Exhibit 99.1

Complete
Financial Statements
in IFRS
September 30, 2020
www.itau.com.br/investor-relations facebook.com/Itaú @Itaú @Itaú /Itaú /bancoitau

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Itaú Unibanco Holding S.A.
02

Report on review of consolidated financial statements
To the Board of Directors and Stockholders
Itaú Unibanco Holding S.A.
Introduction
We have reviewed the accompanying consolidated balance sheet of Itaú Unibanco Holding S.A. and its subsidiaries (“Company”) as at September 30, 2020 and the related consolidated statements of income and comprehensive income for the quarter and nine-month period then ended, and the consolidated statements of changes in stockholders’ equity and cash flows for the nine-month period then ended, and a summary of significant accounting policies and other explanatory notes.
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Accounting Standard (IAS) 34—“Interim Financial Reporting” issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these consolidated financial statements based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410—“Review of Interim Financial Information Performed by the Independent Auditor of the Entity” and ISRE 2410—“Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, respectively). A review of financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements referred to above do not present fairly, in all material respects, the financial position of Itaú Unibanco Holding S.A. and its subsidiaries as at September 30, 2020, and the consolidated financial performance for the quarter and nine-month period then ended, and its consolidated cash flows for the nine-month period then ended, in accordance with IAS 34.
03
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020

Other matters
Statement of added value
The consolidated financial statements referred to above include consolidated statement of added value for the nine-month period ended at September 30, 2020. This statement is the responsibility of the Company’s management and is presented as supplementary information. This statement has been subjected to review procedures performed together with the review of the consolidated financial statements for the purpose concluding whether they are reconciled with the consolidated financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09—“Statement of Value Added”. Based on our review, nothing has come to our attention that causes us to believe that this consolidated statement of added value has not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and that it is consistent with the consolidated financial statements taken as a whole.
03
São Paulo, November 3, 2020
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5
Emerson Laerte da Silva
Contador CRC 1SP171089/O-3
04
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020

Management Report 9M20
Dear reader,
The first nine months of 2020 were marked by many challenges and, throughout this period, we focused on supporting our clients, employees and Brazilian society as a whole.
Since March, when the pandemic began, Brazil has experienced a significant reduction in its economic activity as a result of isolation and social distancing measures. The Brazilian economy is currently experiencing a gradual recovery, as well as the resumption of the fiscal and tax reforms and the opening up of the economy.
Our governance and risk structure enabled our preparations for weathering the crisis. We remained focused on our clients’ satisfaction by maintaining the standards of services, primarily during this important transition. In addition, we have adapted and resumed the growth of the business.
Currently, we have 56,100 employees working in home offices, representing a total of 97% of employees from our central administration , call centers and digital branches operating remotely. Additionally, from the 36,199 employees working on our branches – who remain supported by safety procedures and equipment – a total of 13,788 have already worked from home at least once, reaching 38%.
As a recognition on how we have responded to the crisis towards society, employees and customers, we have received an important award. For the first time, our brand was considered the most valuable in the country in 2020, according to the Brandz Brazil ranking prepared by research and consulting company Kantar, in partnership with the WPP group. This award adds to that of Interbrand, which has ranked us the most valuable brand in Brazil for over 10 years, and that of Folha Top of Mind, thereby positioning us at the top of the country’s three main rankings.
With the need for social distancing, our digital channels continue to show high growth rates. In the third quarter of 2020, 512 thousand individual accounts and 8 thousand business accounts were opened via digital channels, a growth of 85.5% and 300%, respectively, over the same period of the previous year.
Online account opening flow
in thousands IA
276 268
341
645 512
8
6
+ 85.5% + 300%
BA
43
2
3Q19 4Q19 1Q20 2Q20 3Q20
IA = Individual Accounts
BA = Business Accounts
Even during a crisis scenario, we have remained focused on structural projects, such as the bank’s digital transformation process. Our investments in technology¹ increased 39% over the nine months of 2019.
The bank’s digital transformation continues to evolve based on increased investments in technology, on decentralized governance of these resources – which allows the business areas greater autonomy – and on the expansion of the “community”2 work model. As an example, since 2019, in addition to hiring professionals specialized in technology, we acquired ZUP, a benchmark company in digital transformation, which has boosted our systems development.
1. Based on hours of development.
2. Multidisciplinary groups with professionals from different areas and specialties working together with a common objective.
05

To offer more investment options that encourage sustainable practices, we launched a new ESG fund.
Itaú Asset Management launched in September the “Itaú Momento ESG” Fund, an actively managed variable income fund with a process for analyzing and selecting companies that includes aspects of sustainability, aiming for long-term returns. This is yet another demonstration of the tradition of Itaú Asset Management in the constant search for responsible investment practices, which today incorporates ESG aspects when evaluating more than 95% of the R$ 741 billion of assets under management.
As of October of this year, customers holding investments with Itaú Personnalité, regardless of the amount, saw their accumulated points produce higher returns on iupp, our new shopping and benefits platform.
The points can be used to reduce the monthly amount of the card invoice or for purchases on the iupp marketplace. Also, a greater number of people are now exempted for the annual fee on premium cards. Exemption from annual fees on the Visa Infinite and Mastercard Black cards is now available to customers with investments starting at R$ 250 thousand.
Pix: a new way for making payments and transfers quickly and easily.
Like the traditional DOCs and TEDs, beginning in November we will be providing Pix, the Central Bank’s new instant payments system. The tool enables money to be transferred instantly to any institution on any day of the week or public holiday, at no cost to individual clients. There is no need to inform all banking data: all it takes is the Pix key that enables identification of the user’s account (personal/corporate tax number, e-mail or cellphone). The solution can also be accessed using iti, which aims to democratize access to financial services, regardless of current accounts. Since October 2020, our customers have been able to link their accounts to be part of Pix by registering their keys on our digital channels. This means they can enjoy the Itaú security level when using the new transfer modality.
Remaining focused on innovation, we launched the “iPhone para Sempre” (iPhone Forever) program in which customers with the bank’s cards can easily purchase a new model of the device.
The program allows our cardholders to acquire an iPhone using the bank’s apps. The initiative provides for an extended installment plan and, after 21 months, they have the option of changing the phone or returning it.
The continuous search for positive impact actions is part of our role and of the legacy we wish to leave to the nation.
In the previous quarter we announced a partnership with Bradesco and Santander to create the Amazon Plan with the purpose of promoting the sustainable development of the region and protecting the forest. In October 2020, with the same institutions, we joined the Brazil Climate, Forest and Farming Coalition which is focused on implementing actions to foster a new economic development model based on the low-carbon economy and, in this manner, address the challenges of climate change and enable real progress on the climate and livestock farming agenda in Brazil.
Additionally, the year 2020 marks the tenth edition of our “Leia para uma Criança” (Read to a Child) program which has distributed more than 57 million physical books for free since 2010, with 26 titles published. The initiative aims to encourage reading to children, in addition to reiterating the importance of this activity not only for literacy, but for creating bonds and the development of the children. The traditional free distribution of physical books began on October 1st. Orders can be placed through the site www.euleioparaumacrianca.com.br, and anyone can join, whether or not they are an Itaú customer. 3.6 million books are expected to be distributed. The works also have versions accessible in Braille and with enlarged fonts.
06

Creating value is to obtain financial results that exceed the cost of capital to remunerate our shareholders and other stakeholders through ethical and responsible relations based on trust and transparency and focused on the sustainability of the business.
We present below the key indicators comprising our results:
In R$ billion
9M20 9M19 Variation
Operating Revenues 1, 2
Net Interest Income 2
Banking Services Fees and Insurance ³
Expected Loss from Financial Assets and Claims General and Administrative Expenses
Net Income
Net Income Attributable to Controlling Shareholders Recurring Return on Annualized Average Equity4
82.8
49.9
31.5
(21.7) (53.1) 6.9
9.9
12.8%
86.8
53.7
31.6
(11.8) (46.8) 19.1
18.4
21.4%
- 4.6%
- 7.1%
0.0%
84.1%
13.5%
- 64.0%—46.2% - 860 bps
September 30, 2020 Variation
September 30, 2019
Total Assets
Total Loan Portfolio 5
1,998 850.2
1,614 706.6
23.8% 20.3%
Tier I Capital - 170 bps
12.4%
14.1%
9M20 9M19 Variation
Weighted Average Number of Outstanding Shares—in millions Net Income per Share—Basic—R$
9,759 1.02
9,739 1.89
0.2%
- 46.0%
September 30, 2020 Variation September 30, 2019
(1) Fonte: Banco Central do Brasil
Branches
Physical and Client Service Branches (CSBs) Digital Branches
Employees6 - in thousands
4,432 4,704 4,236 4,508 196 196 96.9 96.8
-5.8% -6.0% 0.0% 0.2%
Brazil
Abroad
84.2 12.7
83.5 13.2
0.9% -4.2%
(1) Operating Revenues are the sum of (i) Interest Income and similar income of financial assets at amortized cost and at fair value through other comprehensive income; (ii) Interest, similar income and dividend of financial assets at fair value through profit or loss; (iii ) Interest and Similar Expenses, (iv) Adjustments to Fair Value of Financial Assets and Liabilities; (v) Foreign exchange results and exchange variations in foreign transactions (vi) Revenues from banking services (vii) Income from insurance and private pension operations before claim and selling expenses (viii) Other income. For better comparability, the adjustment of the hedge tax effects on foreign investments was applied; (2) The sum of (i) Revenue from Interest and Earnings from Financial Assets at Amortized Cost and Fair Value through Other Comprehensive Income, (ii) Revenue from Interest, Earnings and Dividends on Financial Assets at Fair Value through Income, (iii) Interest and Similar Expenses, (iv) Adjustment to Fair Value of Financial Assets and Liabilities and (v) Result from Exchange Operations and Exchange Rate Variation on Overseas Transactions; (3) The sum on the Revenues from Services and Revenues from Insurance, Pension Plans and Savings Bonds, before Claims and Sales Expenses, net of reinsurance. For better comparability, the adjustment of the hedge tax effects on foreign investments was applied; (4) The return is calculated by dividing the Net Income Attributable to Controlling Shareholders by the Average Equity. The quotient of this division was multiplied by the number of periods in the year to arrive at the annual ratio; (5) Portfolio of Loans with Financial Guarantees Provided and Private Securities; (6) In March 2020, we temporarily suspended cause dismissals, among the different initiatives taken in the context of the COVID-19 crisis. In September, all people management activities, including hiring, promotions and dismissals, were resumed.
07

Results & Capital Management
The percentages of increase or decrease in this section refer to the comparison between the first nine months of 2020 in relation to the same period of 2019, unless otherwise indicated.
In the first nine months of 2020, our Net Income Attributable to Controlling Shareholders reached R$9.9 billion, down by 46.2% compared to the same period in the previous year. The Recurring Return on Annualized Average Equity was 12.8%. We highlight the 20.3% growth of total credit portfolio. The growth of the portfolios in the main segments was: • 3.0% for private individuals;
• 36.7% in very small, small and middle market companies in Brazil;
• 24.7% in large companies in Brazil;
• 29.8% in our Latin America operations, affected primarily by exchange rate variation;
Compared to the first nine months of 2019, the credit origination in Brazil grew 34.4%, namely:
• 8.0% for individuals;
• 31.6% for very small, small and middle market companies; and
• 56.8% for large companies.
In the case of individuals, vehicle loans grew by 19.4% year-on-year. We wish to highlight the adaptation of our business model in the segment, given that the industry experienced a decline in sales in the early months of the year, reflecting both the reduction in demand and the decline in production by the automotive manufacturers. We have detected a growing demand in the used vehicle segment, given the shortfall in offerings in the new vehicle segment. As a result, we have achieved our record invoicing in the last ten years, and we ended the quarter in second place in vehicle financing among the banks.
Our real estate credit portfolio for private individuals grew by 12.0% year-on-year. In this segment, we had record production in July, August and September. In the nine-month period, growth in production was 42.1% over the same period of the previous year. This result was supported by our ground-breaking development of a low-interest platform and the launch of new products and timely solutions appropriate for economic scenario and our clients’ needs
NEW
Fixed interest rate for the duration of the contract.
• Rates of TR+6.9% p.a.
• Financing for up to 90% of the property value.
• Client knows what rate they will pay during the life of the contract. We are working with the government on joint actions to expand the offering of solutions for our clients and society.
An innovative facility where the interest rate is equal to the savings account rate.
• Rates start at 5.39% p.a. (fixed rate of 3.99% p.a. + return on Savings account).
• Installments ~20% smaller on account of the economic scenario. • Ceiling limit on the rate ensures security for our customers.
NEW
Personal credit for those with their own (paid off) property looking for more attractive conditions.
• Rates start at TR+0.94% p.m.
• Offerings for clients of the entire retail network.
• Up to 10 years to pay.
New credit option for clients whose property is financed, with lower interest rates and longer repayment terms.
• Same rates as for Real Estate financing.
• Amount of the credit can include the residual balance.
• Enables portability with cashback.
08

Such was the acceptance of the new products that we achieved market leadership among private banks in granting real estate credit in the third quarter of 2020.
We are working with the government on joint actions to expand the offering of solutions for our clients and for society.
In the very small and small company segment, we disbursed R$ 3.9 billion to around 47 thousand companies under the National Support Program for Very Small and Small Companies (local acronym, Pronampe). In addition to the Pronampe program, the bank is also working with the Investment Guarantee Fund (FGI BNDES) within the scope of the Emergency Program for Access to Credit intended for very small, small and middle market companies with gross annual operating revenue of up to R$300 million, self-employed truck drivers that use the financing to purchase capital goods essential to their business, and Individual Entrepreneurs and Individual Businessmen. This program has already distributed R$ 12.6 billion to more than 11 thousand companies.
Portfolio growth notwithstanding, we suffered a reduction of 7.1% in the net interest income on account of the lower spreads on credit products, changes in the regulations on interest rates on overdraft accounts, and the adverse impact of the reduction in the interest rate on our own working capital and liabilities margin. We also had an increase in our financial expenses, mainly due to exchange rate variation.
Revenues from services and insurance remained stable during the year. This can be attributed to the following increases:
• 19.9% in fund management because of the increase of 10.8% in the balance of assets under administration and higher performance fees. In addition, worthy of note is the balance of assets raised on our open platform, which totaled R$288.8 billion, growth of 14.3% in comparison with the same period of the previous year; and
• 40.0% in financial economic advisory and brokerage resulting from greater activity in the capital markets.
Expected Loss from Financial Assets and Claims increased by 84.1% mainly with loan operations due to the change in the macroeconomic scenario and the financial perspectives of individuals and companies as of the second half of March 2020, captured by our expected loss provisioning model, impacting the provision for loan losses.
Our general and administrative expenses decreased by 3.3% in the nine months of 2020, compared to the same period as of 2019, disregarding the effect of non-recurring expenses, such as the goodwill and intangible assets impairment recorded by Itaú Corpbanca; the donation made to Program Todos pela Saúde and, also, the Voluntary Severance Program offered in the second half of 2019.
We highlight our continued focus in efficiency, in this context, the events that impacted positively our expenses, such as the closure of physical branches. This initiative led to reduced fixed costs, lower employee profit sharing expenses and lower expenses related to data processing and telecommunications. This result was partially offset by higher personnel expenses, due to the effects of the negotiation of the collective wage agreement in September.
Another highlight of the first nine months of 2020 was the increase in funding. Our funding from clients rose by 55.9% in relation to September of 2019, primarily because of growth in the following segments:
• 72.6% in term deposits;
• 55.4% in demand deposits; and
• 23.0% in savings deposits.
These growth figures reflect the positive flow of resources as of the second half of March 2020.
09

Acquisition of interest in the Fintech Quanto
We acquired preferred shares of the Fintech Quanto, a pioneer in open banking in Brazil. Our holding, approved in July by the Central Bank of Brazil, reinforces our agenda of innovation and customer focus, given the relevant changes in Brazil’s financial system.
Diversifying our investments is important for the liquidity of our assets and reflects our greater involvement in the Brazilian capital markets.
In September, we reached the important milestone of 500 thousand shareholders, growth of 108% since the end of December of 2019. This means that our investor base has more than doubled in 2020 in relation to December 2019, demonstrating that diversification of investments has gained a foothold among Brazilians in a scenario of low interest rates.
We reached the
milestone of
500,000 shareholders
We appreciate the trust of our half-a-million investors. This milestone strengthens our commitment, more than ever, to continue creating value in a sound and efficient manner.
We are the first IR site in Brazil with podcasts intended for shareholders.
Our podcasts include a range of options in content and format, so that our listeners remain updated on new developments within the universe of economics, investment and technology.
The Tier 1 Capital Ratio measures the ratio of the bank’s capital to the risk level of its assets. Maintaining adequate levels aims to protect the institution in case of severe events.
By managing our capital we aim to optimize how we invest our shareholders’ resources while ensuring the bank’s solidness. We present below the main events that affected our ratio in the third quarter of 2020:
Tier I Capital Ratio
12.1%
0.4% 0.2% -0.3%
12.4%
Common Equity Tier I (CET I)
Net income
Prudential
RWA
10.7% 10.4%
Additional Tier 1 Capital (AT1)
Jun/20
Tier I Capital
less minimum mandatory dividends
adjustments1
of
Credit
Sep/20
Tier I Capital
1. Mainly tax credits
On September 30, 2020, our Tier 1 Capital Ratio stood at 12.4%, 415 bps above the minimum regulatory level with capital buffers (8.25%). Our Tier 1 Capital consists of 10.7% of Core Capital and 1.7% of Additional Tier 1 Capital.
10

The following graph shows the financial volume traded daily with our shares, which have a relevant participation in market indices in Brazil and abroad.
Our shares continue to enjoy high liquidity in trading, both in Brazil and in the United States, with an increase of 50% in the average daily trading volume since 2018.
Average Daily Trading Volume of the Shares of Itaú Unibanco (R$ millions)
+50%
1,880
B3 (Common+Preferred) NYSE (ADR)
1,253 1,388
2018 2019 9M20
Additionally, our shares end the period quoted at R$ 22.50 (ITUB4—preferred shares) and R$ 21.38 (ITUB3—common shares). We present below the evolution of R$ 100 invested on the date prior to the merger announcement—10/31/2008 until 09/30/2020.
397
292
233
267
254
oct-08 sep-09 sep-10 sep- 11 sep-12 sep-13 sep-14 sep-15 sep-16 sep-17 sep-18 sep-19 sep-20 ITUB4 dividend-adjusted ITUB4 without adjustment for dividends CDI Rate Ibovespa US Dollar
The Public Meeting with Analysts and the Disclosure of Results will be held on November 4, 2020.
Acknowledgements
Our sincere thanks to our employees who, in the face of the current crisis, have answered the call and committed themselves to keeping our operations functioning, enabling us to continue producing solid results and our thanks to our customers and shareholders for their understanding, interest and trust, which spur us on to always do our best.
(Approved at the Meeting of the Board of Directors on November 3, 2020).
11

Independent Auditor – CVM Instruction No. 381
Procedures Adopted by the Company
Our operating policy, including subsidiaries, when contracting non-external audit-related services from our independent auditors, is based on applicable regulations and internationally accepted principles that protect the independence of the auditors. These principles state that: (a) the auditors must not audit their own work, (b) the auditors must not hold managerial positions at their clients, and (c) the auditors must not promote their clients’ interests.
In the period from January to September 2020, we did not contract from the independent auditors and their related parties, non-external audit-related services in an amount exceeding 5% of the total fees for external audit services.
In accordance with CVM Instruction No. 381, we list below the other services provided and the dates on which they were contracted:
• January 23, February 06 and 12 – review of the calculations and tax settlement and compliance with tax regulations;
• May 27—use of technical materials.
Justification of the Independent Auditors – PricewaterhouseCoopers
The non-external audit-related services described above does not affect either the independence or the objectivity in conducting external audit examinations at Itaú Unibanco and its subsidiaries. The policy for providing Itaú Unibanco with non-external audit-related services is based on principles that protect the independent auditor’s independence, all of which were observed in providing that services, including their approval by the Audit Committee.
Accounting Practices Adapted in Brazil (BRGAAP)
We are disclosing the full accounting statements in accordance with the accounting practices adopted in Brazil (BRGAAP) on the same date as this publication, as per Official Circular CVM/SEP/01/13. The Management’s Report and the Full Accounting Statements of Itaú Holding S.A. and of its subsidiaries for the period January to September 2020 abide by the rules established by the National Monetary Council (CMN), in accordance with the international financing reporting standards approved by the International Accounting Standards Board (IASB).
As of January 1, 2018, the new accounting standard, IFRS 9, on financial instruments came into force. The standard shows significant modifications to classification and measurement, impairment and booking of hedges. One of the key points refers to how to deal with losses incurred. With the advent of IFRS 9, they will be treated as expected, instead of incurred, as previously.
The information in both the Management Report and the Complete Financial Statements of Itaú Unibanco Holding S.A. presented in this material are available on the Itaú Unibanco Investor Relations (IR) website.at:
www.itau.com.br/relacoes-com-investidores> Menu > Results Center > Results.
12

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Itaú Unibanco Holding S.A.
13

ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet (In millions of Reais)
Assets
Note 09/30/2020 12/31/2019
Cash 47,069 30,367 Financial Assets 1,822,045 1,501,481 At Amortized Cost 1,336,037 1,101,892 Compulsory deposits in the Central Bank of Brazil 87,954 91,248 Interbank deposits 4 61,918 34,583 Securities purchased under agreements to resell 4 319,049 198,428 Securities 9 132,231 133,119 Loan and lease operations 10 692,508 585,791 Other financial assets 18a 89,079 94,752 (-) Provision for Expected Loss 4, 9 and 10 (46,702) (36,029) Derivatives 6 and 7 76,142 41,854
At Fair Value Through Other Comprehensive Income 93,691 76,660 Securities 8 93,691 76,660 At Fair Value Through Profit or Loss 392,317 322,929 Securities 5 316,175 281,075
Investments in associates and joint ventures
11 15,576 15,097
Fixed assets, net 13 6,842 7,166 Goodwill and Intangible assets, net 14 17,275 19,719 Tax assets 72,471 48,960
Income tax and social contribution—to be offset 4,692 1,644 Income tax and social contribution—deferred 24b 62,455 38,914 Other 5,324 8,402
Other assets 18a 17,006 14,691 Total assets 1,998,284 1,637,481 The accompanying notes are an integral part of these consolidated financial statements
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 14

