Itaú Unibanco Holding S.A. (ITUB): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do banco latino-americano, a Itaú Unibanco Holding S.A. surge como uma potência de inovação financeira, tecelagem estrategicamente, centralização do cliente e infraestrutura digital robusta em seu modelo de negócios abrangente. Com uma abordagem sofisticada que abrange o varejo e o banco corporativo, essa gigante financeira brasileira alavanca parcerias estratégicas, plataformas digitais de ponta e uma profunda compreensão do mercado precisa oferecer um valor excepcional em diversos segmentos de clientes. Mergulhe na intrincada tela do modelo de negócios que revela como Itaú Unibanco transformou o banco tradicional em uma experiência financeira personalizada e perfeita que ressoa com milhões de clientes.

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com empresas globais de tecnologia financeira

Itaú Unibanco estabeleceu parcerias estratégicas com as seguintes empresas globais de tecnologia financeira:

Empresa	Detalhes da parceria	Ano estabelecido
Visa Inc.	Soluções de pagamento digital	2018
MasterCard Incorporated	Tecnologias de pagamento transfronteiriças	2017
Apple Pay	Integração de pagamento móvel	2019

Parcerias com redes de pagamento brasileiras e internacionais

As parcerias importantes da rede de pagamento incluem:

• Cielo S.A. (empresa de processamento de pagamento brasileiro)
• Aquisador de Rede
• PayPal Holdings, Inc.
• Rede de pagamento internacional Swift

Colaboração com startups de fintech para inovação digital

Itaú Unibanco investe e colabora com as startups da Fintech por meio de seus programas de inovação:

Programa de colaboração de inicialização	Número de startups suportadas	Valor do investimento
Programa de inicialização Itaú	42 startups	R $ 15,6 milhões
Laboratório de Inovação Digital	27 parcerias de fintech	R $ 8,3 milhões

Relacionamentos com grandes bancos brasileiros e internacionais

Parcerias bancárias estratégicas:

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

Acordos de parceria bancária transfronteiriça total: 12 relações bancárias internacionais a partir de 2024.

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negócios: Atividades -chave

Serviços bancários corporativos e de varejo

A partir de 2024, Itaú Unibanco opera com:

• Total de ativos de R $ 2,258 trilhões
• Aproximadamente 57,4 milhões de clientes individuais
• Portfólio bancário corporativo atendendo a mais de 300.000 clientes comerciais

Categoria de serviço bancário	Volume da transação (2024)
Transações bancárias de varejo	3,2 bilhões de transações anuais
Transações bancárias corporativas	1,8 bilhão de transações anuais

Desenvolvimento da plataforma bancária digital

As métricas bancárias digitais incluem:

• 98,5% das transações realizadas através de canais digitais
• 25,6 milhões de usuários de bancos digitais ativos
• Aplicativo bancário móvel com 22,3 milhões de usuários ativos

Gestão de investimentos e ativos

Indicadores de desempenho de investimento:

Categoria de investimento	Total de ativos sob gestão
Fundos mútuos	R $ 678,5 bilhões
Fundos de pensão	R $ 392,3 bilhões

Processamento de crédito e empréstimo

Breakdown da carteira de empréstimos:

• Portfólio de empréstimos totais: R $ 1,045 trilhão
• Empréstimos corporativos: R $ 612,8 bilhões
• Empréstimos individuais: R $ 432,6 bilhões

Gerenciamento de riscos e consultoria financeira

Métrica de gerenciamento de riscos	2024 Valor
Taxa de empréstimo sem desempenho	2.7%
Investimento em gerenciamento de riscos	R $ 1,2 bilhão anualmente

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negócios: Recursos -chave

Extensa rede de filiais

A partir de 2023, Itaú Unibanco opera:

Métrica de rede	Número
Total de agências bancárias	4,270
Rede ATM	24,270
Países de operação	19

Infraestrutura bancária digital

Métricas de desempenho bancário digital:

• Usuários bancários móveis: 21,4 milhões
• Transações digitais: 95,2% do total de transações
• Investimento em plataforma bancária digital: R $ 3,2 bilhões em 2023

Reputação da marca

Classificação da marca	Posição
Marca de banco brasileiro mais valioso	1º
Valor da marca	R $ 16,5 bilhões

Composição da força de trabalho

Categoria de funcionários	Número
Total de funcionários	86,547
Funcionários com ensino superior	78.3%

Sistemas tecnológicos

Detalhes de investimento em tecnologia:

• Despesas anuais de TI: R $ 4,7 bilhões
• Orçamento de segurança cibernética: R $ 620 milhões
• Investimentos de AI e aprendizado de máquina: R $ 890 milhões

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negócios: proposições de valor

Soluções financeiras abrangentes para indivíduos e empresas

Em 2024, Itaú Unibanco oferece uma gama diversificada de serviços financeiros com as seguintes métricas importantes:

