions

Itaú Unibanco Holding S.A. (iTUB) - Modèle d'entreprise: canaux

Réseau de succursale physique

En 2023, Itaú Unibanco exploite 4 270 branches physiques à travers le Brésil. La banque maintient une présence physique généralisée avec la distribution suivante:

Région	Nombre de branches
Brésil du sud-est	2,458
Brésil du sud	612
Nord-Est du Brésil	658
Brésil-ouest	392
Nord du Brésil	150

Application bancaire mobile

L'application bancaire mobile d'ITAú compte 29,8 millions d'utilisateurs mensuels actifs au quatrième trimestre 2023. Les fonctionnalités clés incluent:

• Ouverture du compte numérique
• Transactions en temps réel
• Gestion des investissements
• Services de carte de prêt et de crédit

Site Web de banque en ligne

La plateforme bancaire en ligne dessert 36,5 millions de clients numériques en 2023, avec 18,2 millions en utilisant la plate-forme mensuellement.

Réseaux ATM

Itaú Unibanco maintient 16 847 machines ATM à travers le Brésil, avec la distribution suivante:

Type d'emplacement ATM	Nombre de distributeurs automatiques de billets
Succursales bancaires	4,270
Emplacements externes	12,577

Centres d'appel et support client numérique

La banque exploite plusieurs canaux de support client:

• Centre d'appels 24/7 avec 6 500 agents de soutien dédiés
• Support de chat numérique disponible sur les plateformes mobiles et Web
• Temps de réponse moyen: 45 secondes pour les canaux numériques
• Interactions annuelles du service à la clientèle: 98,3 millions

Itaú Unibanco Holding S.A. (iTUB) - Modèle d'entreprise: segments de clientèle

Clients bancaires de détail individuels

En 2023, Itaú Unibanco dessert environ 57,4 millions de clients bancaires de détail individuels au Brésil. La clientèle de détail de la banque se décompose comme suit:

Total des clients individuels	57,4 millions
Utilisateurs de la banque numérique	36,2 millions
Utilisateurs de la banque mobile	29,8 millions

Petites et moyennes entreprises

Itaú Unibanco fournit des services financiers à 660 000 petites et moyennes entreprises (PME) à travers le Brésil.

Clients totaux de PME	660,000
Portefeuille de crédit PME	BRL 96,3 milliards
Taille moyenne du prêt	BRL 145,900

GRANDES clients d'entreprise

La banque dessert 18 500 clients de grandes entreprises avec des solutions financières complètes.

Total des clients de grandes entreprises	18,500
Portefeuille de crédit d'entreprise	BRL 312,7 milliards
Revenus moyens des clients de l'entreprise	BRL 1,2 milliard

Individus à haute nette

Le segment bancaire privé d'Itaú Unibanco cible les particuliers.

Clients à haute teneur	45,000
Total des actifs sous gestion	BRL 243,5 milliards
Valeur moyenne du portefeuille client	BRL 5,4 millions

Investisseurs internationaux

La banque fournit des services d'investissement aux investisseurs internationaux ciblant le marché brésilien.

Clients des investissements internationaux	2,750
Portefeuille d'investissement étranger	BRL 87,6 milliards
Pays clients internationaux	37

Itaú Unibanco Holding S.A. (iTUB) - Modèle d'entreprise: Structure des coûts

Investissements technologiques et infrastructures numériques

En 2023, Itaú Unibanco a investi 4,82 milliards de RS en technologie et infrastructure numérique. Les dépenses technologiques de la banque représentaient environ 16,5% de ses coûts opérationnels totaux.

Catégorie d'investissement technologique	Montant (R $ milliards)
Développement de plate-forme numérique	1.73
Infrastructure de cybersécurité	0.92
Solutions de cloud computing	0.65
IA et apprentissage automatique	0.42

Salaires et formation des employés

Le total des dépenses du personnel pour Itaú Unibanco en 2023 a atteint 15,6 milliards de rands.

• Salaire annuel moyen: 145 000 R $
• Budget de formation et de développement: 280 millions de rands
• Total des employés: 86 244

Maintenance du réseau de succursales

Les coûts d'exploitation du réseau de succursales en 2023 s'élevaient à 3,45 milliards de R $.

Catégorie de dépenses de maintenance des succursales	Montant (R $ million)
Infrastructure physique	1,870
Services publics	620
Équipement et entretien	960

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 ont totalisé 1,2 milliard de R $.

• Budget du Département juridique et de la conformité: 420 millions de rands
• Systèmes de rapports réglementaires: 280 millions de rands
• Audit externe et conseil: 500 millions de R $

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing en 2023 étaient de 1,75 milliard de rands.

Catégorie de dépenses de marketing	Montant (R $ million)
Marketing numérique	620
Publicité médiatique traditionnelle	480
Campagnes d'acquisition de clients	650

Itaú Unibanco Hold

Revenu des intérêts des prêts et des produits de crédit

Pour l'exercice 2022, Itaú Unibanco a déclaré que les revenus d'intérêts totaux de BRL 101,7 milliards. La répartition du portefeuille de prêts était la suivante:

Catégorie de prêt	Volume total (BRL milliards)
Prêts d'entreprise	295.4
Prêts au détail	422.6
Prêts à la consommation	186.3

Frais de service bancaire

En 2022, Itaú Unibanco a généré BRL 23,5 milliards de frais de service, avec la distribution suivante:

• Frais de maintenance du compte: BRL 5,2 milliards
• Frais de traitement des transactions: BRL 8,7 milliards
• Frais de service de carte de crédit: BRL 6,9 milliards
• Autres services bancaires: BRL 2,7 milliards

Revenus de gestion des investissements

Les revenus de la gestion des investissements pour 2022 ont totalisé 12,4 milliards de BRL, avec des segments clés:

Segment d'investissement	Revenus (BRL milliards)
Gestion des actifs	6.8
Gestion de la richesse	4.2
Fonds de pension	1.4

Frais de traitement des transactions

Les frais de traitement des transactions en 2022 s'élevaient à BRL 18,6 milliards, notamment:

• Traitement des paiements: BRL 7,3 milliards
• Services d'acquisition des marchands: BRL 6,9 milliards
• Frais de transaction numérique: BRL 4,4 milliards

Ventes d'assurance et de produits financiers

Les revenus d'assurance et de produits financiers pour 2022 ont atteint BRL 16,2 milliards:

Catégorie de produits	Revenus (BRL milliards)
Assurance-vie	5.6
Assurance immobilière	4.3
Autres produits financiers	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.