ITAÚ UNIBANCO HOLDING S.A. Consolidated Balance Sheet (In millions of Reais)
Liabilities and stockholders’ equity
Note 09/30/2020 12/31/2019
Financial Liabilities 1,564,688 1,211,999 At Amortized Cost 1,480,989 1,159,830 Deposits 15 765,019 507,060 Securities sold under repurchase agreements 17a 303,554 256,583 Interbank market funds 17b 165,781 174,862 Institutional market funds 17c 141,688 104,244 Other financial liabilities 18b 104,947 117,081 At Fair Value Through Profit or Loss 79,018 48,029 Derivatives 6 and 7 78,876 47,828 Structured notes 16 142 201 Provision for Expected Loss 10 4,681 4,140 Loan Commitments 3,557 3,303 Financial Guarantees 1,124 837
Provision for insurance and private pensions Provisions
Tax liabilities
27c 216,338 218,334 29 19,788 21,454 24c 6,643 7,891
Income tax and social contribution—current 3,861 3,997 Income tax and social contribution—deferred 24b 388 1,058 Other 2,394 2,836
Other liabilities
Total liabilities
Capital
Treasury shares
Additional paid-in capital
Appropriated reserves
Unappropriated reserves
Other comprehensive income
Total stockholders’ equity attributed to the owners of the parent company Non-controlling interests
Total stockholders’ equity
Total liabilities and stockholders’ equity
18b 42,899 28,338 1,850,356 1,488,016 19a 97,148 97,148 19a (907) (1,274) 19c 2,192 2,175 19c 11,740 12,948 19c 28,510 29,878 (2,858) (3,950)
135,825 136,925 19d 12,103 12,540 147,928 149,465 1,998,284 1,637,481
The accompanying notes are an integral part of these consolidated financial statements
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 15

ITAÚ UNIBANCO HOLDING S.A.
Consolidated Statement of Income
Periods ended
(In millions of Reais, except for number of shares and earnings per share information)
Note 07/01 to 09/30/2020
07/01 to 09/30/2019
01/01 to 09/30/2020
01/01 to 09/30/2019
Operating Revenues
Interest and similar income of financial assets at amortized cost and at fair value through other comprehensive income
Interest, similar income and dividend of financial assets at fair value through profit or loss Interest and similar expenses
Adjustments to Fair Value of Financial Assets and Liabilities
Foreign exchange results and exchange variations in foreign transactions Commissions and Banking Fees
Income from insurance and private pension operations before claim and selling expenses
25,819 26,634 63,267 83,683
21a 26,072 32,221 89,180 89,600
2,308 5,242 7,647 17,762 21b (11,832) (22,883) (62,919) (61,967) 21c (1,258) (276) (7,020) 2,952
(830) 787 3,461 2,246 22 9,666 9,802 28,392 28,362
1,096 1,139 3,178 3,205
Revenues from insurance premiuns and private pensions 3,582 5,137 10,832 14,099 Change in provision for insurance and private pension (2,486) (3,998) (7,654) (10,894)
Other income
Expected Loss from Financial Assets and Claims
597 602 1,348 1,523 (5,671) (4,608) (21,770) (11,827)
Expected Loss with Loan Operations and Lease Operations 10c (4,781) (4,538) (19,870) (11,849) Expected Loss with Other Financial Asset, net (527) 269 (886) 988 (Expenses) Recovery of claims (363) (339) (1,014) (966)
Operating Revenues Net of Expected Losses from Financial Assets and Claims Other operating income (expenses)
20,148 22,026 41,497 71,856 (15,287) (17,731) (50,158) (48,432)
General and administrative expenses 23 (14,025) (16,489) (47,216) (44,001) Tax expenses (1,632) (1,558) (3,916) (5,324) Share of profit or (loss) in associates and joint ventures 11 370 316 974 893
Net income / (loss) before income tax and social contribution Current income tax and social contribution
Deferred income tax and social contribution
Net income / (loss)
4,861 4,295 (8,661) 23,424 24a (2,154) (3,691) (8,762) (7,788) 24a 2,392 4,901 24,297 3,462 5,099 5,505 6,874 19,098
Net income attributable to owners of the parent company 25 4,732 5,165 9,914 18,439 Net income / (loss) attributable to non-controlling interests 19d 367 340 (3,040) 659
Earnings per share—basic
25
Common 0.49 0.53 1.02 1.89 Preferred 0.49 0.53 1.02 1.89
Earnings per share—diluted
25
Common 0.48 0.53 1.01 1.89 Preferred 0.48 0.53 1.01 1.89
Weighted average number of outstanding shares—basic
25
Common 4,958,290,359 4,958,290,359 4,958,290,359 4,958,290,359 Preferred 4,804,166,251 4,785,705,852 4,800,376,702 4,780,285,648
25
Weighted average number of outstanding shares—diluted
Common 4,958,290,359 4,958,290,359 4,958,290,359 4,958,290,359 Preferred 4,850,418,664 4,846,886,334 4,833,530,654 4,822,570,952 The accompanying notes are an integral part of these consolidated financial statements
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 16

ITAÚ UNIBANCO HOLDING S.A.
Consolidated Statement of Comprehensive Income Periods ended
(In millions of Reais)
Note 07/01 to 09/30/2020
07/01 to 09/30/2019
01/01 to 09/30/2020
01/01 to 09/30/2019
Net income / (loss)
Financial assets at fair value through other comprehensive income
5,099 5,505 6,874 19,098 35 (157) (484) 510
Change in fair value (37) 88 (80) 1,602 Tax effect 74 (189) 78 (766) (Gains) / losses transferred to income statement 21c (3) (93) (876) (544) Tax effect 1 37 394 218
Hedge
(403) (739) (4,002) (865)
Cash flow hedge 7 272 93 634 (171) Change in fair value 540 156 1,212 (290) Tax effect (268) (63) (578) 119
Hedge of net investment in foreign operation 7 (675) (832) (4,636) (694) Change in fair value (1,336) (1,338) (8,713) (1,106) Tax effect 661 506 4,077 412
Remeasurements of liabilities for post-employment benefits (*)
2 56 32 (77)
Remeasurements 26 5 56 57 (116) Tax effect (3)—(25) 39
Foreign exchange variation in foreign investments Total other comprehensive income
Total comprehensive income
796 739 5,546 416 430 (101) 1,092 (16) 5,529 5,404 7,966 19,082
Comprehensive income attributable to non-controlling interests 367 340 (3,040) 659 Comprehensive income attributable to the owners of the parent company 5,162 5,064 11,006 18,423 (*) Amounts that will not be subsequently reclassified to income.
The accompanying notes are an integral part of these consolidated financial statements
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 17

ITAÚ UNIBANCO HOLDING S.A.
Consolidated Statement of Changes in Stockholders’ Equity (Notes 19 and 20)
Periods ended September 30, 2020 and 2019
(In millions of Reais)
Attributed to owners of the parent company
Total
Other comprehensive income
Total
Additional
Financial Assets
stockholders’
stockholders’
Unappropriated Total
Capital Treasury shares
paid-in capital
Appropriated reserves
reserves
Retained earnings
at Fair Value Through Other Comprehensive Income (1)
Remeasurements of liabilities of post employment
benefits
Conversion adjustments of foreign
investments
Gains and losses – hedge (2)
equity – owners of the parent company
equity – non controlling interests
Balance at 01/01/2019 97,148 (1,820) 2,120 13,480 29,666—(1,110) (989) 3,806 (5,519) 136,782 13,684 150,466 Transactions with owners—513 (75) — — ——438 362 800 Treasury shares—513 350 — — ——863—863 Result of delivery of treasury shares—513 350 — — ——863—863 Recognition of share-based payment plans — (425) — — ——(425)—(425) (Increase) / Reduction of interest of controlling stockholders (Note 2.4a I and 3) — — — — ——362 362 Dividends ——2,066—(11,048) — — (8,982) (223) (9,205) Dividends / Interest on capital paid in 2019 – declared after 12/31/2018 ——(17,500) — — — (17,500)—(17,500) Unclaimed dividends — ——40 — — 40—40 Other (3) — — 179 — ——179—179 Total comprehensive income — ——18,439 510 (77) 416 (865) 18,423 659 19,082 Net income — ——18,439 — — 18,439 659 19,098 Other comprehensive income for the period — — — 510 (77) 416 (865) (16)—(16) Appropriations:
Legal reserve ——922—(922) — — —— Statutory reserve ——6,521 (12) (6,509) — — —— Balance at 09/30/2019 97,148 (1,307) 2,045 5,489 29,833—(600) (1,066) 4,222 (6,384) 129,380 14,482 143,862 Change in the period—513 (75) (7,991) 167—510 (77) 416 (865) (7,402) 798 (6,604) Balance at 01/01/2020 97,148 (1,274) 2,175 12,948 29,878—700 (1,339) 2,224 (5,535) 136,925 12,540 149,465 Transactions with owners—367 17 — — ——384 3,078 3,462 Treasury shares—367 200 — — ——567—567 Result of delivery of treasury shares—367 200 — — ——567—567 Recognition of share-based payment plans — (183) — — ——(183)—(183) (Increase) / Reduction of interest of controlling stockholders (Note 2.4a I and 3) — — — — ——3,078 3,078 Dividends — ——(2,251) — — (2,251) (475) (2,726) Interest on capital — ——(517) — — (517)—(517) Dividends / Interest on capital paid in 2020 – declared after 12/31/2019 ——(9,811) — — — (9,811)—(9,811) Unclaimed dividends and Interest on capital — ——47 — — 47—47 Other (3) — — 42 — ——42—42 Total comprehensive income — — 9,914 (484) 32 5,546 (4,002) 11,006 (3,040) 7,966 Net income — ——9,914 — — 9,914 (3,040) 6,874 Other comprehensive income for the period — — — (484) 32 5,546 (4,002) 1,092—1,092 Appropriations:
Legal reserve ——566—(566) — — —— Statutory reserve ——8,037 (1,410) (6,627) — — —— Balance at 09/30/2020 97,148 (907) 2,192 11,740 28,510—216 (1,307) 7,770 (9,537) 135,825 12,103 147,928 Change in the period—367 17 (1,208) (1,368)—(484) 32 5,546 (4,002) (1,100) (437) (1,537) (1) Includes the share in other comprehensive income of investments in associates and joint ventures related to financial assets at fair value through other comprehensive income.
(2) Includes cash flow hedge and hedge of net investment in foreign operation.
(3) Includes Argentina´s hyperinflation adjustment.
The accompanying notes are an integral part of these consolidated financial statements
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 18

ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Cash Flows (In millions of Reais)
Note 01/01 to 09/30/2020
01/01 to 09/30/2019
Adjusted net income
Net income
Adjustments to net income:
50,003 41,817 6,874 19,098 43,129 22,719
Share-based payment (110) (270) Adjustments to fair value of financial assets through Profit or Loss and Derivatives 475 534 Effects of changes in exchange rates on cash and cash equivalents 15,852 (1,215) Expected Loss from Financial Assets and Claims 21,770 11,827 Income from interest and foreign exchange variation from operations with subordinated debt 24,183 5,305 Provision for insurance and private pension 7,654 10,894 Depreciation and amortization 13 and 14 2,744 2,601 Expense from update / charges on the provision for civil, labor, tax and legal obligations 698 783 Provision for civil, labor, tax and legal obligations 2,358 2,583 Revenue from update / charges on deposits in guarantee (272) (394) Deferred taxes (excluding hedge tax effects) 24b (4,740) 3,135 Income from share in the net income of associates and joint ventures and other investments (974) (893) Income from Financial assets—At fair value through other comprehensive income 21c (876) (544) Income from interest and foreign exchange variation of financial assets at fair value through other
comprehensive income (20,711) (7,800) Income from Interest and foreign exchange variation of financial assets at amortized cost (9,224) (3,298) (Gain) loss on sale of investments and fixed assets (163) (139) Other 23 4,465 (390)
Change in assets and liabilities 14,633 (39,459) (Increase) / decrease in assets (286,521) (61,827)
Interbank deposits
Securities purchased under agreements to resell Compulsory deposits with the Central Bank of Brazil Loan operations
Derivatives (assets / liabilities)
(23,778) (451) (97,927) 8,576 3,294 7,015 (116,636) (53,809) (3,243) 2,514
Financial assets designated at fair value through profit or loss (35,572) (6,436)
Other financial assets Other tax assets
Other assets
5,945 (7,453) 30 411 (18,634) (12,194)
(Decrease) / increase in liabilities 301,154 22,368 Deposits 257,959 27,414 Deposits received under securities repurchase agreements 46,971 (49,476) Funds from interbank markets (9,081) 27,111 Funds from institutional markets 19,962 2,061
Other financial liabilities
Financial liabilities at fair value throught profit or loss
(12,134) 4,921 9 12
Provision for insurance and private pension (10,664) 790
Provisions
(941) 604
Tax liabilities (492) (936)
Other liabilities
Payment of income tax and social contribution Net cash from / (used in) operating activities
14,812 14,387 (5,247) (4,520) 64,636 2,358
Dividends / Interest on capital received from investments in associates and joint ventures 428 488 Cash from the sale of financial assets—At fair value through other comprehensive income 25,010 11,377 Cash upon sale of investments in associates and joint ventures 18 69 Cash upon sale of fixed assets 13 322 120 Mutual rescission of intangible assets agreements 5 55 (Purchase) of financial assets at fair value through other comprehensive income (23,552) (8,959) (Purchase) / redemptions of financial assets at amortized cost 10,419 (13,134) (Purchase) of investments in associates and joint ventures (37) (17)
(Purchase) of fixed assets
(Purchase) of intangible assets
Net cash from / (used in) investment activities
Funding from institutional markets
Redemptions in institutional markets
Change in non-controlling interests stockholders
Result of delivery of treasury shares
Dividends and interest on capital paid to non-controlling interests Dividends and interest on capital paid
Net cash from / (used in) financing activities
Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effects of changes in exchange rates on cash and cash equivalents Cash and cash equivalents at the end of the period
13 (1,085) (1,157) 14 (2,642) (1,771) 8,886 (12,929) 3,149 3,050 (9,850) (2,209) 3,078 365 494 708 (475) (226) (11,113) (25,477) (14,717) (23,789) 2.4c 58,805 (34,360) 70,811 95,558 (15,852) 1,215 113,764 62,413
Cash 47,069 27,721 Interbank deposits 8,118 8,140 Securities purchased under agreements to resell—Collateral held 58,577 26,552 Additional information on cash flow (Mainly Operating activities)
Interest received
Interest paid
Non-cash transactions
Loans transferred to assets held for sale
Dividends and interest on capital declared and not yet paid
The accompanying notes are an integral part of these consolidated financial statements
83,406 102,777 70,649 63,765
— 1,389 471
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 19

ITAÚ UNIBANCO HOLDING S.A. Consolidated Statement of Added Value (In millions of Reais)
01/01 to 09/30/2020
01/01 to 09/30/2019
Income
Interest, similar income and Dividends
Commissions and Banking Fees
Income from insurance and private pension operations before claim Expected Loss with Other Financial Assets
Other
Expenses
Interest and similar income
Other
Inputs purchased from third parties
Materials, energy and others
Third party services
Other
124,986 137,924 112,824 115,695 28,392 28,362 3,178 3,205 (20,756) (10,861)
1,348 1,523
(75,185) (69,379) (62,919) (61,967) (12,266) (7,412)
(13,721) (12,639) (243) (248) (3,593) (3,325) (9,885) (9,066)
Data processing and telecommunications (2,862) (3,220) Advertising, promotions and publication (730) (921) Installations (1,223) (1,306) Transportation (263) (270) Security (547) (564) Travel expenses (73) (177) Other (4,187) (2,608)
Gross added value
Depreciation and amortization
Net added value produced by the company
Added value received through transfer—Results of equity method Total added value to be distributed
Distribution of added value
36,080 55,906 (3,553) (3,411) 32,527 52,495 974 893 33,501 53,388 33,501 53,388
Personnel 16,420 19,419 Direct compensation 12,622 15,165 Benefits 3,225 3,248 FGTS – government severance pay fund 573 1,006
Taxes, fees and contributions 9,861 14,651 Federal 8,705 13,509 Municipal 1,156 1,142
Return on third parties’ capital—Rent 346 220 Other 346 220 Return on capital 6,874 19,098 Dividends and interest on capital 2,768 11,048 Retained earnings / (loss) attributable to controlling shareholders 7,146 7,391 Retained earnings / (loss) attributable to non-controlling shareholders (3,040) 659 The accompanying notes are an integral part of these financial statements
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 20

ITAÚ UNIBANCO HOLDING S.A.
Notes to the Consolidated Financial Statements
At 09/30/2020 and 12/31/2019 for balance sheet accounts and
From 07/01 to 09/30/2020 and 2019 and from 01/01 to 09/30/2020 and 2019 for income statement accounts (In millions of Reais, except information per share)
Note 1—Overview
Itaú Unibanco Holding S.A. (ITAÚ UNIBANCO HOLDING) is a publicly-held company, organized and existing under the laws of Brazil. The head office is located at Praça Alfredo Egydio de Souza Aranha, n° 100, in the city of São Paulo, state of São Paulo, Brazil.
ITAÚ UNIBANCO HOLDING has a presence in 18 countries and territories and offers a wide variety of financial products and services to personal and corporate customers in Brazil and abroad, not necessarily related to Brazil, through its branches, subsidiaries and international affiliates. It offers a full range of banking services, through its different portfolios: commercial banking; investment banking; real estate lending; loans, financing and investment; leasing and foreign exchange business. Its operations are divided into three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. Further detailed segment information is presented in Note 30.
ITAÚ UNIBANCO HOLDING is a financial holding company controlled by Itaú Unibanco Participações S.A. (“IUPAR”), a holding company which owns 51.71% of our common shares, and which is jointly controlled by (i) Itaúsa S.A. (“ITAÚSA”), a holding company controlled by members of the Egydio de Souza Aranha family, and (ii) Companhia E. Johnston de Participações (“E. JOHNSTON”), a holding company controlled by the Moreira Salles family. Itaúsa also directly holds 39.21% of ITAÚ UNIBANCO HOLDING’s common shares.
These consolidated financial statements were approved by the Board of Directors on November 03, 2020.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 21

Note 2 – Significant accounting policies
2.1. Basis of preparation
The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING were prepared in accordance with the requirements and guidelines of the National Monetary Council (CMN), which require that as from December 31, 2010 annual Consolidated Financial Statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).
These Consolidated Financial Statements were prepared in accordance with IAS 34 – Interim Financial Reporting, with the option of presenting the Complete Consolidated Financial Statements in lieu of the Condensed Consolidated Financial Statements.
In the preparation of these Consolidated Financial Statements, ITAÚ UNIBANCO HOLDING adopted the criteria for recognition, measurement and disclosure established in the IFRS and in the interpretations of the International Financial Reporting Interpretation Committee (IFRIC).
The presentation of the Statements of Value Added is required by the Brazilian corporate legislation and by the accounting practices adopted in Brazil applicable to publicly-held companies. This Statement was prepared in accordance with the criteria established by Technical Pronouncement CPC 09 – Statement of Value Added; however, the IFRS do not require the presentation of said statement. As a consequence, under IFRS, this statement is presented as supplementary information, without prejudice to the set of Financial Statements.
Management believes that the information included in these Consolidated Financial Statements is relevant and a faithful representation of the information used in the management of the ITAÚ UNIBANCO HOLDING.
2.2. New accounting standards changes and interpretations of existing standards a) Accounting standards applicable for period ended September 30, 2020
● Amendment in Conceptual Framework – The main changes refer to: definitions of assets and liabilities, recognition criteria, derecognition, measurement, presentation and disclosure for equity and results elements. These changes are effective for the years started on January 1st, 2020 and there are no impacts on the Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING.
● Amendments to IFRS 9 – Financial Instruments, IAS 39 – Financial Instruments: Recognition and Measurement and IFRS 7 – Financial Instruments: Disclosures – Due to the changes in the interest rates used as market references – IBOR (Interbank Offered Rate), that will be terminated in future periods, there may be uncertainties in the evaluation of hedge accounting structures. Regulatory changes aim at minimizing possible impacts on these structures in the current scenario of prereplacement of rates. The regulatory exemption setting forth that these rates will not be replaced during the period of uncertainty in the analysis of hedge accounting relationships will be applied. These changes are effective for the years beginning January 1st, 2020 and they will be applied until the effective replacement of IBORs occurs or until the hedge accounting relationships are discontinued. No significant impacts have been identified in the hedge accounting structures for the Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING, in the prereplacement period of IBORs.
ITAÚ UNIBANCO HOLDING is exposed mainly to Libor and Euribor rates in hedge accounting structures. Since 2018, ITAÚ UNIBANCO HOLDING brings together working groups to follow the progress of discussions in the international market about the replacement of IBORs. For standardized agreements, ITAÚ UNIBANCO HOLDING will assume the updates of rates made by the respective clearings and the International Swaps and Derivatives Association—ISDA). For the other agreements, whenever possible, they will be negotiated and adjusted gradually until the end of 2021, date on which the market expects the end of disclosures of IBORs.
● Amendments to IFRS 16 – Leases: Practical expedient that enables lessees not to characterize the lease concessions motivated by the COVID-19 pandemic as an agreement modification. This standard is effective for the years beginning on June 1st, 2020, and earlier application is permitted. ITAÚ UNIBANCO HOLDING opted for not using the exception arising from this standard, and, therefore, there were no impacts on the Consolidated Financial Statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 22

b) Accounting standards recently issued and applicable in future periods
● Amendments to IFRS 4 – Insurance Contracts, IFRS7 – Financial Instruments: Disclosures, IFRS 9 – Financial Instruments, IFRS 16 – Leases and IAS 39 – Financial Instruments: Recognition and Measurement: Phase II of the inter-bank offered rates reform used as market benchmarks (IBOR). The amendments are summarized as:
● Changes in financial assets and liabilities: Practical expedient that allows to replace, as a consequence of the reform, the effective interest rate of a financial asset or financial liability with a new economically equivalent rate, without derecognition of the contract;
● Hedge accounting: End of exemptions for evaluating the effectiveness of hedge relationships (Phase I) with recognition in Profit or Loss of the ineffective portion, creation of sub-portfolios to segregate contracts with the amended rates for hedges of group items, 24-month term for identification and segregation of new risk based on changes in interest rates, and updates of hedge documentation;
● Disclosure: Requirements about the disclosure of risks to which the entity is exposed by the reform, risk management and evolution of the IBORs transition.
These amendments are effective for years beginning on January 1st, 2021. Possible impacts are being evaluated and the assessment will be completed by the date these standards come into force.
● IFRS 17 – Insurance Contracts: The pronouncement replaces IFRS 4 – Insurance Contracts and presents three approaches for valuation:
● General Model: applicable to all contracts without direct participation features;
● Premium Allocation Approach (PAA): applicable to contracts with term is up to 12 months or when it produces results similar to those that would be obtained if the general model was used. It is more simplified than the general model;
● Variable Fee Approach: applicable to insurance contracts with direct participation features, the insurance
contracts which are substantially investment related service contracts under which an entity promises an investment return based on underlying items.
Insurance contracts must be recognized based on an analysis of four components:
● Expected Future Cash Flows: estimate of all components of cash flow of the contract, considering inflows and outflows;
● Risk Adjustment: estimate of offset required for differences that may occur between cash flows; ● Contractual Margin: difference between any amounts received before the beginning of the contract coverage and present value of cash flows estimated at the beginning of the contract;
● Discount: projected cash flows must be discounted to present value, to reflect the time value of money, at rates that reflect the characteristics of the respective flows.
This standard is effective for annual periods beginning January 1st, 2023. Possible impacts are being assessed and the assessment will be completed by the date this standard comes into force.
2.3. Critical accounting estimates and judgments
The preparation of Consolidated Financial Statements in accordance with the IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and contingent assets and liabilities at the date of the Consolidated Financial Statements, due to uncertainties and the high level of subjectivity involved in the recognition and measurement of certain items. Estimates and judgments considered more relevant by ITAÚ UNIBANCO HOLDING are related to the following topics:
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 23