Categoria de serviço	Volume total	Quota de mercado
Bancos pessoais	R $ 412,6 bilhões	18.3%
Banco corporativo	R $ 287,4 bilhões	15.7%
SME Banking	R $ 89,2 bilhões	22.1%

Experiência bancária digital integrada

Indicadores de desempenho da plataforma digital:

• Usuários bancários móveis: 23,6 milhões
• Volume da transação digital: 92,4% do total de transações
• Plataformas bancárias online: 4 sistemas integrados diferentes

Taxas de juros competitivas e produtos financeiros

Tipo de produto	Taxa de juros média	Volume anual
Empréstimos pessoais	24.5%	R $ 76,3 bilhões
Empréstimos comerciais	16.8%	R $ 129,7 bilhões
Empréstimos hipotecários	9.2%	R $ 42,1 bilhões

Atendimento ao cliente personalizado

Métricas de atendimento ao cliente:

• Base total de clientes: 57,4 milhões
• Taxa de satisfação do cliente: 87,6%
• Tempo médio de resposta: 12,3 minutos

Ampla gama de opções de investimento e crédito

Categoria de investimento	Total de ativos sob gestão	Crescimento anual
Fundos mútuos	R $ 346,2 bilhões	8.7%
Fundos de pensão	R $ 214,5 bilhões	6.3%
Investimentos de renda fixa	R $ 187,9 bilhões	5.9%

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negócios: Relacionamentos do cliente

Plataformas bancárias digitais personalizadas

A Itaú Unibanco oferece plataformas bancárias digitais com 39,4 milhões de usuários digitais a partir do terceiro trimestre de 2023. O aplicativo móvel do banco possui 28,6 milhões de usuários ativos, representando uma taxa de engajamento digital de 73%.

Métricas de plataforma digital	Número
Total de usuários digitais	39,4 milhões
Usuários ativos de aplicativos móveis	28,6 milhões
Taxa de engajamento digital	73%

Suporte ao cliente multicanal

Itaú Unibanco fornece suporte por meio de vários canais:

• Call Center com disponibilidade 24/7
• Suporte bancário do WhatsApp
• Serviços de bate -papo online
• Rede de filiais com 4.233 ramificações físicas
• Plataformas de suporte digital

Programas de fidelidade e recompensas

O programa de fidelidade do Banco, Itaú Personnalité, atende 1,2 milhão de clientes de alta rede com recompensas e serviços personalizados.

Detalhes do programa de fidelidade	Estatística
Membros do Programa Personnalité	1,2 milhão
Taxa média de retenção de clientes	86.5%

Gerentes de relacionamento dedicados para clientes corporativos

Itaú Unibanco atende 35.000 clientes corporativos com equipes especializadas de gerenciamento de relacionamento. O segmento bancário corporativo do banco gera R $ 10,4 bilhões em receita anual.

Ferramentas bancárias móveis e online

As ferramentas bancárias digitais incluem:

• Rastreamento de transações em tempo real
• Gerenciamento de portfólio de investimentos
• Soluções de pagamento instantâneas
• Autenticação biométrica

Recursos bancários móveis	Taxa de adoção
Transações de pagamento móvel	67 milhões mensais
Volume de transação digital	92% do total de transações

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negócios: Canais

Rede de ramificação física

A partir de 2023, Itaú Unibanco opera 4.270 filiais físicas em todo o Brasil. O banco mantém uma presença física generalizada com a seguinte distribuição:

Região	Número de ramificações
Sudeste do Brasil	2,458
South Brasil	612
Nordeste do Brasil	658
Central-West Brasil	392
Norte do Brasil	150

Aplicativo bancário móvel

O aplicativo bancário móvel da Itaú possui 29,8 milhões de usuários mensais ativos a partir do quarto trimestre 2023. Os principais recursos incluem:

• Abertura da conta digital
• Transações em tempo real
• Gerenciamento de investimentos
• Serviços de empréstimo e cartão de crédito

Site bancário online

A plataforma bancária on -line atende 36,5 milhões de clientes digitais em 2023, com 18,2 milhões usando a plataforma mensalmente.

Redes de caixas eletrônicos

Itaú Unibanco mantém 16.847 caixas eletrônicos em todo o Brasil, com a seguinte distribuição:

Tipo de localização do ATM	Número de caixas eletrônicos
Agências bancárias	4,270
Locais externos	12,577

Call centers e suporte digital ao cliente

O banco opera vários canais de suporte ao cliente:

• Call Center 24/7 com 6.500 agentes de suporte dedicados
• Suporte de bate -papo digital disponível em plataformas móveis e web
• Tempo médio de resposta: 45 segundos para canais digitais
• Interações anuais de atendimento ao cliente: 98,3 milhões

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

Clientes bancários de varejo individuais

A partir de 2023, a Itaú Unibanco atende a aproximadamente 57,4 milhões de clientes bancários de varejo individuais no Brasil. A base de clientes de varejo do banco quebra da seguinte maneira:

Total de clientes individuais	57,4 milhões
Usuários bancários digitais	36,2 milhões
Usuários bancários móveis	29,8 milhões

Pequenas e médias empresas

A Itaú Unibanco fornece serviços financeiros para 660.000 empresas pequenas e médias (PMEs) em todo o Brasil.