Topic Notes
Consolidation Note 2.3 (a) and Note 3 Fair value of financial instruments Note 2.3 (b) and Note 28 Effective interest rate Note 2.3 (c), Notes 5, 8, 9 and 10 Change to financial assets Note 2.3 (d), Notes 5, 8, 9 and 10 Transfer and write-off of financial assets Note 2.3 (e), Notes 5, 8, 9 and 10 Expected credit loss Note 2.3 (f), Notes 8, 9, 10 and 32 Goodwill impairment Note 2.3 (g) and Note 14 Deferred income tax and social contribution Note 2.3 (h) and Note 24 Defined benefit pension plan Note 2.3 (i) and Note 26 Provisions, contingencies and legal liabilities Note 2.3 (j) and Note 29 Technical provisions for insurance and private pension Note 2.3 (k) and Note 27
a) Consolidation
Subsidiaries are all those in which ITAÚ UNIBANCO HOLDING’s involvement exposes it or entitles it to variable returns and can affect these returns through its influence on the entity. The existence of control is assessed continuously. Subsidiaries are consolidated from the date control is established to the date on which it ceases to exist.
b) Fair value of financial instruments are not traded in active markets, including derivatives
The fair value of financial instruments, including derivatives that are not traded in active markets is calculated by using valuation techniques based on assumptions that consider market information and conditions. The main assumptions are: historical data, information on similar transactions and pricing techniques. For more complex or illiquid instruments, significant judgment is necessary to determine the model used with the selection of specific inputs and, in certain cases, evaluation adjustments are applied to the model amount our price quoted for financial instruments that are not actively traded.
The methodologies used to estimate the fair value of certain financial instruments are described in Note 28.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 24

c) Effective interest rate
To calculate the effective interest rate, ITAÚ UNIBANCO HOLDING estimates cash flows taking into account all the contractual terms of the financial instrument, but without including future credit losses. The calculation includes all commissions paid or received between parties to the contract, transaction costs, and all other premiums or discounts.
Interest revenue is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. In the case of purchased or originated credit impaired financial assets, the adjusted effective interest rate is applied (taking into account the expected credit loss) to the amortized cost of the financial asset.
d) Modification of financial assets
The factors used to determine whether has been substantial modification of a contract are: evaluation if there is a renegotiation that is not part of the original contractual terms, change to contractual cash flows and significant extensions of the term of the transaction due to the debtor’s financial constraints, significant changes to the interest rate and changes to the currency in which the transaction is denominated.
e) Transfer and write-off of financial assets
When there are no reasonable expectations of recovery of a financial asset, considering historical curves, its total or partial write-off is carried out concurrently with the use of the related allowance for expected credit loss, with no effect on the Consolidated Statement of Income of ITAÚ UNIBANCO HOLDING. Subsequent recoveries of amounts previously written off are accounted for as income in the Consolidated Statement of Income.
Thus, financial assets are written off, either totally or partially, when there is no reasonable expectation of recovering a financial asset or when ITAÚ UNIBANCO HOLDING substantially transfers all risks and benefits of ownership and said transfer is qualified to be written off.
f) Expected credit loss
The measurement of expected credit loss requires the application of significant assumptions, such as:
Term to maturity: ITAÚ UNIBANCO HOLDING considers the maximum contractual period on which it will be exposed a financial instrument’s credit risk. However, the estimated useful life of assets that do not have fixed maturity date is based on the period of exposure to credit risk. Additionally, all contractual terms are taken into account when determining the expected life, including prepayment and rollover options.
Prospective information: IFRS 9 requires a balanced and impartial estimate of credit loss that includes forecasts of future economic conditions. ITAÚ UNIBANCO HOLDING uses prospective macroeconomic information and public information with projections prepared internally to determine the impact of these estimates on the calculation of expected credit loss.
Probability-weighted loss scenarios: ITAÚ UNIBANCO HOLDING uses weighted scenarios to determine credit loss expected over a suitable observation horizon adequate to classification in phases, considering the projection based on economic variables.
Macroeconomic scenarios: This information involves inherent risks, market uncertainties and other factors that may give rise to results different from expected.
Determining criteria for significant increase or decrease in credit risk: in each period of the consolidated financial statements, ITAÚ UNIBANCO HOLDING assesses whether the credit risk on a financial asset has increased significantly since the initial recognition using relative and absolute triggers (indicators), which consider delay and the probability of default (PD) by product and by country.
Brazilian and foreign government securities are considered to have low credit risk, in accordance with a study conducted by ITAÚ UNIBANCO HOLDING and therefore they remain in stage 1.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 25

Significant increase in credit risk: ITAÚ UNIBANCO HOLDING assesses several factors to determine a significant increase in credit risk, such as: the counterparty, type and characteristics of the product and region in which it was contracted, considering the following objective criteria as minimum factors:
Stage 1 to stage 2: default exceeding 30 days, except for payroll loans for government agency, which are recognized is made after 45 days in arrears;
Stage 2 to stage 3: default exceeding 90 days, except for the mortgage loan portfolio, for which arrears of 180 days is a parameter for stage migration.
ITAÚ UNIBANCO HOLDING assesses whether the credit risk has significantly increased on an individual or collective basis. For collective assessment purposes, financial assets are grouped based on characteristics of shared credit risk, considering the type of instrument, credit risk classifications, initial recognition date, remaining term, industry, geographical location of the counterparty, among other significant factors.
Details on the expected credit loss are in Note 32.
g) Goodwill impairment
The review of goodwill due to impairment reflects the Management’s best estimate for future cash flows of Cash Generating Units (CGU), with the identification of the CGU and estimate of their fair value less costs to sell and/or value in use. These flows are subject to market conditions and uncertain factors, as follows:
Cash flows projected for periods of available forecasts and long-term assumptions for these flows;
Discount rates, since they generally reflect financial and economic variables, such as the risk-free interest rate and a risk premium.
Cash-Generating Units or CGU groups are identified at the lowest level at which goodwill is monitored for internal management purposes. Goodwill is allocated to cash flow generating units for purposes of testing for impairment.
h) Deferred income tax and social contribution
As explained in Note 2.4j, deferred tax assets are recognized only in relation to deductible temporary differences, tax losses and social contribution loss carryforwards for offset only to the extent that it is probable that ITAÚ UNIBANCO HOLDING will generate future taxable profit for its use. The expected realization of deferred tax assets is based on the projection of future taxable profits and technical studies, as disclosed in Note 24.
i) Defined benefit pension plan
The current amount of pension plans is obtained from actuarial calculations, which use assumptions such as discount rate, which is appropriated at the end of each year and used to determine the present value of estimated future cash outflows. To determine the appropriate discount rate, ITAÚ UNIBANCO HOLDING considers the interest rates of National Treasury Notes that have maturity terms similar to the terms of the respective liabilities.
The main assumptions for Pension plan obligations are partly based on current market conditions. Additional information is disclosed in Note 26.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 26

j) Provisions, contingencies and legal liabilities
ITAÚ UNIBANCO HOLDING periodically reviews its contingencies. These contingencies are evaluated based on management´s best estimates, taking into account the opinion of legal counsel when there is a likelihood that financial resources will be required to settle the obligations and the amounts may be reasonably estimated.
Contingencies classified as probable losses are recognized in the Balance Sheet under Provisions.
Contingent amounts are measured using appropriate models and criteria, despite the uncertainty surrounding the ultimate timing and amounts. Provisions, contingencies and other commitments are detailed in Note 29.
k) Technical provisions for insurance and private pension
Technical provisions are liabilities arising from obligations of ITAÚ UNIBANCO HOLDING to its policyholders and participants. These obligations may be short term liabilities (property and casualty insurance) or medium and long term liabilities (life insurance and pension plans).
The determination of the actuarial liability is subject to several uncertainties inherent in the coverage of insurance and pension contracts, such as assumptions of persistence, mortality, disability, life expectancy, morbidity, expenses, frequency and severity of claims, conversion of benefits into annuities, redemptions and return on assets.
The estimates for these assumptions are based on the historical experience of ITAÚ UNIBANCO HOLDING, benchmarks and the experience of the actuary, in order to comply with best market practices and constantly review of the actuarial liability. The adjustments resulting from these continuous improvements, when necessary, are recognized in the statement of income for the corresponding period.
Additional information is described in Note 27.
2.4.Summary of main accounting practices
a) Consolidation
l. Subsidiaries
In accordance with IFRS 10—Consolidated Financial Statements, subsidiaries are all entities in which ITAÚ UNIBANCO HOLDING holds control.
The consolidated financial statements are prepared using consistent accounting policies. Intercompany asset and liability account balances, income accounts and transaction values have been eliminated.
In the 3rd quarter of 2018, ITAÚ UNIBANCO HOLDING started adjusting the financial statements of its subsidiaries in Argentina to reflect the effects of hyperinflation, pursuant to IAS 29 – Financial Reporting in Hyperinflationary Economies.
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The following table shows the main consolidated companies, which together represent over 95% of total consolidated assets, as well as the interests of ITAÚ UNIBANCO HOLDING in their voting capital.
Functional
Interest in voting
Incorporation capital %
Interest in total
Activity capital %
currency (1)
country
09/30/2020 12/31/2019 09/30/2020 12/31/2019
In Brazil
Banco Itaú BBA S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Consignado S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaucard S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itauleasing S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Cia. Itaú de Capitalização Real Brazil Premium Bonds 100.00% 100.00% 100.00% 100.00% Dibens Leasing S.A.—Arrendamento Mercantil Real Brazil Leasing 100.00% 100.00% 100.00% 100.00% Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento Real Brazil Consumer finance credit 50.00% 50.00% 50.00% 50.00% Hipercard Banco Múltiplo S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Itauseg Seguradora S.A. Real Brazil Insurance 100.00% 100.00% 100.00% 100.00% Itaú Corretora de Valores S.A. Real Brazil Securities Broker 100.00% 100.00% 100.00% 100.00% Itaú Seguros S.A. Real Brazil Insurance 100.00% 100.00% 100.00% 100.00% Itaú Unibanco S.A. Real Brazil Financial institution 100.00% 100.00% 100.00% 100.00% Itaú Vida e Previdência S.A. Real Brazil Pension plan 100.00% 100.00% 100.00% 100.00% Luizacred S.A. Sociedade de Crédito, Financiamento e Investimento Real Brazil Consumer finance credit 50.00% 50.00% 50.00% 50.00% Redecard S.A. Real Brazil Acquirer 100.00% 100.00% 100.00% 100.00% Foreign
Itaú CorpBanca Colombia S.A. Colombian peso Colombia Financial institution 33.22% 33.22% 33.22% 33.22% Banco Itaú (Suisse) SA Swiss franc Switzerland Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Argentina S.A. Argentinian peso Argentina Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Paraguay S.A. Guarani Paraguay Financial institution 100.00% 100.00% 100.00% 100.00% Banco Itaú Uruguay S.A. Uruguayan peso Uruguay Financial institution 100.00% 100.00% 100.00% 100.00% Itau Bank, Ltd. Real Cayman Islands Financial institution 100.00% 100.00% 100.00% 100.00% Itau BBA International plc US Dollar United Kingdom Financial institution 100.00% 100.00% 100.00% 100.00% Itau BBA USA Securities Inc. Real United States Securities Broker 100.00% 100.00% 100.00% 100.00% Itaú CorpBanca (2) Chilean peso Chile Financial institution 39.22% 38.14% 39.22% 38.14%
(1) All overseas offices of ITAÚ UNIBANCO HOLDING have the same functional currency as the parent company, except for CorpBanca New York Branch, which uses the US dollar.
(2) ITAÚ UNIBANCO HOLDING controls ITAÚ CORPBANCA due to the shareholders’ agreement.
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II. Business combinations
In general, a business consists of an integrated set of activities and assets that may be conducted and managed so as to provide a return, in the form of dividends, lower costs or other economic benefits, to investors or other stockholders, members or participants. If there is goodwill in a set of activities and assets transferred, it is presumed to be a business.
The acquisition method is used to account for business combinations, except for those classified as under common control.
Acquisition cost is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the acquisition date. Acquired assets and assumed liabilities and contingent liabilities identifiable in a business combination are initially measured at fair value at the date of acquisition, regardless of the existence of non-controlling interests. When the amount paid, plus non-controlling interests, is higher than the fair value of identifiable net assets acquired, the difference will be accounted for as goodwill. On the other hand, if the difference is negative, it will be treated as bargain purchase gain and the amount will be recognized directly in income.
III. Goodwill
Goodwill is not amortized, but its recoverable value is assessed semi-annually or when there is an indication of impairment loss using an approach that involves the identification of Cash Generating Units (CGUs) and the estimate of its fair value less the cost to sell and/or its value in use.
To determine this estimate, ITAÚ UNIBANCO HOLDING adopts the discounted cash flow methodology for a period of 5 years, macroeconomic assumptions, growth rate and discount rate.
The units or Cash Flow Generating Units are identified at the lowest level in which goodwill is monitored for internal Management purposes. Goodwill is allocated to cash flow generating units for purposes of testing for impairment.
The breakdown of intangible assets is described in Note 14.
IV. Capital Transactions with non-controlling stockholders
IFRS 10 – Consolidated Financial Statements establishes that, changes in an ownership interest in a subsidiary, which do not result in a loss of control, are accounted for as capital transactions and any difference between the amount paid and the carrying amount of non-controlling stockholders is recognized directly in consolidated stockholders’ equity.
b) Foreign currency translation
I. Functional and presentation currency
The Consolidated Financial Statements of ITAÚ UNIBANCO HOLDING are presented in Brazilian Reais, its functional and presentation currency. For each subsidiary, joint venture or investment in associates, ITAÚ UNIBANCO HOLDING defines the functional currency as the currency of the primary economic environment in which the entity operates.
II. Foreign currency operations
Foreign currency operations are translated into the functional currency using the exchange rates prevailing on the dates of the transactions. Foreign exchange gains and losses are recognized in the consolidated statement of income, unless they are related to cash flow hedges and hedge of net investment in foreign operations, which are recognized in stockholders’ equity.
c) Cash and cash equivalents
Defined as cash and current accounts with banks, shown in the Consolidated Balance Sheet under the heading Cash, Interbank Deposits and Securities purchased under agreements to resell (Collateral Held) with original maturities not exceeding 90 days.
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d) Financial assets and liabilities
Financial assets and liabilities are initially recognized at fair value and subsequently measured at amortized cost or fair value.
I—Classification and measurement of financial assets
Financial assets are classified in the following categories:
â^™ï Amortized cost: used when financial assets are managed to obtain contractual cash flows, consisting solely of payments of principal and interest;
â^™ï Fair value through other comprehensive income: used when financial assets are held both for obtaining contractual cash flows, consisting solely by payments of principal and interest, and for sale;
â^™ï Fair value through profit or loss: used for financial assets that do not meet the aforementioned criteria.
The classification and subsequent measurement of financial assets depend on:
â^™ï The business model under which they are managed;
â^™ï The characteristics of their cash flows (Solely Payment of Principal and Interest Test – SPPI Test).
Business model: represents how financial assets are managed to generate cash flows and does not depend on the Management’s intention regarding an individual instrument. Financial assets may be managed with the purpose of: i) obtaining contractual cash flows; ii) obtaining contractual cash flows and sale; or iii) others. To assess business models, ITAÚ UNIBANCO HOLDING considers risks that affect the performance of the business model; how the managers of the business are compensated; and how the performance of the business model is assessed and reported to Management.
When a financial asset is subject to business models i) or ii) the application of the SPPI Test is required.
SPPI Test: assessment of cash flows generated by a financial instrument for the purpose of checking whether they represent solely payments of principal and interest. To fit into this concept, cash flows should include only consideration for the time value of money and credit risk. If contractual terms introduce risk exposure or cash flow volatilities, such as exposure to changes in prices of equity instruments or prices of commodities, the financial asset is classified at fair value through profit or loss. Hybrid contracts must be assessed as a whole, including all embedded characteristics. The accounting of a hybrid contract that contains an embedded derivative is performed on a joint basis, i.e. the whole instrument is measured at fair value through profit or loss.
Amortized cost
Amortized cost is the amount for which a financial asset or liability is measured at its initial recognition, plus adjustments made under the effective interest method, less amortization of principal and interest, and any provision for expected credit loss.
Fair value
Fair value is the price that would be received for the sale of an asset or that would be paid for the transfer of a liability in an orderly transaction between market players on the measurement date.
ITAÚ UNIBANCO HOLDING classifies the fair value hierarchy according to the relevance of data observed in the measurement process.
Details of the fair value of financial instruments, including Derivatives, and of the hierarchy of fair value are given in Note 28.
Average cost is used to determine the gains and losses realized on disposal of financial assets at fair value, which are recorded in the Consolidated Statement of Income as Adjustments to Fair Value of Financial Assets and Liabilities. Dividends on assets at fair value through other comprehensive
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income are recognized in the Consolidated Statement of Income as Dividend income when it is probable that ITAÚ UNIBANCO HOLDING’s right to receive such dividends is assured.
Regular purchases and sales of financial assets are recognized and derecognized, respectively, on the trading date.
Financial assets and liabilities are offset against each other and the net amount is reported in the Balance Sheet only solely when there is a legally enforceable right to offset them and the intention to settle them on a net basis, or to simultaneously realize the asset and settle the liability.
Equity instruments
An equity instrument is any contract that evidences a residual interest in an entity’s assets, after the deduction of all its liabilities, such as Shares and Units.
ITAÚ UNIBANCO HOLDING subsequently measures all its equity instruments at fair value through profit or loss, except when Management opts, on initial recognition, to irrevocably designate an equity instrument at fair value through other comprehensive income when it is held for a purpose other than only generating returns. When this option is selected, gains and losses on the fair value of
the instrument are recognized in the Consolidated Statement of Comprehensive Income and are not subsequently reclassified to the Consolidated Statement of Income, even on sale. Dividends continue to be recognized in the Consolidated Statement of Income when ITAÚ UNIBANCO HOLDING’s right to receive them is assured.
Gains and losses on equity instruments measured at fair value through profit or loss are accounted in the Consolidated Statement of Income.
Expected credit loss
ITAÚ UNIBANCO HOLDING makes a forward-looking assessment of the expected credit loss on financial assets measured at amortized cost or through other comprehensive income, loan commitments and financial guarantee contracts:
â^™ï Financial assets: loss is measured at present value of the difference between contractual cash flows and the cash flows that ITAÚ UNIBANCO HOLDING expects to receive;
â^™ï Loan commitments: expected loss is measured at present value of the difference between contractual cash flows that would be due if the commitment was drawn down and the cash flows that ITAÚ UNIBANCO HOLDING expects to receive;
â^™ï Financial guarantees: the loss is measured at the difference between the payments expected for refunding the counterparty and the amounts that ITAÚ UNIBANCO HOLDING expects to recover.
ITAÚ UNIBANCO HOLDING applies a three-stage approach to measuring the expected credit loss, in which financial assets migrate from one stage to the other in accordance with changes in credit risk.
â^™ï Stage 1 – 12-month expected credit loss: represents default events possible within 12 months. Applicable to financial assets which are not credit impaired when purchased or originated;
â^™ï Stage 2 – Lifetime expected credit loss of financial instrument: considers all possible default events. Applicable to financial assets originated which are not credit impaired when originated or purchased but for which credit risk has increased significantly; and
â^™ï Stage 3 – Credit loss expected for credit-impaired assets: considers all possible default events. Applicable to financial assets which are credit impaired when purchased or originated. The measurement of assets classified in this stage is different from Stage 2 due to the recognition of interest income by applying the effective interest rate to amortized cost (net of provision) rather than to the gross carrying amount.
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An asset will migrate between stages as its credit risk increases or decreases. Therefore, a financial asset that migrated to stages 2 and 3 may return to stage 1, unless it was purchased or originated credit impaired financial asset.
Macroeconomic scenarios
Forward-looking information is based on macroeconomic scenarios that are reassessed annually or when market conditions so require.
Additional information is described in Note 32.
Modification of contractual cash flows
When contractual cash flows of a financial asset are renegotiated or otherwise modified and this does not substantially change its terms and conditions, ITAÚ UNIBANCO HOLDING does not derecognize it. However, the gross carrying amount of this financial asset is recalculated as the present value of the renegotiated or changed contractual cash flows, discounted at the original effective interest rate and a modification gain or loss is recognized in profit or loss. Any costs or fees incurred adjust the modified carrying amount and are amortized over the remaining term of the financial asset.
If, on the other hand, the renegotiation or change substantially modifies the terms and conditions of the financial asset, ITAÚ UNIBANCO HOLDING derecognises the original asset and recognizes a new one. Accordingly, the renegotiation date is taken as the initial recognition date of the new asset for expected credit loss calculation purposes, and to determine significant increases in credit risk.
ITAÚ UNIBANCO HOLDING also assesses if the new financial asset may be considered as purchased or originated credit impaired financial asset, particularly when the renegotiation was motivated by the debtor’s financial constraints. Differences between the carrying amount of the original asset and fair value of the new asset are immediately recognized in the Consolidated Statement of Income.
The effects of changes in cash flows of financial assets and other details about methodologies and assumptions adopted by Management to measure the allowance for expected credit loss, including the use of prospective information, are detailed in Note 32.
Derecognition of financial assets
Financial assets are derecognized when ITAÚ UNIBANCO HOLDING substantially transfers all risks and
benefits of its property. In the event it is not possible to identify the transfer of all risks and benefits, the control should be assessed to determine the continuous involvement related to the transaction.
If there is a retention of risks and benefits, the financial asset continues to be recorded and a liability is recognized for the consideration received.
II – Classification and measurement of financial liabilities
Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost, except for:
â^™ï Financial liabilities at fair value through profit or loss: this classification applied to derivatives and other financial liabilities designated at fair value through profit or loss to reduce “accounting mismatches”. ITAÚ UNIBANCO HOLDING irrevocably designates financial liabilities at fair value through profit or loss in the initial recognition (fair value option), when the option eliminates or significantly reduces measurement or recognition inconsistencies.
â^™ï Loan commitments and financial guarantees: see details in Note 2.4d Vll.
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Derecognition and modification of financial liabilities
ITAÚ UNIBANCO HOLDING derecognises a financial liability from the Consolidated Balance Sheet when it is extinguished, i.e., when the obligation specified in the contract is discharged, cancelled or expires.
A debt instrument change or substantial terms modification of a financial liability is accounted as a derecognition of the original financial liability and a new one is recognized.
A substantial change to contractual terms occurs when the discounted present value of cash flows under the new terms, including any fees paid/received and discounted using the original effective interest rate, is at least 10% different from discounted present value of the remaining cash flow of the original financial liabilities.
III – Securities purchased under agreements to resell
ITAÚ UNIBANCO HOLDING purchases financial assets with a resale commitment (resale agreements) and sells securities with a repurchase commitment (repurchase agreement) of financial assets. Resale and repurchase agreements are accounted for under Securities purchased under agreements to resell and Securities sold under repurchase agreements, respectively.
The difference between the sale and repurchase prices is treated as interest and recognized over the life of the agreements using the effective interest rate method.
The financial assets taken as collateral in resale agreements can be used as collateral for repurchase agreements it provided for in the agreements or can be sold.
IV—Derivatives
All derivatives are accounted for as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
The valuation of active hybrid contracts that are subject to IFRS 9 is carried out as a whole, including all embedded characteristics, whereas the accounting is carried out on a joint basis, i.e. each instrument is measured at fair value through profit or loss.
When a contract has a main component outside the scope of IFRS 9, such as a lease agreement receivable or an insurance contract, or even a financial liability, embedded derivatives are treated as separate financial instruments if:
(i) their characteristics and economic risks are not closely related to those of the main component; (ii) the separate instrument meets the definition of a derivative; and
(iii) the underlying instrument is not booked at fair value through profit or loss.
These embedded derivatives are accounted for separately at fair value, with variations recognized in the Consolidated Statement of Income as Adjustments to Fair Value of Financial Assets and Liabilities.
ITAÚ UNIBANCO HOLDING will continue applying all the hedge accounting requirements of IAS 39; however, it may adopt the provisions of IFRS 9, if Management so decides. According to this standard, derivatives may be designated and qualified as hedging instruments for accounting purposes and, the method for recognizing gains or losses of fair value will depending on the nature of the hedged item.
At the beginning of a hedging transaction, ITAÚ UNIBANCO HOLDING documents the relationship between the hedging instrument and the hedged items, as well as its risk management objective and strategy. The hedge is assessed on an ongoing basis to determine if it has been highly effective throughout all periods of the Financial Statements for which it was designated.
IAS 39 describes three hedging strategies: fair value hedge, cash flow hedge, and hedge of net investments in a foreign operation. ITAÚ UNIBANCO HOLDING uses derivatives as hedging instruments under all three hedge strategies, as detailed in Note 7.
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Fair value hedge
The following practices are adopted for these operations:
a) The gain or loss arising from the remeasurement of the hedging instrument at fair value is recognized in income; and
b) The gain or loss arising from the hedged item, attributable to the effective portion of the hedged risk, is applied to the book value of the hedged item and is also recognized in income.
When a derivative expires or is sold or a hedge no longer meets the hedge accounting criteria or in the event the designation is revoked, the hedge accounting must be prospectively discontinued. In addition, any adjustment to the book value of the hedged item must be amortized in income.
Cash flow hedge
For derivatives that are designated and qualify as hedging instruments in a cash flow hedge, the practices are:
a) The effective portion of gains or losses on derivatives is recognized directly in Other comprehensive income – Cash flow hedge;
b) The portion of gain or loss on derivatives that represents the ineffective portion or on hedge components excluded from the assessment of effectiveness is recognized in income.
Amounts originally recorded in Other comprehensive income and subsequently reclassified to Income are recognized in the caption Interest, similar income and dividend of financial assets at fair value through profit or loss at the same time that the corresponding income or expense item of the financial hedge item affects income. For non-financial hedge items, the amounts originally recognized in Other Comprehensive Income are included in the initial cost of the corresponding asset or liability.
When a derivative expires or is sold, when hedge accounting criteria are no longer met or when the entity revokes the hedge accounting designation, any cumulative gain or loss existing in Other comprehensive income will be reclassified to income at the time the expected transaction occurs or is no longer expected to occur.
Hedge of net investments in foreign operations
The hedge of a net investment in a foreign operation, including the hedge of a monetary item that is booked as part of the net investment, is accounted for in a manner similar to a cash flow hedge:
a) The portion of gain or loss on the hedging instrument determined as effective is recognized in other comprehensive income;
b) The ineffective portion is recognized in income.
Gains or losses on the hedging instrument related to the effective portion of the hedge which are recognized in Other comprehensive income are reclassified to income for the period when the foreign operation is partially or totally sold.
V—Loan operations
ITAÚ UNIBANCO HOLDING classifies a loan as non-performing if the payment of the principal or interest has been overdue for 60 days or more. In this case, accrual of interest is no longer recognized.
VI – Premium bonds plans
In Brazil they are regulated by the insurance regulator. These plans do not meet the definition of an insurance contract under IFRS 4, and therefore they are classified as a financial liability at amortized cost under IFRS 9.
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Revenue from premium bonds plans is recognized during the period of the contract and measured as the difference between the amount deposited by the customer and the amount that ITAÚ UNIBANCO HOLDING has to reimburse.
VII – Loan commitments and financial guarantees
ITAÚ UNIBANCO HOLDING recognizes as an obligation in the Consolidated Balance Sheet, on the issue date, the fair value of commitments for loans and financial guarantees. The fair value is generally represented by the fee charged to the customer. This amount is amortized over the term of the instrument and is recognized in the Consolidated Statement of Income under the heading Commissions and Banking Fees.
After issue, if ITAÚ UNIBANCO HOLDING concludes based on the best estimate, that the expected credit loss in relation to the guarantee issued is higher that the fair value less accumulated amortization, this amount is replaced by a provision for loss.
e) Investments in associates and joint ventures
I – Associates
Associates are companies in which the investor has a significant influence but does not hold control. Investments in these companies are initially recognized at cost of acquisition and subsequently accounted for using the equity method. Investments in associates and joint ventures include the goodwill identified upon acquisition, net of any cumulative impairment loss.
II – Joint ventures
ITAÚ UNIBANCO HOLDING has joint venture whereby the parties that have joint control of the arrangement have rights to the net assets.
ITAÚ UNIBANCO HOLDING’s share in profits or losses of its associates and joint ventures after acquisition is recognized in the Consolidated statement of income. Its share of the changes in the share in other comprehensive income of corresponding stockholders’ equity of its associates and joint ventures is recognized in its own capital reserves. The cumulative changes after acquisition are adjusted against the carrying amount of the investment. When the ITAÚ UNIBANCO HOLDING’s share of losses in an associates and joint ventures is equal to or more than the value of its interest, including any other receivables, ITAÚ UNIBANCO HOLDING does not recognize additional losses, unless it has incurred any obligations or made payments on behalf of the associates and joint ventures.
Unrealized profits on transactions between ITAÚ UNIBANCO HOLDING and its associates and joint ventures are eliminated to the extent of the interest of ITAÚ UNIBANCO HOLDING. Unrealized losses are also eliminated, unless the transaction provides evidence of impairment of the transferred asset. The accounting policies on associates and joint ventures entities are changed, as necessary, to ensure consistency with the policies adopted by ITAÚ UNIBANCO HOLDING.
If its interest in the associates and joint ventures decreases, but ITAÚ UNIBANCO HOLDING retains significant influence or joint control, only the proportional amount of the previously recognized amounts in Other comprehensive income is reclassified in Income, when appropriate.
f) Lessee operations
ITAÚ UNIBANCO HOLDING leases mainly real estate properties (underlying assets) to carry out its business activities. The initial recognition occurs when the agreement is signed, in the heading Other Liabilities, which corresponds to the total future payments at present value as a contra entry to the Right of-Use Assets, depreciated under the straight-line method for the lease term and tested semiannually to identify possible impairment losses.
The financial expense corresponding to interest on lease liabilities is recognized in the heading Interest and Similar Expense in the Consolidated Statement of Income.
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g) Fixed assets
Fixed assets are booked at their acquisition cost less accumulated depreciation, and adjusted for impairment, if applicable. Depreciation is calculated on the straight-line method using rates based on the estimated useful lives of these assets. Such rates and other details are presented in Note 13.
The residual values and useful lives of assets are reviewed and adjusted, if appropriate, at the end of each period.
ITAÚ UNIBANCO HOLDING reviews its assets in order to identify indications of impairment in their recoverable amounts. The recoverable amount of an asset is defined as the higher of its fair value less the cost to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which independent cash flows can be identified (cash-generating units). The assessment may be made at an individual asset level when the fair value less the cost to sell can be reliably determined.
Gains and losses on disposals of fixed assets are recognized in the Consolidated statement of income under Other income or General and administrative expenses.
h) Intangible assets
Intangible assets are non-physical assets, including software and other assets, and are initially recognized at cost. Intangible assets are recognized when they arise from legal or contractual rights, their costs can be reliably measured, and in the case of intangible assets not arising from separate acquisitions or business combinations, it is probable that future economic benefits may arise from their use. The balance of intangible assets refers to acquired assets or those internally generated.
Intangible assets may have definite or indefinite useful lives. Intangible assets with definite useful lives are amortized using the straight-line method over their estimated useful lives. Intangible assets with indefinite useful lives are not amortized, but periodically tested in order to identify any impairment.
ITAÚ UNIBANCO HOLDING semi-annually assesses its intangible assets in order to identify whether any indications of impairment exist, as well as possible reversal of previous impairment losses. If such indications are found, intangible assets are tested for impairment. The recoverable amount of an asset is defined as the higher of its fair value less the cost to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which independent cash flows can be identified (cash-generating units). The assessment may be made at an individual asset level when the fair value less the cost to sell can be reliably determined.
ITAÚ UNIBANCO HOLDING uses the cost model to measure its intangible assets after its initial recognition.
A breakdown of intangible assets is given in Note 14.
i) Assets held for sale
Assets held for sale are recognized in the consolidated balance sheet under the line Other assets when they are actually repossessed or there is intention to sell. These assets are initially recorded at the lower of: (i) the fair value of the asset less the estimated selling expenses, or (ii) the carrying amount of the related asset held for sale.
j) Income tax and social contribution
There are two components of the provision for income tax and social contribution: current and deferred.
The current component is approximately the total of taxes to be paid or recovered during the reporting period.
Deferred income tax and social contribution, represented by deferred tax assets and liabilities, is obtained based on the differences between the tax bases of assets and liabilities and the amounts reported in the financial statements at each year end.
The income tax and social contribution expense is recognized in the Consolidated statement of income under Income tax and social contribution, except when it refers to items directly recognized in Other
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comprehensive income, such as: tax on fair value of financial assets measured at fair value through Other comprehensive income, post-employment benefits and tax on cash flow hedges and hedge of net investment in foreign operations. Subsequently, these items are recognized in income upon realization of the gain/loss on the instruments.
Changes in tax legislation and rates are recognized in the Consolidated statement of income in the period in which they are enacted. Interest and fines are recognized in the Consolidated statement of income under General and administrative expenses.
To determine the proper level of provisions for taxes to be maintained for uncertain tax positions, the approach applied, is that a tax benefit is recognized if it is more likely than not that a position can be sustained, under the assumptions for recognition, detailed in item 2.4 n.
k) Insurance contracts and private pensions
Insurance contracts are contracts under which ITAÚ UNIBANCO HOLDING accepts a significant insurance risk of the counterparty, by agreeing to compensate it if a specified uncertain future event adversely affects it. An insurance risk is significant only if the insurance event could cause ITAÚ UNIBANCO HOLDING to pay significant additional benefits in any scenario, other than those that do not have commercial substance. Additional benefits refer to amounts that exceed those that would be payable if no insured event occurred.
Upon its first-time adoption of the IFRS, ITAÚ UNIBANCO HOLDING decided not to change its accounting policies for insurance contracts, which follow the accounting practices generally accepted in Brazil (“BRGAAP”).
Although investment agreements with discretionary participation characteristics are financial instruments, they are treated as insurance contracts, as established by IFRS 4, as well as those transferring a significant financial risk.
Once a contract is classified as an insurance contract, it remains as such until the end of its life, even if the insurance risk is significantly reduced during the period, unless all rights and obligations are extinguished or expire.
Note 27 provides a detailed description of all products classified as insurance contracts. Private pension plans
Contracts that provide for retirement benefits after an accumulation period (known as PGBL, VGBL and FGB) provide a guarantee, at the commencement date of the contract, of the basis for calculating the retirement benefit (mortality table and minimum interest rates). The contracts specify the annuity rates and, therefore, the insurance risk is transferred to the issuer from the start. These contracts are classified as insurance contracts.
Insurance premiums
Insurance premiums are recognized upon issue of an insurance policy or over the period of the contracts in proportion to the amount of the insurance coverage.
If there is evidence of impairment losses with respect to receivables for insurance premiums, ITAÚ UNIBANCO HOLDING recognizes a provision, sufficient to cover this loss, based on a risk analysis of realization of insurance premiums receivable with installments overdue for over 60 days.
Reinsurance
In the ordinary course of business, ITAÚ UNIBANCO HOLDING reinsures a portion of the risks underwritten, particularly property and casualty risks that exceed the maximum limits of responsibility that determine to be appropriate for each segment and product (after a study which considers size, experience, special features, and the capital necessary to support these limits). These reinsurance agreements allow the recovery of a portion of the losses from the reinsurer, although they do not release the insurer from the main obligation as direct insurer of the risks covered by the reinsurance.
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ITAÚ UNIBANCO HOLDING mainly holds non-proportional contracts, which transfer part of responsibility to the reinsurance company for losses that will materialize after a certain level of claims in the portfolio. Reinsurance premiums of these contracts are accounted for under Other Assets, over the life of each contract.
If there is any evidence of impairment loss, ITAÚ UNIBANCO HOLDING recognizes a provision when the default period exceeds 180 days from the registration of the request for fund of claims paid.
Acquisition costs
Acquisition costs include direct and indirect costs related to the origination of insurance. These costs are recorded directly in result as incurred, except for deferred acquisition costs (commissions paid for brokerage services, agency and prospecting efforts), which are recorded proportionally to the recognition of premium revenues, i.e. over the term corresponding to the insurance contract.
Insurance Contract Liabilities
Reserves for claims are established based on past experience, claims in process of payment, estimated amounts of claims incurred but not yet reported, and other factors relevant to the required reserve levels.
Liability Adequacy Test
ITAÚ UNIBANCO HOLDING tests liability adequacy by adopting current actuarial assumptions for future cash flows of all insurance contracts in force at the balance sheet date.
Should the analysis show insufficiency, any shortfall identified will immediately be accounted for in income for the period.
The assumptions used to conduct the liability adequacy test are detailed in Note 27. l) Post-employments benefits
ITAÚ UNIBANCO HOLDING sponsors Defined Benefit Plans and Defined Contribution Plans, which are accounted for in accordance with IAS 19 – Benefits to Employees.
ITAÚ UNIBANCO HOLDING is required to make contributions to government social security and labor indemnity plans, in Brazil and in other countries where it operates.
Pension plans—Defined benefit plans
The liability or asset, as the case may be, is recognized in the Consolidated Balance Sheet with respect to a defined benefit plan corresponds to the present value of defined benefit obligations at the balance sheet date less the fair value of plan assets. The defined benefit obligations are calculated annually by an independent actuarial consulting company using the projected unit credit method.
Pension plans—Defined contribution
For defined contribution plans, contributions to plans made by ITAÚ UNIBANCO HOLDING, through pension plan funds, are recognized as liabilities, with a counter-entry to expenses, when due. If contributions made exceed the liability for a service provided, it will be accounted for as an asset recognized at fair value, and any adjustments are recognized in Stockholders’ equity, under Other comprehensive income, in the period when they occur.
Other post-employment benefit obligations
Like defined benefit pension plans, these obligations are assessed annually by independent, qualified actuaries, and costs expected from these benefits are accrued over the period of employment. Gains and losses arising from changes in practices and variations in actuarial assumptions are recognized in Stockholders’ equity, under Other comprehensive income, in the period in which they occur.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 38

m) Share-based payments
Share-based payments are booked for the value of equity instruments granted, which may be shares or stock options according to the plan, based on their fair value at the grant date. This cost is recognized during the vesting period of the right to exercise the instruments.
The total amount to be expensed is determined by reference to the fair value of the equity instruments excluding the impact of any service commissions and fees and non-market performance vesting conditions (in particular when an employee remains with the company for specific period of time).
n) Provisions, contingent assets and contingent liabilities
Contingent assets and liabilities are possible rights and potential obligations arising from past events for which realization depends on uncertain future events.
Contingent assets are not recognized in the Consolidated Financial Statements, except when the Management of ITAÚ UNIBANCO HOLDING considers that realization is practically certain. In general they correspond to lawsuits with favorable sentences in final and unappealable judgments and to the withdrawal of lawsuits as a result of a settlement payment received or an agreement for set-off against an existing liability.
These contingencies are evaluated based on Management’s best estimates, and are classified as:
â^™ï Probable: in which liabilities are recognized in the consolidated balance sheet under Provisions; â^™ï Possible: which are disclosed in the Consolidated Financial Statements, but no provision is recorded; â^™ï Remote: which require neither a provision nor disclosure.
The amount of deposits in guarantee is adjusted in accordance with current legislation. o) Capital
Common and preferred shares, which for accounting purposes are equivalent to common shares but without voting rights are classified in Stockholders’ equity. The additional costs directly attributable to the issue of new shares are included in Stockholders’ equity as a deduction from the proceeds, net of taxes.
p) Treasury shares
Common and preferred shares repurchased are recorded in Stockholders’ equity under Treasury shares at their average purchase price.
Shares that are subsequently sold, such as those sold to grantees under our share-based payment scheme, are recorded as a reduction in treasury shares, measured at the average price of treasury stock held at that date.
The difference between the sale price and the average price of the treasury shares is recorded as a reduction or increase in Additional paid-in capital. The cancellation of treasury shares is recorded as a reduction in Treasury shares against Appropriated reserves, at the average price of treasury shares at the cancellation date.
q) Dividends and interest on capital
Minimum dividend amounts established in the bylaws are recorded as liabilities at the end of each year. Any other amount above the mandatory minimum dividend is accounted for as a liability when approved by of the Board of Directors.
Interest on capital is treated for accounting purposes as a dividend, and it is presented as a reduction of stockholders’ equity in the consolidated financial statements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 39

Dividends have been and continue to be calculated and paid on the basis of the financial statements prepared under Brazilian accounting standards and regulations for financial institutions, not these Consolidated financial statements prepared according to the IFRS.
Dividends and interest on capital are presented in Note 19.
r) Earnings per share
ITAÚ UNIBANCO HOLDING grants stock options whose dilutive effect is reflected in diluted earnings per share, with the application of the “treasury stock method“. Whereby earnings per share are calculated as if all the stock options had been exercised and the proceeds used to purchase shares of ITAÚ UNIBANCO HOLDING.
Earnings per share are presented in Note 25.
s) Segment information
Segment information disclosed is consistent with the internal reports prepared for the Executive Committee which makes the operational decisions ITAÚ UNIBANCO HOLDING.
ITAÚ UNIBANCO HOLDING has three reportable segments: (i) Retail Banking (ii) Wholesale Banking and (iii) Market + Corporation.
Segment information is presented in Note 30.
t) Commissions and Banking Fees
Commissions and Banking Fees is recognized when ITAÚ UNIBANCO HOLDING provides or offers services to customers, in an amount that reflects the consideration ITAÚ UNIBANCO HOLDING expects to collect in exchange for those services. A five-step model is applied to account for revenues: i) identification of the contract with a customer; ii) identification of the performance obligations in the contract; iii) determination of the transaction price; iv) allocation of the transaction price to the performance obligations in the contract; and v) recognition of revenue when a performance obligation has been satisfied.
Services related to credit, debit and current account cards are offered to clients individually or in packages and their revenues are recognized when said services are provided. Revenue from certain services such as fees from funds management, performance, collection and custody are recognized when services are provided over the life of the respective agreements.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 40

Note 3 – Business development
Recovery do Brasil Consultoria S.A.
On December 31, 2015, ITAÚ UNIBANCO HOLDING, through its subsidiary Itaú Unibanco S.A., (ITAÚ UNIBANCO), entered into an agreement for purchase and sale and other covenants with Banco BTG Pactual S.A. (BTG) and with Misben S.A. for acquisition of 89.08% of interest in capital of Recovery do Brasil Consultoria S.A. (RECOVERY), corresponding to total interest of RECOVERY’s parties, for the amount of R$ 735. On July 7, 2016 an additional interest of 6.92% was acquired from International Finance Corporation, for the amount of R$ 59, then holding 96% of its capital.
On May 26, 2020, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, acquired from International Finance Corporation an additional interest of 4% for the amount of R$ 20.7, then holding 100% of capital of RECOVERY.
The effective acquisition and financial settlement occurred on May 28, 2020.
Acquisition of Zup I.T. Serviços em Tecnologia e Inovação S.A.
On October 31, 2019, ITAÚ UNIBANCO HOLDING, through its subsidiary Redecard S.A. (REDE), entered into a purchase and sale agreement of 100% of the capital of Zup I.T. Serviços em Tecnologia e Inovação S.A. (ZUP). The purchase will be carried out in three phases over four years. In the first phase, ITAÚ UNIBANCO HOLDING acquired 52.96% of ZUP’s total voting capital for approximately R$ 293, then holding the company’s control. In the third year, after the operation is closed, ITAÚ UNIBANCO HOLDING will acquire an additional 19.6% interest; in the fourth year, the remaining interest, so as to achieve 100% of ZUP’s capital.
Effective acquisitions and financial settlements occurred on March 31, 2020, after obtaining the regulatory authorizations required.
Acquisition of non-controlling interest in Pravaler S.A.
On December 27, 2019, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, increased its ownership interest in Pravaler S.A. (PRAVALER), acquiring 43.07% of total capital social (corresponding to 75.71% of preferred shares and 28.65% of common shares) for the amount of R$ 330.9. PRAVALER, with head office in São Paulo, is the manager of the largest private college loan program in Brazil, and it will continue operating independently from ITAÚ UNIBANCO HOLDING.
PRAVALER is classified as an associate measured under the equity method.
Effective acquisitions and financial settlements occurred on the same date, after obtaining the regulatory authorizations required.
Acquisition of non-controlling interest in XP Inc.
On May 11, 2017, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, entered into an agreement for purchase and sale of shares with XP Controle Participações S.A. (XP CONTROLE), G.A. Brasil IV Fundo de Investimento em Participações, Dyna III Fundo de Investimento em Participações, among other parties (SELLERS), for acquisition of 49.9% of total capital (of which 30.1% of common shares) of XP Investimentos S.A. (XP HOLDING), through capital contribution in the amount of R$ 600 and acquisition of shares issued by XP HOLDING held by the SELLERS in the amount of R$ 5,700, and such amounts were restated pursuant to contractual provision, totaling R$ 6,650 (FIRST ACQUISITION). A portion of this amount was withheld as a guarantee for possible future obligations of XP CONTROLE, for a 10-year period, and possible remaining balance will be paid to XP CONTROLE at the end of this term.
In addition to the FIRST ACQUISITION, the agreement sets forth only one additional acquisition in 2022, subject to future BACEN’s approval. Should it be approved, it will enable ITAÚ UNIBANCO to hold up to 62.4% of XP HOLDING’s total capital (equivalent to 40.0% of common shares) based on a multiple of income (19 times) of XP HOLDING, therefore being clear that the control over XP Group will remain unchanged, with XP CONTROLE’s shareholders. ITAÚ UNIBANCO will act as minority partner.
Effective acquisitions and financial settlements occurred on August 31, 2018, after the satisfaction of certain contractual conditions and obtainment of regulatory and government authorizations required.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 41