Total de clientes de PME	660,000
Portfólio de crédito para PME	BRL 96,3 bilhões
Tamanho médio do empréstimo	BRL 145.900

Grandes clientes corporativos

O banco atende a 18.500 grandes clientes corporativos com soluções financeiras abrangentes.

Total de grandes clientes corporativos	18,500
Portfólio de crédito corporativo	BRL 312,7 bilhões
Receita média de clientes corporativos	BRL 1,2 bilhão

Indivíduos de alta rede

O segmento bancário privado da Itaú Unibanco tem como alvo indivíduos com alto teor de rede.

Clientes de alta rede	45,000
Total de ativos sob gestão	BRL 243,5 bilhões
Valor médio do portfólio de clientes	BRL 5,4 milhões

Investidores internacionais

O banco fornece serviços de investimento para investidores internacionais direcionados ao mercado brasileiro.

Clientes de investimento internacional	2,750
Portfólio de investimentos estrangeiros	BRL 87,6 bilhões
Países clientes internacionais	37

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negócios: estrutura de custos

Investimentos de tecnologia e infraestrutura digital

Em 2023, a Itaú Unibanco investiu R $ 4,82 bilhões em tecnologia e infraestrutura digital. As despesas de tecnologia do banco representaram aproximadamente 16,5% de seus custos operacionais totais.

Categoria de investimento em tecnologia	Valor (r $ bilhão)
Desenvolvimento da plataforma digital	1.73
Infraestrutura de segurança cibernética	0.92
Soluções de computação em nuvem	0.65
AI e aprendizado de máquina	0.42

Salários e treinamento de funcionários

O total de despesas de pessoal para Itaú Unibanco em 2023 atingiu R $ 15,6 bilhões.

• Salário médio anual: R $ 145.000
• Orçamento de treinamento e desenvolvimento: R $ 280 milhões
• Total de funcionários: 86.244

Manutenção da rede de filiais

Os custos operacionais da rede de filiais em 2023 totalizaram R $ 3,45 bilhões.

Categoria de despesa de manutenção de ramificação	Valor (r $ milhão)
Infraestrutura física	1,870
Utilitários	620
Equipamento e manutenção	960

Despesas de conformidade regulatória

Os custos de conformidade regulatórios para 2023 totalizaram R $ 1,2 bilhão.

• Orçamento do Departamento Legal e de Conformidade: R $ 420 milhões
• Sistemas de relatórios regulatórios: R $ 280 milhões
• Auditoria e consultoria externa: R $ 500 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing em 2023 foram de US $ 1,75 bilhão.

Categoria de despesa de marketing	Valor (r $ milhão)
Marketing digital	620
Publicidade tradicional da mídia	480
Campanhas de aquisição de clientes	650

Itaú Unibanco Holding S.A. (ITUB) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos e produtos de crédito

Para o ano fiscal de 2022, Itaú Unibanco registrou receita total de juros da BRL 101,7 bilhões. A quebra da carteira de empréstimos foi a seguinte:

Categoria de empréstimo	Volume total (BRL bilhões)
Empréstimos corporativos	295.4
Empréstimos de varejo	422.6
Empréstimos ao consumidor	186.3

Taxas de serviço bancário

Em 2022, Itaú Unibanco gerou BRL 23,5 bilhões em taxas de serviço, com a seguinte distribuição:

• Taxas de manutenção da conta: BRL 5,2 bilhões
• Taxas de processamento de transações: BRL 8,7 bilhões
• Taxas de serviço do cartão de crédito: BRL 6,9 bilhões
• Outros serviços bancários: BRL 2,7 bilhões

Receita de gerenciamento de investimentos

As receitas de gestão de investimentos para 2022 totalizaram BRL 12,4 bilhões, com os principais segmentos:

Segmento de investimento	Receita (BRL bilhões)
Gestão de ativos	6.8
Gestão de patrimônio	4.2
Fundos de pensão	1.4

Taxas de processamento de transações

As taxas de processamento de transações em 2022 totalizaram BRL 18,6 bilhões, incluindo:

• Processamento de pagamento: BRL 7,3 bilhões
• Serviços de aquisição de comerciantes: BRL 6,9 bilhões
• Taxas de transação digital: BRL 4,4 bilhões

Vendas de seguros e produtos financeiros

As receitas de seguros e produtos financeiros para 2022 atingiram BRL 16,2 bilhões:

Categoria de produto	Receita (BRL bilhões)
Seguro de vida	5.6
Seguro de propriedade	4.3
Outros produtos financeiros	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.