On November 29, 2019, there was a corporate reorganization of XP HOLDING, in which the shareholders subscribed their respective shares of the holding company XP Inc. (“XP INC”), keeping the same percentages in total capital. After the initial public offering, held on December 11, 2019 at Nasdaq in New York, the ownership interest of ITAÚ UNIBANCO HOLDING changed from 49.9% to 46.05%, giving rise to a R$ 1,991 result in the primary subscription of XP Inc.
Acquisition of non-controlling interest in Ticket Serviços S.A.
On September 4, 2018, ITAÚ UNIBANCO HOLDING, through its subsidiary ITAÚ UNIBANCO, entered into a strategic partnership with Edenred Participações S.A. (EDENRED) in the benefits market for workers covered mainly by PAT, the Workers’ Meals Program. EDENRED is the parent company of Ticket Serviços S.A. (TICKET) in Brazil.
The strategic partnership enables ITAÚ UNIBANCO to add the benefits issued by TICKET to its current range of products and services for customers in the wholesale, medium, micro and small company segments.
In addition, ITAÚ UNIBANCO made a minority investment of 11% in TICKET, through a capital increase with contribution of (i) cash, equivalent to said interest in the company’s equity value, and (ii) right to exclusive distribution of Ticket Restaurante, Ticket Alimentação, Ticket Cultura and Ticket Transporte products to the ITAÚ UNIBANCO legal entities base during the partnership term. TICKET will continue distributing its products through other commercial agreements and will continue under EDENRED’s control and management.
Effective acquisitions and financial settlements occurred on August 30, 2019, after obtaining the regulatory authorizations required.
Itaú CorpBanca
Itaú Corpbanca (ITAÚ CORPBANCA) is controlled as of April 1st, 2016 by ITAÚ UNIBANCO HOLDING. On the same date, ITAU UNIBANCO HOLDING entered into a shareholders’ agreement with Corp Group, which sets forth, among others, the right of ITAÚ UNIBANCO HOLDING and Corp Group to appoint members for the Board of Directors of ITAÚ CORPBANCA in accordance to their interests in capital stock, and this group of shareholders have the right to appoint the majority of members of the Board of Directors of ITAÚ CORPBANCA and ITAÚ UNIBANCO HOLDING are be entitled to appoint the majority of members elected by this block.
On September 10, 2020, ITAÚ UNIBANCO HOLDING, through its subsidiary ITB Holding Brasil Participações Ltda, indirectly acquired additional ownership interest of 1.08% (5,558,780,153 shares) in the ITAÚ CORPBANCA’s capital for the amount of R$ 229, and now it holds 39.22%.
The effective acquisition and financial settlement occurred on September 14, 2020, after obtaining the regulatory authorizations.
Note 4—Interbank deposits and securities purchased under agreements to resell
09/30/2020
12/31/2019
Securities purchased under agreements to resell(1)
Current Non current Total Current Non current Total 318,993 53 319,046 198,260 162 198,422
Collateral held 79,853 53 79,906 44,901 162 45,063 Collateral repledge 215,506—215,506 134,116—134,116 Assets received as collateral with right to sell or
repledge 674—674 6,644—6,644 Assets received as collateral without right to sell
or repledge 214,832—214,832 127,472—127,472 Collateral sold 23,634—23,634 19,243—19,243
Interbank deposits Total (2)
55,328 6,514 61,842 31,075 3,506 34,581 374,321 6,567 380,888 229,335 3,668 233,003
(1) The amounts of R$ 13,886 (R$ 8,544 at 12/31/2019) are pledged in guarantee of operations on B3 S.A.—Brasil, Bolsa, Balcão (B3) and Central Bank of Brazil and the amounts of R$ 239,140 (R$ 153,359 at 12/31/2019) are pledged in guarantee of repurchase commitment transactions. (2) Includes losses in the amounts of R$ (79) (R$ (8) at 12/31/2019).
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 42

Note 5 – Financial assets at fair value through profit or loss and designated at fair value through profit or loss—Securities a) Financial assets at fair value through profit or loss - Securities are presented in the following table: 09/30/2020 12/31/2019 Adjustments to Fair Adjustments to Fair Cost Fair value Cost Fair value Value (in Income) (2) Value (in Income) Investment funds Brazilian government securities (1a) Government securities – abroad (1b) 12,630 (1,309) 11,321 9,277 (1,010) 8,267 225,173 793 225,966 218,548 1,063 219,611 5,636 24 5,660 1,541 (21) 1,520 Argentina 1,740 25 1,765 349 (31) 318 Chile 472—472 487 1 488 Colombia 1,677 6 1,683 399 10 409 United States 1,375 (7) 1,368 141—141 Mexico 10—10 57—57 Paraguay 3—3 2—2 Peru 4 1 5 8—8 Uruguay 86 1 87 98 (1) 97 Italy 269 (2) 267 —— Corporate securities (1c) 70,417 (1,758) 68,659 51,744 (1,102) 50,642 Shares 18,021 (1,239) 16,782 15,459 (822) 14,637 Rural product note 1,495 (42) 1,453 ——Bank deposit certificates 927—927 792—792 Real estate receivables certificates 593 (55) 538 1,414 30 1,444 Debentures 23,435 (440) 22,995 12,958 (303) 12,655 Eurobonds and other 2,828 (8) 2,820 2,178 (5) 2,173 Financial bills 16,393 (3) 16,390 18,517 (3) 18,514 Promissory notes 6,418 49 6,467 313—313 Other 307 (20) 287 113 1 114 Total 313,856 (2,250) 311,606 281,110 (1,070) 280,040 (1) Financial assets at fair value through profit or loss – Securities pledged as Guarantee of Funding of Financial Institutions and Customers were: a) R$ 10,487 (R$ 28,759 at 12/31/2019), b) R$ 353 (R$ 329 at 12/31/2019) and c) R$ 7,565 (R$ 104 at 12/31/2019), totaling R$ 18,405 (R$ 29,192 at 12/31/2019). (2) In the period, the result of Adjustment to Fair Value of Financial Assets (particularly private securities) had their amounts affected by oscillations of rates and other market variables arising from the impact of the COVID-19 pandemic on the macroeconomic scenario in the period (Note 33a). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 43

The cost and fair value per maturity of Financial Assets at Fair Value Through Profit or Loss—Securities were as follows: 09/30/2020 12/31/2019 Cost Fair value Cost Fair value Current Non-stated maturity Up to one year Non-current From one to five years From five to ten years After ten years Total 97,669 95,251 82,183 80,372    30,651 28,103 24,736 22,904 67,018 67,148 57,447 57,468 216,187 216,355 198,927 199,668    169,541 170,127 136,727 137,186 27,270 26,963 41,744 41,759 19,376 19,265 20,456 20,723 313,856 311,606 281,110 280,040 Financial Assets at Fair Value Through Profit or Loss—Securities include assets with a fair value of R$ 201,703 (R$ 204,530 at 12/31/2019) that belong to investment funds wholly owned by Itaú Vida e Previdência S.A.. The return of those assets (positive or negative) is fully transferred to customers of our PGBL and VGBL private pension plans whose premiums (net of fees) are used by our subsidiary to purchase quotas of those investment funds. b) Financial assets designated at fair value through profit or loss—Securities are presented in the following table: 09/30/2020 Cost Adjustments to Fair Value (in Income) Fair value Brazilian external debt bonds 4,554 15 4,569 Total 4,554 15 4,569 12/31/2019 Cost Adjustments to Fair Value (in Income) Fair value Brazilian external debt bonds 1,016 19 1,035 Total 1,016 19 1,035 The cost and fair value by maturity of financial assets designated as fair value through profit or loss—Securities were as follows: 09/30/2020 12/31/2019 Cost Fair value Cost Fair value Current Up to one year Non-current From one to five years 2,195 2,206 592 609 2,195 2,206 592 609 2,359 2,363 424 426 2,359 2,363 424 426 Total 4,554 4,569 1,016 1,035 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 44

Note 6 – Derivatives ITAÚ UNIBANCO HOLDING trades in derivative financial instruments with various counterparties to manage its overall exposures and to assist its customers in managing their own exposures. Futures – Interest rate and foreign currency futures contracts are commitments to buy or sell a financial instrument at a future date, at an agreed price or yield, and may be settled in cash or through delivery. The notional amount represents the face value of the underlying instrument. Commodity futures contracts or financial instruments are commitments to buy or sell commodities (mainly gold, coffee and orange juice) at a future date, at an agreed price, which are settled in cash. The notional amount represents the quantity of such commodities multiplied by the future price on the contract date. Daily cash settlements of price movements are made for all instruments. Forwards – Interest rate forward contracts are agreements to exchange payments on a specified future date, based on the variation in market interest rates from trade date to contract settlement date. Foreign exchange forward contracts represent agreements to exchange the currency of one country for the currency of another at an agreed price, on an agreed settlement date. Financial instrument forward contracts are commitments to buy or sell a financial instrument on a future date at an agreed price and are settled in cash. Swaps – Interest rate and foreign exchange swap contracts are commitments to settle in cash on a future date or dates the differentials between specific financial indices (either two different interest rates in a single currency or two different rates each in a different currency), as applied to a notional principal amount. Swap contracts shown under Other in the table below correspond substantially to inflation rate swap contracts. Options – Option contracts give the purchaser, for a fee, the right, but not the obligation, to buy or sell a financial instrument within a limited time, including a flow of interest, foreign currencies, commodities, or financial instruments at an agreed price that may also be settled in cash, based on the differential between specific indices. Credit Derivatives – Credit derivatives are financial instruments with value deriving from the credit risk on debt issued by a third party (the reference entity), which permits one party (the buyer of the hedge) to transfer the risk to the counterparty (the seller of the hedge). The seller of the hedge must pay out as provided for in the contract if the reference entity undergoes a credit event, such as bankruptcy, default or debt restructuring. The seller of the hedge receives a premium for the hedge but, on the other hand, assumes the risk that the underlying instrument referenced in the contract undergoes a credit event, and the seller may have to make payment to the purchaser of the hedge for up to the notional amount of the credit derivative.
The total value of margins pledged in guarantee by ITAÚ UNIBANCO HOLDING was R$ 20,165 (R$ 15,823 at 12/31/2019) and was basically comprised of government securities. Further information on internal controls and parameters used to management risks, may be found in Note 32 – Risk and Capital Management. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 45

I - Derivatives Summary See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and maturity date. 09/30/2020 Fair value (*) % 0-30 31-90 91-180 181-365 366-720 Over 720 days Assets Swaps – adjustment receivable Option agreements Forwards (onshore) Credit derivatives NDF—Non Deliverable Forward Other Derivative Financial Instruments Total % per maturity date Liabilities Swaps – adjustment payable Option agreements Forwards (onshore) Credit derivatives NDF—Non Deliverable Forward    Other Derivative Financial Instruments Total % per maturity date 51,119 67.1 273 738 4,615 1,941 5,638 37,914 11,750 15.4 1,438 2,637 4,004 2,237 849 585 3,102 4.1 1,985 374 624 106 12 1 237 0.3 — 3 4 20 210 9,355 12.3 2,003 1,891 2,242 2,082 752 385 579 0.8 208—2 2 41 326 76,142 100.0 5,907 5,640 11,490 6,372 7,312 39,421 7.8 7.4 15.1 8.4 9.6 51.7 09/30/2020 Fair value (*) % 0-30 31-90 91-180 181-365 366-720 Over 720 days (57,254) 72.5 (295) (1,182) (8,580) (2,886) (6,116) (38,195) (10,640) 13.5 (1,048) (2,711) (3,592) (1,869) (824) (596) (2,345) 3.0 (2,345) — —— (327) 0.4 — — (21) (306) (8,270) 10.5 (1,807) (1,591) (3,060) (1,205) (278) (329) (40) 0.1 — (2) (10) (12) (16) (78,876) 100.0 (5,495) (5,484) (15,234) (5,970) (7,251) (39,442) 7.0 7.0 19.3 7.6 9.2 49.9 (*) In the period, the result of Derivative had their amounts affected by oscillations of rates and other market variables arising from the impact of the COVID-19 pandemic on the macroeconomic scenario in the period (Note 33a). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 46

See below the composition of the Derivative financial instruments portfolio (assets and liabilities) by type of instrument, stated fair value and maturity date. 12/31/2019 Fair value % 0-30 31-90 91-180 181-365 366-720 Over 720 days Assets Swaps – adjustment receivable Option agreements Forwards (onshore) Credit derivatives NDF—Non Deliverable Forward    Other Derivative Financial Instruments Total % per maturity date Liabilities Swaps – adjustment payable Option agreements Forwards (onshore) Credit derivatives NDF—Non Deliverable Forward    Other Derivative Financial Instruments Total % per maturity date 26,458 63.2 107 1,807 564 1,668 4,464 17,848 8,456 20.2 4,696 1,963 354 726 500 217 2,162 5.2 940 636 484 87 15— 167 0.4 — 5 3 23 136 4,446 10.6 1,251 1,314 787 561 347 186 165 0.4 4 ——6 155 41,854 100.0 6,998 5,720 2,194 3,045 5,355 18,542 16.7 13.7 5.2 7.3 12.8 44.3 12/31/2019 Fair value % 0-30 31-90 91-180 181-365 366-720 Over 720 days (32,927) 68.8 (326) (2,557) (898) (1,763) (8,349) (19,034) (9,061) 18.9 (3,668) (3,494) (383) (690) (571) (255) (754) 1.6 (753) — (1) — (40) 0.1 ——(1) (3) (36) (4,971) 10.4 (1,891) (1,108) (657) (637) (526) (152) (75) 0.2 (15) (1) (2) (4) (9) (44) (47,828) 100.0 (6,653) (7,160) (1,940) (3,096) (9,458) (19,521) 13.9 15.0 4.1 6.5 19.7 40.8 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 47

II—Derivatives by index and Risk Fator Off-balance sheet notional amount Balance sheet account receivable / (received) (payable) / paid Adjustment to fair value (in income / stockholders’ equity) Fair value Future contracts Purchase commitments 09/30/2020 09/30/2020 09/30/2020 09/30/2020 615,482 —— 229,970 —— Shares 4,323 ——Commodities 1,088 ——Interest 213,550 ——Foreign currency 11,009 —— Commitments to sell 385,512 —— Shares 5,916 ——Commodities 2,245 ——Interest 342,467 ——Foreign currency 34,884 —— Swap contracts Asset position (6,637) 502 (6,135) 1,514,023 17,755 33,364 51,119 Commodities 8 ——Interest 1,493,859 13,654 32,004 45,658 Foreign currency 20,156 4,101 1,360 5,461 Liability position 1,514,023 (24,392) (32,862) (57,254) Shares 84 (6) 1 (5) Commodities 211 ——Interest 1,496,098 (18,539) (32,665) (51,204) Foreign currency 17,630 (5,847) (198) (6,045) Option contracts Purchase commitments – long position 1,626,348 298 812 1,110 120,036 3,943 3,665 7,608 Shares 15,346 266 501 767 Commodities 1,100 26 17 43 Interest 47,740 468 (274) 194 Foreign currency 55,850 3,183 3,421 6,604
Commitments to sell – long position 697,107 3,041 1,101 4,142 Shares 154,923 760 698 1,458 Commodities 320 8 (7) 1 Interest 491,871 1,033 1,180 2,213 Foreign currency 49,993 1,240 (770) 470 Purchase commitments – short position 115,834 (3,854) (3,029) (6,883) Shares 10,981 (296) (370) (666) Commodities 1,622 (30) (25) (55) Interest 52,242 (448) 179 (269) Foreign currency 50,989 (3,080) (2,813) (5,893) Commitments to sell – short position 693,371 (2,832) (925) (3,757) Shares 154,517 (539) (701) (1,240) Commodities 281 (5) 3 (2) Interest 489,901 (926) (1,174) (2,100) Foreign currency 48,672 (1,362) 947 (415) Forward operations (onshore) Purchases receivable 8,188 758 (1) 757 1,135 1,260 (5) 1,255 Shares 411 411 (5) 406 Interest 724 849—849 Purchases payable obligations - (724)—(724) Interest—(724)—(724) Sales receivable 732 1,842 5 1,847 Shares 732 724 4 728 Interest—1,118 1 1,119 Sales deliverable obligations 6,321 (1,620) (1) (1,621) Interest 1,118 (1,620) (1) (1,621) Foreign currency 5,203 —— Credit derivatives Asset position 20,099 (469) 379 (90) 11,888 (210) 447 237 Shares 1,646 (66) 149 83 Commodities 3 ——Interest 10,239 (144) 298 154 Liability position 8,211 (259) (68) (327) Shares 2,692 (88) (36) (124) Commodities 21—(1) (1) Interest 5,498 (171) (31) (202) NDF—Non Deliverable Forward Asset position 343,781 975 110 1,085 183,268 9,320 35 9,355 Commodities 1,671 147 (2) 145 Foreign currency 181,597 9,173 37 9,210 Liability position 160,513 (8,345) 75 (8,270) Commodities 904 (77) 11 (66) Foreign currency 159,609 (8,268) 64 (8,204) Other derivative financial instruments Asset position 7,202 221 318 539 6,441 236 343 579 Shares 268 (4) 14 10 Interest 6,171 240 120 360 Foreign currency 2—209 209 Liability position 761 (15) (25) (40) Shares 582 (12) (17) (29) Interest 156 (3) (8) (11) Foreign currency 23 ——Asset 37,187 38,955 76,142 Liability (42,041) (36,835) (78,876) Derivative contracts mature as follows (in days): Off-balance sheet – notional amount Future contracts Swap contracts Option contracts Forwards (onshore) Credit derivatives Total (4,854) 2,120 (2,734) 0—30 31—180 181—365 Over 365 days 09/30/2020 162,153 276,122 57,132 120,075 615,482 32,422 433,895 121,564 926,142 1,514,023 390,435 994,545 206,415 34,953 1,626,348 3,636 4,432 107 13 8,188 —5,499 2,556 12,044 20,099
NDF—Non Deliverable Forward 127,403 157,817 39,429 19,132 343,781
Other derivative financial instruments
28 605 426 6,143 7,202
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 48

Off-balance sheet notional amount Balance sheet account receivable / (received) (payable) / paid Adjustment to fair value (in income / stockholders’ equity) Fair value Future contracts Purchase commitments 12/31/2019 12/31/2019 12/31/2019 12/31/2019 664,884 —— 325,468 —— Shares 1,084 ——Commodities 76 ——Interest 301,898 ——Foreign currency 22,410 —— Commitments to sell 339,416 —— Shares 1,163 ——Commodities 1,049 ——Interest 308,824 ——Foreign currency 28,380 —— Swap contracts Asset position (5,267) (1,202) (6,469) 1,094,378 5,566 20,892 26,458 Commodities 574—9 9 Interest 1,075,534 4,596 19,813 24,409 Foreign currency 18,270 970 1,070 2,040 Liability position 1,094,378 (10,833) (22,094) (32,927) Shares 49 (9)—(9) Commodities 855—(12) (12) Interest 1,068,660 (9,383) (21,855) (31,238) Foreign currency 24,814 (1,441) (227) (1,668) Option contracts Purchase commitments – long position 1,720,205 (546) (59) (605) 245,824 6,191 (6) 6,185 Shares 11,513 256 515 771 Commodities 268 7 10 17 Interest 188,110 465 (331) 134 Foreign currency 45,933 5,463 (200) 5,263 Commitments to sell – long position 626,187 1,667 604 2,271 Shares 12,294 396 (40) 356 Commodities 228 5 (2) 3 Interest 568,442 513 887 1,400 Foreign currency 45,223 753 (241) 512 Purchase commitments – short position 172,703 (6,671) (19) (6,690) Shares 6,312 (180) (451) (631) Commodities 235 (10) (8) (18) Interest 129,647 (412) 329 (83) Foreign currency 36,509 (6,069) 111 (5,958) Commitments to sell – short position 675,491 (1,733) (638) (2,371) Shares 11,152 (269) (37) (306) Commodities 485 (11)—(11) Interest 621,405 (428) (888) (1,316) Foreign currency 42,449 (1,025) 287 (738) Forward operations (onshore) Purchases receivable 5,134 1,412 (4) 1,408 668 796 (6) 790 Shares 488 488 (6) 482 Interest 160 308—308 Foreign currency 20 —— Purchases payable obligations 660 (160)—(160) Interest—(160)—(160) Foreign currency 660 —— Sales receivable 1,653 1,368 4 1,372 Shares 786 776 3 779 Interest—592 1 593 Foreign currency 867 —— Sales deliverable obligations 2,153 (592) (2) (594) Interest 592 (592) (1) (593) Foreign currency 1,561—(1) (1) Credit derivatives Asset position 12,739 (236) 363 127 9,878 (165) 332 167 Shares 2,307 (81) 215 134 Commodities 27 (1) 3 2 Interest 7,423 (87) 114 27 Foreign currency 121 4—4 Liability position 2,861 (71) 31 (40) Shares 719 (28) 8 (20) Commodities 2 ——Interest 2,140 (43) 23 (20) NDF—Non Deliverable Forward Asset position 295,508 (552) 27 (525) 138,772 4,239 207 4,446 Commodities 570 34 (1) 33 Foreign currency 138,202 4,205 208 4,413 Liability position 156,736 (4,791) (180) (4,971) Commodities 316 (10) (1) (11) Foreign currency 156,420 (4,781) (179) (4,960) Other derivative financial instruments Asset position 6,581 216 (126) 90 5,428 226 (61) 165 Interest 5,428 226 (65) 161 Foreign currency — 4 4 Liability position 1,153 (10) (65) (75) Shares 695 2 (41) (39) Interest 458 (12) (6) (18) Foreign currency — (18) (18) Asset 19,888 21,966 41,854 Liability (24,861) (22,967) (47,828) Derivative contracts mature as follows (in days): Off-balance sheet – notional amount Future contracts Swap contracts Option contracts Forwards (onshore) Credit derivatives Total (4,973) (1,001) (5,974) 0—30 31—180 181—365 Over 365 days 12/31/2019 196,055 238,485 87,747 142,597 664,884 24,094 204,065 103,013 763,206 1,094,378 988,793 320,300 258,488 152,624 1,720,205 953 2,514 1,651 16 5,134 —4,746 733 7,260 12,739 NDF—Non Deliverable Forward 105,809 129,278 38,851 21,570 295,508 Other derivative financial instruments 12 786 320 5,463 6,581 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 49

III—Derivatives by notional amount See below the composition of the Derivative Financial Instruments portfolio by type of instrument, stated at their notional amounts, per trading location (organized or over-the-counter market) and counterparties. 09/30/2020 contracts Swap contracts Option Future contracts Forwards (onshore) Credit derivatives NDF—Non Deliverable Forward
Other derivative financial instruments B3 Over-the-counter market 480,951 12,207 1,148,592 6,346—55,449— 134,531 1,501,816 477,756 1,842 20,099 288,332 7,202 Financial institutions 131,826 1,257,851 438,425 1,842 20,098 170,002 5,674 Companies 2,705 231,742 38,307—1 116,956 1,528 Individuals—12,223 1,024 — 1,374— Total 615,482 1,514,023 1,626,348 8,188 20,099 343,781 7,202 12/31/2019 contracts Swap contracts Option Future contracts Forwards (onshore) Credit derivatives NDF—Non Deliverable Forward Other derivative financial instruments B3 Over-the-counter market 465,537 18,128 1,559,356 4,381 1 53,756— 199,347 1,076,250 160,849 753 12,738 241,752 6,581 Financial institutions 198,788 864,858 125,312 292 12,738 141,204 5,340 Companies 559 180,005 35,122 461—99,204 1,241 Individuals—31,387 415 — 1,344— Total 664,884 1,094,378 1,720,205 5,134 12,739 295,508 6,581 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 50

IV—Credit derivatives ITAÚ UNIBANCO HOLDING buys and sells credit protection in order to meet the needs of its customers, management and mitigation of its portfolios’ risk. CDS (credit default swap) is a credit derivative in which, upon a default related to the reference entity, the protection buyer is entitled to receive, the amount equivalent to the difference between the face value of the CDS contract and the fair value of the liability on the date the contract was settled, also known as the recovered amount. The protection buyer does not need to hold the debt instrument of the reference entity for it to receive the amounts due pursuant to the CDS contract terms when a credit event occurs. TRS (total return swap) is a transaction in which a party swaps the total return of an asset or of a basket of assets for regular cash flows, usually interest and a guarantee against capital loss. In a TRS contract, the parties do not transfer the ownership of the assets. 09/30/2020 By instrument Maximum potential of future payments, gross Up to 1 year From 1 to 3 years From 3 to 5 yearsOver 5 years CDS 9,940 1,214 4,275 3,583 868 TRS 6,837 6,837 —— Total by instrument By risk rating 16,777 8,051 4,275 3,583 868 Investment grade 745 181 512 52—Below investment grade 16,032 7,870 3,763 3,531 868 Total by risk By reference entity 16,777 8,051 4,275 3,583 868 Brazilian government 12,498 7,675 1,664 2,313 846 Governments – abroad 206 4 199 3—Private entities 4,073 372 2,412 1,267 22 Total by entity 16,777 8,051 4,275 3,583 868 12/31/2019 By instrument Maximum potential of future payments, gross Up to 1 year From 1 to 3 years From 3 to 5 yearsOver 5 years CDS 6,283 1,013 2,675 2,539 56 TRS 4,161 4,161 —— Total by instrument By risk rating 10,444 5,174 2,675 2,539 56 Investment grade 1,049 135 602 312—Below investment grade 9,395 5,039 2,073 2,227 56 Total by risk By reference entity 10,444 5,174 2,675 2,539 56 Brazilian government 7,301 4,921 1,117 1,263—Governments – abroad 200 34 88 78—Private entities 2,943 219 1,470 1,198 56 Total by entity 10,444 5,174 2,675 2,539 56 ITAÚ UNIBANCO HOLDING assesses the risk of a credit derivative based on the credit ratings attributed to the reference entity by independent credit rating agencies. Investment grade entities are those for which credit risk is rated as Baa3 or higher, as rated by Moody’s, and BBB- or higher, by Standard & Poor’s and Fitch Ratings. The following table presents the notional amount of credit derivatives purchased. The underlying amounts are identical to those for which ITAÚ UNIBANCO HOLDING has sold credit protection. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 51

Notional amount of credit protection sold 09/30/2020 Notional amount of credit protection purchased with identical underlying amount Net position CDS (9,940) 3,322 (6,618) TRS (6,837)—(6,837) Total (16,777) 3,322 (13,455) 12/31/2019 Notional amount of credit protection sold Notional amount of credit protection purchased with identical underlying amount Net position CDS (6,283) 2,295 (3,988) TRS (4,161)—(4,161) Total (10,444) 2,295 (8,149) Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 52

V—Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The following tables set forth the financial assets and liabilities that are subject to offsetting, enforceable master netting arrangements and similar agreements, as well as how these financial assets and liabilities have been presented in ITAÚ UNIBANCO HOLDING’s consolidated financial statements. These tables also reflect the amounts of collateral pledged or received in relation to financial assets and liabilities subject to enforceable arrangements that have not been presented on a net basis in accordance with IAS 32. Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements: 09/30/2020 Related amounts not offset in the Balance Sheet (2) Gross amount of recognized financial assets (1) Gross amount offset in the Balance Sheet Net amount of financial assets presented in the Balance Sheet Total Financial instruments (3) Cash collateral received Securities purchased under agreements to resell 319,046—319,046 (3,170)—315,876 Derivatives financial instruments 76,142—76,142 (18,948)—57,194 12/31/2019 Gross amount of recognized financial Gross amount offset in Net amount of financial assets presented in the Related amounts not offset in the Balance Sheet (2) assets (1) the Balance Sheet Balance Sheet Financial instruments (3) Cash collateral receivedTotal Securities purchased under agreements to resell 198,422—198,422 (596)—197,826 Derivatives financial instruments 41,854—41,854 (14,121)—27,733 Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements:
09/30/2020 Gross amount of recognized financial liabilities (1) Gross amount offset in the Balance Sheet Net amount of financial liabilities presented in the Balance Sheet Related amounts not offset in the Balance Sheet (2) Financial instruments (3) Cash collateral pledged Total Securities sold under repurchase agreements 303,554—303,554 (47,616)—255,938 Derivatives financial instruments 78,876—78,876 (18,948) (181) 59,747 12/31/2019 Gross amount of recognized financial liabilities (1) Gross amount offset in the Balance Sheet Net amount of financial liabilities presented in the Balance Sheet Related amounts not offset in the Balance Sheet (2) Financial instruments (3) Cash collateral pledged Total Securities sold under repurchase agreements 256,583—256,583 (23,509)—233,074 Derivatives financial instruments 47,828—47,828 (14,121) (148) 33,559 (1) Includes amounts of master offset agreements and other such agreements, both enforceable and unenforceable. (2) Limited to amounts subject to enforceable master offset agreements and other such agreements. (3) Includes amounts subject to enforceable master offset agreements and other such agreements, and guarantees in financial instruments. Financial assets and financial liabilities are offset in the balance sheet only when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. Derivatives financial instruments and repurchased agreements not set off in the balance sheet relate to transactions in which there are enforceable master netting agreements or similar agreements, but the offset criteria have not been met in accordance with paragraph 42 of IAS 32 mainly because ITAÚ UNIBANCO HOLDING has no intention to settle on a net basis, or realize the asset and settle the liability simultaneously. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 53

Note 7 – Hedge accounting There are three types of hedge relations: Fair value hedge, Cash flow hedge and Hedge of net investment in foreign operations. In hedge accounting, the groups of risk factors measured by ITAÚ UNIBANCO HOLDING are:
● Interest Rate: Risk of loss in transactions subject to interest rate variations; Currency: Risk of loss in transactions subject to foreign exchange variation. The structure of risk limits is extended to the risk factor level, where specific limits aim at improving the monitoring and understanding process, as well as avoiding concentration of these risks. The structures designed for interest rate and exchange rate categories take into account total risk when there are compatible hedging instruments. In certain cases, management may decide to hedge a risk for the risk factor term and limit of the hedging instrument. The other risk factors hedged by the institution are shown in Note 32. To protect cash flows and fair value of instruments designated as hedged items, ITAÚ UNIBANCO HOLDING uses derivative financial instruments and financial assets. Currently, Futures Contracts, Options, NDF (non deliverable forwards), Forwards, Swaps and Financial Assets are used. ITAÚ UNIBANCO HOLDING manages risks through the economic relationship between hedging instruments and hedged items, where the expectation is that these instruments will move in opposite directions and in the same proportion, with the purpose of neutralizing risk factors. The designated coverage ratio is always 100% of the risk factor eligible for coverage. Sources of ineffectiveness are in general related to the counterparty’s credit risk and possible mismatches of terms between the hedging instrument and the hedged item. a) Cash flow hedge The cash flow hedge strategies of ITAÚ UNIBANCO HOLDING consist of hedging exposure to variations in cash flows, in interest payment and currency exposure which are attributable to changes in interest rates on recognized and unrecognized assets and liabilities. ITAÚ UNIBANCO HOLDING applies cash flow hedge strategies as follows: Interest rate risks: Hedge of time deposits and repurchase agreements: to hedge fluctuations in cash flows of interest payments resulting from changes in the DI interest rate, through futures contracts; Hedge of asset transactions: to hedge fluctuations in cash flows of interest receipts resulting from changes in the DI rate, through futures contracts; Hedge of assets denominated in UF*: to hedge fluctuations in cash flows of interest receipts resulting from changes in the UF*, through swap contracts; Hedge of Funding: to hedge fluctuations in cash flows of interest payments resulting from changes in the TPM* rate, through swap contracts; Hedge of loan operations: to hedge fluctuations in cash flows of interest receipts resulting from changes in the TPM* rate, through swap contracts; Hedge of repurchase agreements: to hedge fluctuations in cash flows of interest received from changes in Selic (benchmark interest rate), through futures contracts; Hedging of expected highly probable transactions: to hedge the risk of variation in the amount of the commitments assumed when resulting from variation in the exchange rates. *UF – Chilean unit of account / TPM – Monetary policy rate ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies. For cash flow hedge strategies, ITAÚ UNIBANCO HOLDING uses the hypothetical derivative method. This method is based on a comparison of the change in the fair value of a hypothetical derivative with terms identical to the critical terms of the variable-rate liability, and this change in the fair value is considered a proxy of the present value of the cumulative change in the future cash flow expected for the hedged liability. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 54

Strategies Heading 09/30/2020 Hedged item Hedge instrument Book Value Variation in fair Assets Liabilities Interest rate risk Variation in value recognized in Other comprehensive income Cash flow hedge reserve Notional Amount value used to calculate hedge ineffectiveness Hedge of deposits and repurchase agreements Securities purchased under agreements to resell—103,092 (2,273) (2,417) 103,105 (2,273) Hedge of assets transactionsLoans and lease operations and Securities 5,582—116 116 5,700 116 Hedge of asset-backed securities under repurchase agreements Securities purchased under agreements to resell 29,386—822 822 31,117 822 Hedge of loan operations Hedge of funding Hedge of assets denominated in UF Foreign exchange risk Hedge of highly probable forecast transactions Total Loans and lease operations 323—15 15 309 17 Deposits—5,395 (149) (145) 5,246 (149) Securities 10,527—13 13 10,513 16 384—16 266 384 16 46,202 108,487 (1,440) (1,330) 156,374 (1,435) 12/31/2019 Hedged item Hedge instrument Strategies Heading Book Value Variation in value Cash flow Notional Variation in fair value used to Assets Liabilities Interest rate risk Securities purchased under recognized in Other comprehensive income hedge reserve Amount calculate hedge ineffectiveness Hedge of deposits and repurchase agreements Hedge of assets transactions Hedge of asset-backed securities under repurchase agreements Hedge of loan operations Hedge of funding Hedge of assets denominated in UF Foreign exchange risk Hedge of highly probable forecast transactions Total agreements to resell—24,543 (2,808) (3,310) 24,543 (2,814) Loans and lease operations and Securities 5,564—91 91 5,656 91 Securities purchased under agreements to resell 30,896—520 520 32,130 523 Loans and lease operations 269—12 12 257 14 Deposits—4,617 (27) (22) 4,590 (27) Securities 12,588—6 6 12,582 5 294—(11) 179 294 (11)
49,611 29,160 (2,217) (2,524) 80,052 (2,219) For strategies of deposits and repurchase agreements to resell, asset transactions and asset-backed securities under repurchase agreements, the entity frequently reestablishes the coverage ratio, since both the hedged item and the instruments change over time. This occurs because they are portfolio strategies that reflect the risk management strategy guidelines approved in the proper authority level. The remaining balance in the reserve of cash flow hedge for which the hedge accounting is no longer applied is R$ 110 (R$ (307) at 12/31/2019). 09/30/2020 Hedge Instruments Notional Book Value (*) Variations in fair value used to Variation in value recognized in Other Hedge ineffecti veness Amount reclassified from Assets Liabilities Interest rate risk amount calculate hedge ineffectiveness comprehensive income recognized in income Cash flow hedge reserve to income Futures 139,922 33—(1,335) (1,335)—(249) Swap 16,068 5,395 10,855 (116) (121) 5— Foreign exchange risk Futures 384—288 16 16 — Total 156,374 5,428 11,143 (1,435) (1,440) 5 (249) 12/31/2019 Hedge Instruments Interest rate risk
Notional amount Book Value (*) Assets Liabilities Variations in fair value used to calculate hedge ineffectiveness Variation in value recognized in Other comprehensive income Hedge ineffecti veness recognized in income Amount reclassified from Cash flow hedge reserve to income Futures 62,329—14 (2,200) (2,197) (3) (762) Swap 17,429 4,617 12,858 (8) (9) 1— Foreign exchange risk Futures 294—156 (11) (11) — Total 80,052 4,617 13,028 (2,219) (2,217) (2) (762) (*) Amounts recorded under heading Derivatives. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 55

b) Hedge of net investment in foreign operations
ITAÚ UNIBANCO HOLDING’s strategies for net investments in foreign operations consist of hedging the exposure in the functional currency of the foreign operation against the functional currency of head office, by contracting DDI futures, NDF and financial assets.
The risk hedged in this type of strategy is the currency risk.
ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies.
Instead, ITAÚ UNIBANCO HOLDING uses the Dollar Offset Method, which is based on a comparison of the change in fair value (cash flow) of the hedging instrument, attributable to changes in the exchange rate and the gain (loss) arising from variations in exchange rates on the amount of investment abroad designated as the object of the hedge.
09/30/2020
Hedged item
Hedge instrument
Strategies
Book Value (2) Variation in fair value
Assets Liabilities
Foreign exchange risk
Variation in value recognized in Other comprehensive income
Foreign currency convertion reserve
Notional amount
used to calculate hedge
ineffectiveness
Hedge of net investment in foreign operations (1) 16,749—(15,747) (15,747) 27,002 (15,750)
Total
16,749—(15,747) (15,747) 27,002 (15,750)
12/31/2019
Strategies
Hedged item
Book Value (2)Variation in value
Hedge instrument
Variation in fair value
Assets Liabilities
Foreign exchange risk
recognized in Other comprehensive income
Foreign currency convertion reserve
Notional amount
used to calculate hedge
ineffectiveness
Hedge of net investment in foreign operations (1) 14,396—(7,217) (7,217) 16,947 (7,220)
Total
(1) Hedge instruments consider the gross tax position.
14,396—(7,217) (7,217) 16,947 (7,220)
(2) Amounts recorded under heading Derivatives—Hedge of investments in foreign operation.
09/30/2020
Hedge instruments
Notional
Book Value (*) Variations in fair value used to
Variation in the value recognized in Other
Hedge
ineffectiveness
Amount reclassified from foreign currency
Assets Liabilities
Foreign exchange risk
amount
calculate hedge ineffectiveness
comprehensive income
recognized in income
convertion reserve into income
Futures 47,961 48—(21,574) (21,537) (37)— Forward (4,351) 4,539—373 346 27— NDF—Non Deliverable Forward (16,495) 85—5,181 5,172 9— Financial Assets (113) 113—270 272 (2)— Total 27,002 4,785—(15,750) (15,747) (3)—
12/31/2019
Hedge instruments
Notional amount
Book Value (*) Variations in fair value used to
calculate hedge
Variation in the value recognized in Other comprehensive
Hedge
ineffectiveness recognized in
Amount reclassified from foreign currency convertion reserve
Assets Liabilities
Foreign exchange risk
ineffectiveness
income
income
into income
Futures 32,966 228—(12,329) (12,292) (37)— Forward (2,990) 2,977—408 381 27— NDF—Non Deliverable Forward (11,525) 260—4,443 4,434 9— Financial Assets (1,504) 1,523—258 260 (2)— Total 16,947 4,988—(7,220) (7,217) (3)— (*) Amounts recorded under heading Derivatives.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 56

c) Fair value hedge
The fair value hedging strategy of ITAÚ UNIBANCO HOLDING consists of hedging the exposure to variation in fair value on the receipt and payment of interest on recognized assets and liabilities.
ITAÚ UNIBANCO HOLDING applies fair value hedges as follows:
Interest rate risk:
• To protect the risk of variation in the fair value of receipt and payment of interest resulting from variations in the fair value of the variable rates involved, by contracting swaps and futures.
ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies.
Instead, ITAÚ UNIBANCO HOLDING uses the percentage approach and dollar offset method:
• The percentage approach is based on the calculation of change in the fair value of the revised estimate for the hedged position (hedged item) attributable to the protected risk versus the change in the fair value of the derivative hedging instrument.
• The dollar offset method is based on the difference between the variation in the fair value of the hedging instrument and the variation in the fair value of the hedged item attributed to changes in the interest rate.
The effects of hedge accounting on the financial position and performance of ITAÚ UNIBANCO HOLDING are presented below:
09/30/2020
Hedge Item Hedge Instruments (2)
Strategies Book Value (1) Fair value Variation in fair value recognized in
Notional
Variation in fair value used to
Assets Liabilities Assets Liabilities
Interest rate risk
income
amount
calculate hedge ineffectiveness
Hedge of loan operations 9,277—9,694—417 9,277 (424) Hedge of funding—9,989—11,378 (1,389) 9,989 1,384 Hedge of securities at fair value through other
comprehensive income 10,033—10,221—188 10,217 (189) Total 19,310 9,989 19,915 11,378 (784) 29,483 771
12/31/2019
Hedge Item Hedge Instruments
Strategies
Book Value (1) Fair value Variation in fair value recognized in
Notional
Variation in fair value used to
Assets Liabilities Assets Liabilities
Interest rate risk
income
amount
calculate hedge ineffectiveness
Hedge of loan operations 7,386—7,642—256 7,386 (264) Hedge of funding—7,436—8,195 (759) 7,436 775 Hedge of securities at fair value through other
comprehensive income 4,482—4,574—92 4,609 (85) Total 11,868 7,436 12,216 8,195 (411) 19,431 426 (1) Amounts recorded under heading Deposits, Securities, Funds from Interbank Markets and Loan and Lease Operations.
(2) Comprises the amount of R$ 4,263 at 09/30/2020, related to instruments exposed by the change in reference interest rates—IBORs.
For loan operations strategies, the entity reestablishes the coverage ratio, since both the hedged item and the instruments change over time. This occurs because they are portfolio strategies that reflect the risk management strategy guidelines approved in the proper authority level.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 57

Hedge Instruments Book value (1) Notional
09/30/2020
Variation in fair value used to calculate hedge
Hedge ineffectiveness
Assets Liabilities
Interest rate risk
amount
ineffectiveness
recognized in income
Swap (2) 29,483 2,139 6,375 771 (13) Total 29,483 2,139 6,375 771 (13)
12/31/2019
Hedge Instruments
Notional
Book value (1) Variation in fair value used
Hedge ineffectiveness
Assets Liabilities
Interest rate risk
amount
to calculate hedge ineffectiveness
recognized in income
Swap (2) 19,431 766 4,636 426 15 Total 19,431 766 4,636 426 15 (1) Amounts recorded under heading Derivatives.
(2) The amount of R$ 153 is no longer qualified as hedge, with effect on result of R$ (16) (R$ 408 at 12/31/2019, with effect on result of R$ (15) from 01/01 to 12/31/2019).
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 58

The table below presents, for each strategy, the notional amount and the fair value adjustments of hedge instruments and the book
value of the hedged item:
09/30/2020 12/31/2019
Hedge instruments Hedge instruments
Strategies
Hedged item Hedged item
Notional amount Fair value
adjustments Book Value Notional amount
Fair value
adjustments Book Value
Hedge of deposits and repurchase agreements
Hedge of highly probable forecast transactions
Hedge of net investment in foreign operations
Hedge of loan operations (Fair value)
Hedge of loan operations (Cash flow)
Hedge of funding (Fair value)
Hedge of funding (Cash flow)
Hedge of assets transactions
Hedge of asset-backed securities under repurchase agreements Hedge of assets denominated in UF
Hedge of securities at fair value through other comprehensive income Total
The table below shows the breakdown by maturity of the hedging strategies:
103,105 (7) 103,092 24,543 (37) 24,543
384 16 384 294 (11) 294
27,002 4,785 16,749 16,947 4,988 14,396
9,277 (424) 9,277 7,386 (264) 7,386
309 17 323 257 14 269
9,989 1,384 9,989 7,436 775 7,436
5,246 (149) 5,395 4,590 (27) 4,617
5,700 116 5,582 5,656 91 5,564
31,117 36 29,386 32,130 20 30,896
10,513 16 10,527 12,582 5 12,588
10,217 (189) 10,033 4,609 (85) 4,482
5,601 5,469
09/30/2020
0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years over 10 years Total
Hedge of deposits and repurchase agreements
Hedge of highly probable forecast transactions
Hedge of net investment in foreign operations (*)
Hedge of loan operations (Fair value)
Hedge of loan operations (Cash flow)
Hedge of funding (Fair value)
Hedge of funding (Cash flow)
Hedge of assets transactions
Hedge of asset-backed securities under repurchase agreements Hedge of assets denominated in UF
Hedge of securities at fair value through other comprehensive income Total
Hedge of deposits and repurchase agreements
Hedge of highly probable forecast transactions
Hedge of net investment in foreign operations (*)
Hedge of loan operations (Fair value)
Hedge of loan operations (Cash flow)
Hedge of funding (Fair value)
Hedge of funding (Cash flow)
Hedge of assets transactions
Hedge of asset-backed securities under repurchase agreements Hedge of assets denominated in UF
Hedge of securities at fair value through other comprehensive income Total
(*) Classified as current, since instruments are frequently renewed.
65,547 22,421 8,431 74 6,232 400—103,105 384 — — — 384 27,002 — — — 27,002 3,023 1,504 1,367 1,137 484 1,417 345 9,277 72 201 36 — — 309 207 641 595 172 581 5,301 2,492 9,989 2,534—2,201 215—296—5,246 3,581 2,119 — ——5,700 22,052 2,273 6,026—766 — 31,117 10,440 73 — ——10,513 6,438 1,274 76—701 1,728—10,217 141,280 30,506 18,732 1,598 8,764 9,142 2,837 212,859
12/31/2019
0-1 year 1-2 years 2-3 years 3-4 years 4-5 years 5-10 years over 10 years Total 5,533 4,409 1,627 8,464—4,510—24,543 294 — — — 294 16,947 — — — 16,947 381 2,490 1,248 993 623 1,111 540 7,386 27 156 74 — — 257 299 152 375 423 129 4,220 1,838 7,436 2,562 — 1,646 161 221—4,590 —3,671 1,985 — — 5,656 6,225 18,739 812 5,621—733—32,130 9,628 2,954 — ——12,582 4,230—28 — 351—4,609 46,126 32,571 6,149 17,147 913 11,146 2,378 116,430
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 59

Note 8 – Financial assets at fair value through other comprehensive income—Securities
The fair value and corresponding gross carrying amount of Financial Assets at Fair Value Through Other Comprehensive Income—Securities assets are as follows: 09/30/2020 12/31/2019
Gross
carrying amount
Fair value
adjustments (in stockholders’ equity) (2)
Expected
loss Fair value
Gross
carrying amount
Fair value
adjustments (in stockholders’ equity)
Expected
loss Fair value
Brazilian government securities (1a) Other government securities Government securities – abroad (1b)
61,368 1,904—63,272 48,718 2,014—50,732 36—(36)—36—(36)— 22,858 7 (6) 22,859 20,638 (64) (3) 20,571
Germany 33 — 33 23 — 23 Colombia 2,663 69—2,732 3,851 27—3,878 Chile 12,172 3—12,175 11,119 89—11,208 United States 3,069 — 3,069 2,758 (2)—2,756 Italy — — 328 1—329 Mexico 1,141 3 (1) 1,143 — — Paraguay 2,675 (82) (5) 2,588 1,957 (174) (3) 1,780 Uruguay 1,105 14—1,119 602 (5)—597
Corporate securities (1c)
8,018 (382) (76) 7,560 5,308 96 (47) 5,357
Shares 1,637 (370)—1,267 83 66—149 Bank deposit certificates 65 2—67 2,371 — 2,371 Securitized real estate loans — — 25 1—26 Debentures 1,414 (83) (48) 1,283 387 (10) (43) 334 Eurobonds and other 4,899 69 (25) 4,943 2,439 39 (1) 2,477 Other 3—(3)—3—(3)—
Total
92,280 1,529 (118) 93,691 74,700 2,046 (86) 76,660
(1) Financial assets at fair value through other comprehensive income—Securities pledged in guarantee of funding transactions of financial institutions and customers were: a) R$ 22,204 (R$ 27,864 at 12/31/2019), b) R$
323 (R$ 590 at 12/31/2019) and c) 1,050, totaling R$ 23,577 (R$ 28,454 at 12/31/2019).
(2) In the period, the result of Adjustment to Fair Value of Financial Assets (particularly private securities) had their amounts affected by oscillations of rates and other market variables arising from the impact of the COVID-19 pandemic on the macroeconomic scenario in the period (Note 33a).
The gross carrying amount and the fair value of financial assets through other comprehensive income—securities by maturity are as follows:
09/30/2020 12/31/2019
Gross carrying amount
Fair value
Gross carrying amount
Fair value
Current
Non-stated maturity Up to one year
Non-current
From one to five years From five to ten years After ten years
18,039 17,771 10,258 10,272 1,637 1,267 83 149    16,402 16,504 10,175 10,123 74,241 75,920 64,442 66,388 51,046 52,446 45,704 46,456 15,524 15,806 11,101 11,649 7,671 7,668 7,637 8,283
Total 92,280 93,691 74,700 76,660
Equity instruments at fair value through other comprehensive income—securities are presented in the table below: 09/30/2020
Gross carrying amount
Adjustments to fair value
(in Stockholders’ equity) Expected loss Fair Value
Shares Total
1,637 (370)—1,267 1,637 (370)—1,267
12/31/2019
Gross carrying amount
Adjustments to fair value
(in Stockholders’ equity) Expected loss Fair Value
Shares Total
83 66—149 83 66—149
In the period there was no receipt of dividends and there was no reclassification in Stockholders´ Equity.
ITAÚ UNIBANCO HOLDING adopted the option of designating equity instruments at fair value through other comprehensive income due to the particularities of a certain market.
Gross carrying
09/30/2020
12/31/2019
Current
Non-stated maturity
amount Fair Value Gross carrying
amount Fair Value
1,637 1,267 83 149 1,637 1,267 83 149
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 60

Reconciliation of expected loss for Other financial assets, segregated by stages: Expected
(Losses) Purchases Settlements Transfer to
Expected
Stage 1
Financial assets at fair value through other comprehensive
loss
12/31/2019
Gains /
stage 2
Transfer to stage 3
Cure from stage 2
Cure from stage 3
loss
09/30/2020
income (86) (31) (17) 16 — — (118) Brazilian government securities (36) — — ——(36) Other (36) — — ——(36) Government securities—abroad (3) (3) (1) 1 — — (6) Corporate securities (47) (28) (16) 15 — — (76) Debentures (43) (4) (1) — ——(48) Eurobonds and other (1) (24) (15) 15 — — (25) Other (3) — — ——(3)
Stage 1
Financial assets at fair value through other comprehensive
Expected loss
12/31/2018
(Losses) Purchases Settlements Transfer to
Gains /
stage 2
Transfer to stage 3
Cure from stage 2
Cure from stage 3
Expected loss
12/31/2019
income (85)—(1) — ——(86) Brazilian government securities (36) — — ——(36) Other (36) — — ——(36) Government securities—abroad - (2) (1) — ——(3) Corporate securities (49) 2 — — — (47) Debentures (43) — — ——(43) Eurobond and other (3) 2 — — — (1) Other (3) — — ——(3)
Note 9—Financial assets at amortized cost—Securities
The Financial assets at amortized cost—Securities are as follows:
09/30/2020 12/31/2019
Amortized Cost
Expected Loss
Net
Amortized Cost
Amortized Cost
Expected Loss
Net
Amortized Cost
Brazilian government securities (1a) 61,696 (45) 61,651 56,355 (52) 56,303 Government securities – abroad 19,311 (34) 19,277 17,226—17,226 Colombia 435 (1) 434 335—335 Chile 716 (1) 715 621—621 Korea 3,699 (13) 3,686 3,427—3,427 Spain 4,396 (12) 4,384 4,984—4,984 United States ——80—80 Mexico 10,012 (7) 10,005 7,763—7,763 Uruguay 53—53 16—16 Corporate securities (1b) 51,224 (3,766) 47,458 59,538 (2,601) 56,937 Rural product note 4,519 (69) 4,450 5,388 (47) 5,341 Bank deposit certificates 3—3 54—54 Real estate receivables certificates 4,976 (25) 4,951 5,844 (2) 5,842 Debentures 36,871 (3,615) 33,256 41,053 (2,532) 38,521 Eurobonds and other 305 (4) 301 1,083 (1) 1,082 Promissory notes 3,527 (29) 3,498 5,001 (3) 4,998 Other 1,023 (24) 999 1,115 (16) 1,099 Total 132,231 (3,845) 128,386 133,119 (2,653) 130,466 (1) Financial Assets at Amortized Cost – Securities Pledged as Collateral of Funding Transactions of Financial Institutions and Customers were: a) R$ 11,498 (R$ 9,583 at 12/31/2019) and b) R$ 21,475 (R$ 17,457 at 12/31/2019), totaling R$ 32,973 (R$ 27,040 at 12/31/2019).
The amortized cost of Financial assets at amortized cost—Securities by maturity is as follows:
09/30/2020 12/31/2019
Amortized Cost Net Amortized
Cost Amortized Cost Net Amortized
Cost
Current 36,606 35,492 30,113 29,766 Up to one year 36,606 35,492 30,113 29,766 Non-current 95,625 92,894 103,006 100,700 From one to five years 57,698 56,452 57,120 56,178 From five to ten years 26,601 25,458 34,599 33,512 After ten years 11,326 10,984 11,287 11,010 Total 132,231 128,386 133,119 130,466
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 61

Reconciliation of expected loss to financial assets at amortized cost—securities, segregated by stages:
Stage 1
Expected loss
12/31/2019
(Losses) Purchases Settlements Transfer to
Gains /
Stage 2
Transfer to Stage 3
Cure from Stage 2
Cure from Stage 3
Expected loss
09/30/2020
Financial assets at amortized cost (198) (387) (155) 256 19 — (34) (499) Brazilian government securities (52) 7 — — — (45) Government securities—abroad—(22) (21) 9 — — (34) Chile—(1) — — — (1) Colombia - (2) (1) 2 — — (1) Korea - (3) (10)—- ——(13) Spain - (12)—- ——(12) Mexico - (4) (10) 7 - ——(7) Corporate securities (146) (372) (134) 247 19 — (34) (420) Rural product note (9) (25) (40) 11 — — (63) Real estate receivables certificates (2) (27) (9) 13 — — (25) Debentures (131) (272) (60) 203 19 — (34) (275) Eurobond and other (1) (8) (2) 7 — — (4) Promissory notes (3) (26) (10) 10 — — (29) Other - (14) (13) 3 — — (24)
Stage 2
Expected loss
12/31/2019
(Losses) Purchases Settlements Transfer to
Gains /
Stage 1
Transfer to Stage 3
Cure from Stage 1
Cure from Stage 3
Expected loss
09/30/2020
Financial assets at amortized cost (58) (25) (68) 53—54 (19) (13) (76) Corporate securities (58) (25) (68) 53—54 (19) (13) (76) Rural product note (5) (3)—2—1 — (5) Debentures (53) (21) (68) 50—53 (19) (13) (71) Eurobond and other—(1)—1 — ——
Stage 3
Expected loss
12/31/2019
(Losses) Purchases Settlements Transfer to
Gains /
Stage 1
Transfer to Stage 2
Cure from Stage 1
Cure from Stage 2
Expected loss
09/30/2020
Financial assets at amortized cost (2,397) (1,713) (238) 1,085 34 13—(54) (3,270) Corporate securities (2,397) (1,713) (238) 1,085 34 13—(54) (3,270) Rural product note (33) (8) (1) 42 ——(1) (1) Debentures (2,348) (1,721) (207) 1,013 34 13—(53) (3,269) Other (16) 16 (30) 30 — ——
Stage 1
Expected loss
12/31/2018
(Losses) Purchases Settlements Transfer to
Gains /
Stage 2
Transfer to Stage 3
Cure from Stage 2
Cure from Stage 3
Expected loss
12/31/2019
Financial assets at amortized cost (223) 36 (38) 48 74—(75) (20) (198) Brazilian government securities - 7 — — (59)—(52) Government securities—abroad—Colombia (4) 5 (3) 2———- Corporate securities (219) 24 (35) 46 74—(16) (20) (146) Rural product note (7) 4 (7) 1 — — (9) Real estate receivables certificates (2)—(4) 23 ——(19) (2) Debentures (206) 19 (21) 20 74—(16) (1) (131) Eurobond and other (2) — 1 — — (1) Promissory notes (2) 1 (3) 1 — — (3)
Stage 2
Expected loss
12/31/2018
(Losses) Purchases Settlements Transfer to
Gains /
Stage 1
Transfer to Stage 3
Cure from Stage 1
Cure from Stage 3
Expected loss
12/31/2019
Financial assets at amortized cost (824) 82 (2) 66 75 619 (74)—(58) Brazilian government securities (59) ——59 — — Corporate securities (765) 82 (2) 66 16 619 (74)—(58) Rural product note—(8) (2) — 5 — (5) Debentures (765) 90—66 16 614 (74)—(53)
Stage 3
Expected loss
12/31/2018
(Losses) Purchases Settlements Transfer to
Gains /
Stage 1
Transfer to Stage 2
Cure from Stage 1
Cure from Stage 2
Expected loss
12/31/2019
Financial assets at amortized cost (2,599) (35) (193) 1,029 20 — (619) (2,397) Corporate securities (2,599) (35) (193) 1,029 20 — (619) (2,397) Rural product note (173) (3) (50) 198 ——(5) (33) Real estate receivables certificates (361) 16—326 19 — —
Debentures (2,037) (48) (127) 477 1 — (614) (2,348) Promissory notes (11) — 11 — —— Other (17)—(16) 17 — — (16)
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 62

Note 10—Loan and lease operations
a) Composition of loans and lease operations portfolio
Below is the composition of the carrying amount of loan operations and lease operations by type, sector of debtor, maturity and concentration:
Loans and lease operations by type Individuals
09/30/2020 12/31/2019 237,631 240,490
Credit card 78,326 91,676 Personal loan 36,885 34,892 Payroll loans 50,995 49,608 Vehicles 21,459 18,968 Mortgage loans 49,966 45,346
Corporate
Micro / small and medium companies
Foreign loans—Latin America
Total loans and lease operations
Provision for Expected Loss (1)
Total loans and lease operations, net of Expected Credit Loss
131,403 100,789 117,138 90,733 206,336 153,779 692,508 585,791
(47,459) (37,508) 645,049 548,283
(1) Comprises Expected Credit Loss for Financial Guarantees Pledged R$ (1,124) (R$ (837) at 12/31/2019) and Commitments to be Released R$ (3,557) (R$ (3,303) at 12/31/2019).
By maturity 09/30/2020 12/31/2019 Overdue as from 1 day 19,399 21,263 Falling due up to 3 months 161,507 165,028 Falling due from 3 months to 12 months 184,305 149,388 Falling due after 1 year 327,297 250,112
Total loans and lease operations By concentration
692,508 585,791 09/30/2020 12/31/2019
Largest debtor 7,765 5,389 10 largest debtors 37,474 29,340 20 largest debtors 54,496 44,712 50 largest debtors 85,120 71,965 100 largest debtors 115,979 97,695
The breakdown of the loans and lease operations portfolio by debtor’s industry is described in Note 32, item 1.4.1—By business sector.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 63

b) Gross Carrying Amount (Loan Portfolio)
Reconciliation of gross portfolio of loans and lease operations, segregated by stages:
Stage 1 Balance at 12/31/2019
Transfer to Stage 2
Transfer to Stage 3 (*)
Cure from the Stage 2
Cure from the Stage 3 Derecognition Acquisition / (Settlement) Closing balance 09/30/2020 Individuals 199,907 (15,195) (1,434) 6,214 37—2,365 191,894 Corporate 91,448 (2,270) (64) 538 230—30,464 120,346 Micro / Small and medium companies 77,722 (6,035) (1,275) 2,616 842—24,562 98,432 Foreign loans—Latin America 132,812 (9,573) (1,521) 1,956 38—49,740 173,452 Total 501,889 (33,073) (4,294) 11,324 1,147—107,131 584,124
Stage 2 Balance at 12/31/2019 Transfer to Stage 1 Transfer to Stage 3 Cure from the Stage 1 Cure from the
Stage 3 Derecognition Acquisition / (Settlement)
Closing balance 09/30/2020
Individuals 19,070 (6,214) (5,777) 15,195 638—(4,470) 18,442 Corporate 911 (538) (354) 2,270 51—444 2,784 Micro / Small and medium companies 7,225 (2,616) (1,764) 6,035 375—434 9,689
Foreign loans—Latin America 14,714 (1,956) (8,678) 9,573 620—3,704 17,977 Total 41,920 (11,324) (16,573) 33,073 1,684—112 48,892
Stage 3
Balance at 12/31/2019
Transfer to Stage 1
Transfer to Stage 2
Cure from the Stage 1
Cure from the Stage 2 Derecognition Acquisition / (Settlement)
Closing balance 09/30/2020 Individuals 21,513 (37) (638) 1,434 5,777 (9,064) 8,310 27,295 Corporate 8,430 (230) (51) 64 354 930 (1,224) 8,273 Micro / Small and medium companies 5,786 (842) (375) 1,275 1,764 (1,401) 2,810 9,017
Foreign loans—Latin America 6,253 (38) (620) 1,521 8,678 (384) (503) 14,907 Total 41,982 (1,147) (1,684) 4,294 16,573 (9,919) 9,393 59,492 12/31/2019 Derecognition Acquisition /
Consolidated 3 Stages Balance at
(Settlement)
Closing balance 09/30/2020
Individuals 240,490 (9,064) 6,205 237,631 Corporate 100,789 930 29,684 131,403 Micro / Small and medium companies 90,733 (1,401) 27,806 117,138
Foreign loans—Latin America 153,779 (384) 52,941 206,336 Total 585,791 (9,919) 116,636 692,508 (*) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2. Reconciliation of gross portfolio of loan and lease operations, segregated by stages: Stage 1 Balance at 12/31/2018 Transfer to Stage 2 Transfer to Stage 3 (*) Cure from the Stage 2 the Stage 3 Derecognition Acquisition / Cure from (Settlement) Closing balance 12/31/2019 Individuals 177,488 (19,661) (2,009) 8,680 — 35,409 199,907 Corporate 87,344 (904) (36) 875 8—4,161 91,448 Micro / Small and medium companies 60,471 (5,484) (823) 3,224 44—20,290 77,722 Foreign loans—Latin America 134,323 (12,022) (1,001) 5,029 74—6,409 132,812 Total 459,626 (38,071) (3,869) 17,808 126—66,269 501,889 Stage 2 Balance at 12/31/2018 Transfer to Stage 1 Transfer to Stage 3 Cure from the Stage 1 the Stage 3 Derecognition Acquisition / Cure from (Settlement) Closing balance 12/31/2019 Individuals 17,029 (8,680) (7,579) 19,661 977—(2,338) 19,070 Corporate 2,038 (875) (753) 904 1—(404) 911 Micro / Small and medium companies 6,059 (3,224) (1,841) 5,484 483—264 7,225 Foreign loans—Latin America 11,768 (5,029) (3,335) 12,022 731—(1,443) 14,714 Total 36,894 (17,808) (13,508) 38,071 2,192—(3,921) 41,920 Stage 3 Balance at 12/31/2018 Transfer to Stage 1 Transfer to Stage 2 Cure from the Stage 1 the Stage 2 Derecognition Acquisition / Cure from (Settlement) Closing balance 12/31/2019 Individuals 18,047—(977) 2,009 7,579 (9,710) 4,565 21,513 Corporate 9,674 (8) (1) 36 753 (868) (1,156) 8,430 Micro / Small and medium companies 5,869 (44) (483) 823 1,841 (2,011) (209) 5,786 Foreign loans—Latin America 5,981 (74) (731) 1,001 3,335 (1,710) (1,549) 6,253 Total 39,571 (126) (2,192) 3,869 13,508 (14,299) 1,651 41,982 12/31/2018 Derecognition Acquisition / Consolidated 3 Stages Balance at (Settlement) Closing balance 12/31/2019 Individuals 212,564 (9,710) 37,636 240,490 Corporate 99,056 (868) 2,601 100,789 Micro / Small and medium companies 72,399 (2,011) 20,345 90,733 Foreign loans—Latin America 152,072 (1,710) 3,417 153,779 Total 536,091 (14,299) 63,999 585,791 (*) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 64

c) Expected credit loss
Reconciliation of expected credit loss of loans and lease operations, segregated by stages:
Stage 1 Balance at 12/31/2019 Transfer to Stage 2 Transfer to Stage 3 (1) Cure from the Stage 2
Cure from the Stage 3 Derecognition (Increase) / Reversal
Closing balance 09/30/2020 Individuals (5,215) 727 156 (324) — (1,396) (6,052) Corporate (506) 187 2 (78) (17)—(825) (1,237) Micro / Small and medium companies (1,092) 293 68 (175) (29)—(539) (1,474)
Foreign loans—Latin America (1,353) 216 439 (65) (11)—(2,428) (3,202) Total (8,166) 1,423 665 (642) (57)—(5,188) (11,965)
Stage 2 Balance at 12/31/2019 Transfer to Stage 1 Transfer to Stage 3 Cure from the Stage 1 Cure from the Stage 3 Derecognition (Increase) / Reversal Closing balance 09/30/2020
Individuals (2,811) 324 2,335 (727) (49)—(1,644) (2,572) Corporate (91) 78 58 (187) (9)—(890) (1,041) Micro / Small and medium companies (890) 175 437 (293) (78)—(373) (1,022)
Foreign loans—Latin America (2,765) 65 1,789 (216) (156)—(694) (1,977) Total (6,557) 642 4,619 (1,423) (292)—(3,601) (6,612)
Stage 3 Balance at 12/31/2019 Transfer to Stage 1 Transfer to Stage 2 Cure from the Stage 1 Cure from the
Stage 2 Derecognition (Increase) / Reversal Closing balance 09/30/2020
Individuals (11,427)—49 (156) (2,335) 9,064 (7,577) (12,382) Corporate (6,288) 17 9 (2) (58) (930) 557 (6,695) Micro / Small and medium companies (2,567) 29 78 (68) (437) 1,401 (1,812) (3,376)
Foreign loans—Latin America (2,503) 11 156 (439) (1,789) 384 (2,249) (6,429) Total (22,785) 57 292 (665) (4,619) 9,919 (11,081) (28,882) 12/31/2019 Derecognition(Increase) / Closing balance Consolidated 3 Stages
Balance at Reversal (2) at 09/30/2020 (3)
Individuals (19,453) 9,064 (10,617) (21,006) Corporate (6,885) (930) (1,158) (8,973) Micro / Small and medium companies (4,549) 1,401 (2,724) (5,872) Foreign loans—Latin America (6,621) 384 (5,371) (11,608) Total (37,508) 9,919 (19,870) (47,459) (1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2. (2) The increase in the Expected Credit Loss is related to the change in the macroeconomic scenario as from the second half of March 2020 and that impacted our provisioning model for expected loss (Note 33a). (3) Comprises Expected Credit Loss for Financial Guarantees R$ (1,124) (R$ (837) at 12/31/2019) and Loan Commitments R$ (3,557) (R$ (3,303) at 12/31/2019).
Reconciliation of expected credit loss of loans and lease operations, segregated by stages: Stage 1 Balance at 12/31/2018
Transfer to Stage 2 Transfer to Stage 3 (1) Cure from the Stage 2 Cure from the Stage 3 Derecognition (Increase) / Reversal Closing balance 12/31/2019 Individuals (3,892) 846 282 (264) — (2,187) (5,215) Corporate (520) 59 1 (158) — 112 (506) Micro / Small and medium companies (1,123) 225 72 (148) (10)—(108) (1,092) Foreign loans—Latin America (1,396) 258 18 (160) (40)—(33) (1,353) Total (6,931) 1,388 373 (730) (50)—(2,216) (8,166) Stage 2 Balance at 12/31/2018
Transfer to Stage 1 Transfer to Stage 3 Cure from the Stage 1 Cure from the
Stage 3 Derecognition (Increase) / Reversal
Closing balance 12/31/2019 Individuals (2,116) 264 3,117 (846) (155)—(3,075) (2,811) Corporate (549) 158 245 (59) — 114 (91) Micro / Small and medium companies (603) 148 514 (225) (144)—(580) (890)
Foreign loans—Latin America (1,183) 160 562 (258) (268)—(1,778) (2,765) Total (4,451) 730 4,438 (1,388) (567)—(5,319) (6,557)
Stage 3 Balance at 12/31/2018 Transfer to Stage 1 Transfer to Stage 2 Cure from the Stage 1 Cure from the Stage 2 Derecognition (Increase) / Reversal
Closing balance 12/31/2019
Individuals (8,417)—155 (282) (3,117) 9,710 (9,476) (11,427) Corporate (8,231) — (1) (245) 868 1,321 (6,288) Micro / Small and medium companies (2,873) 10 144 (72) (514) 2,011 (1,273) (2,567)
Foreign loans—Latin America (2,606) 40 268 (18) (562) 1,710 (1,335) (2,503) Total (22,127) 50 567 (373) (4,438) 14,299 (10,763) (22,785)
12/31/2018 Derecognition(Increase) /
Closing
Consolidated 3 Stages
Balance at Reversal (2) balance at 12/31/2019 (3)
Individuals (14,425) 9,710 (14,738) (19,453) Corporate (9,300) 868 1,547 (6,885) Micro / Small and medium companies (4,599) 2,011 (1,961) (4,549)
Foreign loans—Latin America (5,185) 1,710 (3,146) (6,621) Total (33,509) 14,299 (18,298) (37,508) (1) In the movement of transfer of operations from stage 1 to stage 3 over the period, a representative part thereof have first gone through stage 2.
(2) Change in macroeconomic scenarios used gave rise, in the fourth quarter, to a reversal of the Provision for Expected Loss in the amount of R$ 8. (3) Comprises expected credit loss for Financial Guarantees R$ (837) (R$ (1,191) at 12/31/2018) and Loan Commitments R$ (3,303) (R$ (2,601) at 12/31/2018). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 65

d) Lease operations—Lessor
Finance leases are composed of vehicles, machines, equipment and real estate in Brazil and abroad. The analysis of portfolio maturities is presented below:
09/30/2020
12/31/2019
Payments Future financial Present Payments Future financial Present receivable income value receivable income value Current 2,255 (485) 1,770 1,899 (421) 1,478 Up to 1 year 2,255 (485) 1,770 1,899 (421) 1,478 Non-current 10,363 (2,980) 7,383 8,613 (2,640) 5,973 From 1 to 2 years 1,790 (477) 1,313 1,535 (439) 1,096 From 2 to 3 years 1,409 (403) 1,006 1,223 (368) 855 From 3 to 4 years 1,148 (339) 809 982 (310) 672 From 4 to 5 years 1,145 (326) 819 1,001 (287) 714 Over 5 years 4,871 (1,435) 3,436 3,872 (1,236) 2,636 Total 12,618 (3,465) 9,153 10,512 (3,061) 7,451
Financial lease revenues are composed of:
07/01 to 09/30/2020
07/01 to 09/30/2019
01/01 to 09/30/2020
01/01 to 09/30/2019
Financial Income 151 147 475 452 Variable payments 10 11 31 28 Total 161 158 506 480
e) Operations of securitization or transfer and acquisition of financial assets
ITAÚ UNIBANCO HOLDING carried out operations of securitization or transfer of financial assets in which there was retention of credit risks of financial assets transferred under co-obligation covenants. Thus, these credits are still recorded in the Consolidated Balance Sheet and are represented as follows:
Nature of operation
09/30/2020
Assets Liabilities (*)value Fair value Book
12/31/2019
Assets Liabilities (*)
Book
value Fair value Book
value Fair value Book
value Fair value
Mortgage loan 404 417 402 413 1,305 1,352 1,303 1,349 Working capital 1,023 1,024 1,039 1,040 1,211 1,213 1,207 1,208 Other — — — 1 1 Total 1,427 1,441 1,441 1,453 2,516 2,565 2,511 2,558 (*) Under Other liabilities.
From 01/01 to 09/30/2020 operations of transfer of financial assets with no retention of risks and benefits generated impact on the result of R$ 157, net of the Allowance for Loan Losses (R$ 162 from 01/01 to 09/30/2019).
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 66

Note 11—Investments in associates and joint ventures
a) The following table presents non-material individual investments of ITAÚ UNIBANCO HOLDING:
09/30/2020 01/01 to 09/30/2020
Investment Equity in earnings
Other
comprehensive income
Total Income
Associates (a) 15,341 1,104 (24) 1,080 Joint ventures (b) 235 (130)—(130) Total 15,576 974 (24) 950
12/31/2019 01/01 to 09/30/2019
Investment Equity in earnings
Other
comprehensive income
Total Income
Associates (a) 14,870 954 (3) 951 Joint ventures (b) 227 (61) - (61) Total 15,097 893 (3) 890 (a) At 09/30/2020, this includes interest in total capital and voting capital of the following companies: XP Inc. (46.05% total capital and 32.49% voting capital; 46.05% total capital and 32.49% voting capital at 12/31/2019); Pravaler S.A. (52.62% total capital and 42.42% voting capital, 52.67% total capital and 42.49% voting capital at 12/31/2019); Porto Seguro Itaú Unibanco Participações S.A. (42.93% total and voting capital; 42.93% at 12/31/2019); BSF Holding S.A. (49% total and voting capital; 49% at 12/31/2019); Gestora de Inteligência de Crédito S.A. (20% total and voting capital; 20% at 12/31/2019), Compañia Uruguaya de Medios de Procesamiento S.A. (31.47% total and voting capital; 31.93% at 12/31/2019); Rias Redbanc S.A. (25% total and voting capital; 25% at 12/31/2019); Kinea Private Equity Investimentos S.A. (80% total capital and 49% voting capital; 80% total capital and 49% voting capital at 12/31/2019) and Tecnologia Bancária S.A. (28.95% total and voting capital; and 28.95% at 12/31/2019). As from April 20, 2020, ITAÚ UNIBANCO HOLDING does not exercise significant influence on IRB-Brasil Resseguros S.A., so that its ownership interest is no longer classified as associate and started being classified as Financial Asset at Fair Value through Other Comprehensive Income.
(b) At 09/30/2020, this includes interest in total and voting capital of the following companies: Olímpia Promoção e Serviços S.A. (50% total and voting capital; 50% at 12/31/2019); ConectCar Soluções de Mobilidade Eletrônica S.A. (50% total and voting capital; 50% at 12/31/2019) and includes result not arising from subsidiaries’ net income.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 67

Note 12 – Lease—Lessee
ITAÚ UNIBANCO HOLDING is the lessee mainly of properties for use in its operations, which include renewal options and
restatement clauses. During the period ended September 30, 2020, total cash outflow with lease amounted to R$ 636. Lease agreements in the amount of R$ 129 were renewed. There are no relevant sublease agreements.
Total liabilities in accordance with remaining contractual maturities, considering their undiscounted flows, is presented below:
09/30/2020 12/31/2019
Up to 3 months 347 320 3 months to 1 year 988 886 From 1 to 5 years 2,859 2,457 Over 5 years 1,720 1,135 Total Financial Liability 5,914 4,798
Lease amounts recognized in the Consolidated Statement of Income:
07/01 to 09/30/2020
07/01 to 09/30/2019
01/01 to 09/30/2020
01/01 to 09/30/2019
Sublease revenues — 6 11 Depreciation expenses (162) (273) (799) (807) Interest expenses (42) (37) (160) (201) Lease expenses for low value assets (23) (21) (66) (59) Variable expenses not include in lease liabilities (17) (20) (50) (61) Total (244) (351) (1,069) (1,117)
In the period from 01/01 to 09/30/2020, there was no impairment adjustment (01/01 to 09/30/2019 there was an impairment adjustment of R$ (113)), recorded under the heading General and Administrative Expenses.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 68

Note 13—Fixed assets
Fixed assets
Real estate Other fixed assets
Other
Fixed Assets Total (1)
under
construction
Land Buildings Improvements Installations Furniture and equipment
Data processing systems
(communication, security and
transportation)
Annual depreciation rates 4% 10% 10% to 20% 10% to 20% 20% to 50% 10% to 20%
Cost
Balance at 12/31/2019 734 1,099 3,065 2,560 1,729 1,260 9,564 1,335 21,346 Acquisitions 307 1 4 36 47 23 603 64 1,085 Disposals (53) (26) (56) (140) (10) (23) (341) (15) (664) Exchange variation (1) 5 23 199 31 89 161 14 521
Transfers (421)—114 285 21—1 — Other (2) 20 16 (46) (48) 77 67 (1,982) 14 (1,882) Balance at 09/30/2020 586 1,095 3,104 2,892 1,895 1,416 8,006 1,412 20,406
Depreciation
Balance at 12/31/2019 — (1,823) (1,755) (1,147) (909) (7,536) (983) (14,153) Depreciation expenses — (60) (194) (107) (62) (579) (94) (1,096) Disposals — 46 133 6 22 285 13 505 Exchange variation — (7) (114) (20) (57) (123) (12) (333) Other (2) — (1) (28) 5 (56) 1,641 (12) 1,549 Balance at 09/30/2020 — (1,845) (1,958) (1,263) (1,062) (6,312) (1,088) (13,528)
Impairment
Balance at 12/31/2019 — — — (27) - (27) Increase ——(9) — — (9) Reversals — — — — - Balance at 09/30/2020 - — (9) — (27)—(36)
Book value
Balance at 09/30/2020 586 1,095 1,259 925 632 354 1,667 324 6,842 (1) The contractual commitments for purchase of the fixed assets totaled R$ 39, achievable by 2020 (Note 32b 3.2—Off balance commitments).
(2) Includes the total amount of R$ 38 related to the hyperinflationary adjustment for Argentina.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 69

Fixed assets
Real estate Other fixed assets Data processing
Other
Fixed Assets Total
under
construction
Land Buildings Improvements Installations Furniture and equipment
systems (1)
(communication, security and
transportation)
Annual depreciation rates 4% 10% 10% to 20% 10% to 20% 20% to 50% 10% to 20%
Cost
Balance at 12/31/2018 556 1,084 3,111 2,487 1,988 1,209 9,328 1,253 21,016 Acquisitions 473 14 38 60 10 68 868 90 1,621 Disposals—(8) (30) (97) (10) (7) (534) (5) (691) Exchange variation (1)—(6) (16) (6) (12) (34) (1) (76)
Transfers (278)—107 130 27—14 — Other (2) (16) 9 (155) (4) (280) 2 (78) (2) (524) Balance at 12/31/2019 734 1,099 3,065 2,560 1,729 1,260 9,564 1,335 21,346
Depreciation
Balance at 12/31/2018 — (1,929) (1,670) (1,290) (834) (7,128) (863) (13,714) Depreciation expenses — (79) (191) (136) (87) (1,043) (126) (1,662) Disposals — 21 94 8 6 483 4 616 Exchange variation — 5 8 4 6 21 1 45 Other (2) — 159 4 267—131 1 562 Balance at 12/31/2019 — (1,823) (1,755) (1,147) (909) (7,536) (983) (14,153)
Impairment
Balance at 12/31/2018—— — - — - Increase — — — (27)—(27) Reversals — — — ——Balance at 12/31/2019 — — — (27)—(27)
Book value
Balance at 12/31/2019 734 1,099 1,242 805 582 351 2,001 352 7,166 (1) Includes financial lease contracts, mainly related to data processing equipment, which are accounted for as financial lease operations. Assets and the liabilities are recognized in the Financial Statements. (2) Includes the total amount of R$ 67 related to the hyperinflationary adjustment for Argentina.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 70

Note 14—Goodwill and Intangible assets
Intangible assets
Goodwill and
Association for the
intangible from acquisition
promotion and offer of financial products and services
Software Acquired Internally developed software
Other intangible assets (1)
Total
Annual amortization rates 8% 20% 20% 10% to 20%
Cost
Balance at 12/31/2019 11,158 2,518 5,899 5,716 2,971 28,262 Acquisitions 287 632 1,400 323 2,642 Rescissions / disposals — (92) (1) (36) (129) Exchange variation 2,361 266 871—275 3,773 Other (3) - (12) 16 — 4 Balance at 09/30/2020 13,806 2,772 7,326 7,115 3,533 34,552
Amortization
Balance at 12/31/2019—(1,057) (3,206) (2,497) (1,242) (8,002) Amortization expense (2) - (144) (571) (597) (336) (1,648) Rescissions / disposals — 89—35 124 Exchange variation—(103) (438)—(220) (761) Other (3) - 5 (15) (12) (3) (25) Balance at 09/30/2020—(1,299) (4,141) (3,106) (1,766) (10,312)
Impairment (Note 2.4h)
Balance at 12/31/2019 — (171) (370)—(541) Increase (5,662) (761)—(1)—(6,424) Disposals — — — Balance at 09/30/2020 (5,662) (761) (171) (371)—(6,965)
Book value
Balance at 09/30/2020 8,144 712 3,014 3,638 1,767 17,275 (1) Includes amounts paid for acquisition of rights to provide services of payment of salaries, proceeds, retirement and pension benefits and similar benefits.
(2) Amortization expenses related to the rights for acquisition of payrolls and associations, in the amount of R$ (452) (R$ (377) from 01/01 to 09/30/2019) are disclosed in the General and administrative expenses (Note 23). (3) Includes the total amount of R$ 13 related to the hyperinflationary adjustment for Argentina.
ITAÚ UNIBANCO HOLDING recognized impairment adjustments of intangible assets related to the Itaú Corpbanca’s business combination. It considered the value in use for Cash Generating Units (CGU) in Chile and Colombia and the cash flow was based on the result for June 2020 and internal projects of result until 2025.
The adjustment of recoverable amount results from economic conditions at June 30, 2020, of Itaú Corpbanca’s market capitalization, discount rates applicable and other changes in variables triggered by the current uncertain macroeconomic condition that, when combined, resulted in an amount of CGU lower than their book values. The discount rate adopted for the impairment test was determined at the cost of capital based on the CAPM model.
Impairment was recognized in the Consolidated Statement of Income under General and administrative expenses (Note 23).
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 71

Intangible assets (1)
Goodwill and
Association for the
intangible from acquisition
promotion and offer of financial products and services
Software Acquired Internally developed software
Other intangible assets (2)
Total
Annual amortization rates 8% 20% 20% 10% to 20%
Cost
Balance at 12/31/2018 11,464 2,529 5,247 4,529 2,360 26,129 Acquisitions — 789 1,187 715 2,691 Rescissions / disposals (26) (4) (93)—(130) (253) Exchange variation (285) 22 (84)—6 (341) Other (4) 5 (29) 40—20 36 Balance at 12/31/2019 11,158 2,518 5,899 5,716 2,971 28,262
Amortization
Balance at 12/31/2018 (26) (867) (2,501) (1,823) (1,015) (6,232) Amortization expense (3) - (218) (675) (674) (332) (1,899) Rescissions / disposals 26 4 28—130 188 Exchange variation—(5) 45—(13) 27 Other (4) - 29 (103)—(12) (86) Balance at 12/31/2019—(1,057) (3,206) (2,497) (1,242) (8,002)
Impairment (Note 2.4h)
Balance at 12/31/2018 — (225) (343)—(568) Incresase — (4) (27)—(31) Disposals — 58 — 58 Balance at 12/31/2019 — (171) (370)—(541)
Book value
Balance at 12/31/2019 11,158 1,461 2,522 2,849 1,729 19,719 (1) The contractual commitments for the purchase of the new intangible assets totaled R$ 273, achievable by 2020.
(2) Includes amounts paid for acquisition of rights to provide services of payment of salaries, proceeds, retirement and pension benefits and similar benefits.
(3) Amortization expenses related to the rights for acquisition of payrolls and associations, in the amount of R$ (519) (R$ (452) from 01/01 to 12/31/2018) are disclosed in the General and administrative expenses (Note 23). (4) Includes the total amount of R$ 3 related to the hyperinflationary adjustment for Argentina.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 72

Note 15—Deposits
09/30/2020 12/31/2019
Current Non-current Total Current Non-current Total
Interest-bearing deposits Savings deposits
Interbank deposits
Time deposits
Non-interest bearing deposits Demand deposits
Others deposits
Total
379,715 257,425 637,140 251,882 172,863 424,745 172,391—172,391 144,558—144,558 3,556 267 3,823 2,866 155 3,021 203,768 257,158 460,926 104,458 172,708 277,166 127,879—127,879 82,315—82,315 127,827—127,827 82,306—82,306 52—52 9—9 507,594 257,425 765,019 334,197 172,863 507,060
Note 16 – Financial liabilities designated at fair value through profit or loss
09/30/2020 12/31/2019
Current Non-current Total Current Non-current Total
Structured notes
Shares ——11—11 Debt securities 10 132 142 38 152 190
Total
10 132 142 49 152 201
The effect of credit risk of these instruments is not significant at 09/30/2020 and 12/31/2019.
Shares and debt securities do not have a defined amount on maturity, since they vary according to stock market quotation and an exchange variation component, respectively.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 73

Note 17 – Securities sold under repurchase agreements and interbank and institutional market funds
a) Securities sold under repurchase agreements
The table below shows the breakdown of funds:
09/30/2020 12/31/2019
Interest rate (p.a.)Current Non current Total Current Non current Total
Assets pledged as collateral 22,765 53 22,818 67,065 2,696 69,761 Government securities ——46,271—46,271 Corporate securities 25% of CDI to 89% of CDI 19,905—19,905 17,665—17,665 Own issue 100% of Selic to 16.40% 2,709 20 2,729 2,831 2,427 5,258 Foreign 0.03% to 16.00% 151 33 184 298 269 567 Assets received as collateral 1.38% to 1.90% 201,217—201,217 140,004 - 140,004 Right to sell or repledge the collateral 0.20% to IPCA+6% 26,087 53,432 79,519 16,807 30,011 46,818 Total 250,069 53,485 303,554 223,876 32,707 256,583
b) Interbank market funds
09/30/2020 12/31/2019
Interest rate (p.a.) Current Non current Total Current Non current Total
Financial bills 2.00% to 24.14% 18,500 26,888 45,388 20,829 44,604 65,433 Real state credit bills 1.65% to 11.83% 1,853 1,497 3,350 6,194 1,441 7,635 Agribusiness credit bills 2% to 15.70% 11,907 5,685 17,592 14,543 6,661 21,204 Guaranteed real state notes 3.37% to 8.05% - 8,567 8,567—4,320 4,320 Import and export financing 0% to 9.60% 61,460 17,960 79,420 59,810 4,812 64,622 On-lending-domestic 0% to 18% 4,613 6,851 11,464 3,863 7,785 11,648 Total 98,333 67,448 165,781 105,239 69,623 174,862
Funding for import and export financing represents credit facilities available for financing of imports and exports of Brazilian companies, in general denominated in foreign currency.
c) Institutional market funds
09/30/2020 12/31/2019
Interest rate (p.a.) Current Non current Total Current Non current Total
Subordinated debt (1) LIBOR to IGPM + 4.63% 7,140 69,804 76,944 4,098 55,364 59,462 Obligations on securities abroad -0.05% to 30.1% 5,618 58,132 63,750 9,162 34,510 43,672 Raisings through Structured Operations Certificates (2) 1.51% to 11.12% 669 325 994 575 535 1,110 Total 13,427 128,261 141,688 13,835 90,409 104,244 (1) At 09/30/2020, the amount of R$ 43,736 (R$ 36,627 at 12/31/2019) is included in the Reference Equity, under the proportion defined by CMN Resolution No. 4,192, on March 01, 2013.
(2) At 09/30/2020, the fair value of raisings through Structured Operations Certificates issued is R$ 1,045 (R$ 1,204 at 12/31/2019).
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 74

Note 18—Other assets and liabilities
a) Other assets
09/30/2020 12/31/2019
Current Non current Total Current Non current Total
Financial 76,018 13,061 89,079 87,498 7,254 94,752 Receivables from credit card issuers 37,628—37,628 42,395—42,395 Deposits in guarantee for contingent liabilities, provisions and legal obligations (Note 29e) 1,448 11,605 13,053 7,990 6,530 14,520 Trading and intermediation of securities 24,761 1,054 25,815 26,544 207 26,751 Income receivable 3,055 4 3,059 3,236—3,236 Operations without credit granting characteristics, net of provisions 3,455 387 3,842 3,612 5 3,617 Insurance and reinsurance operations 1,261 10 1,271 836 511 1,347 Net amount receivables from reimbursement of provisions (Note 29d) 887—887 978—978 Deposits in guarantee of fund raisings abroad 3,252 1 3,253 1,864 1 1,865 Foreign exchange portfolio 192—192 ——Other 79—79 43—43
Non-financial 9,890 7,116 17,006 9,323 5,368 14,691 Sundry foreign 1,327 10 1,337 639 7 646 Prepaid expenses 2,670 1,464 4,134 3,288 1,038 4,326 Sundry domestic 2,575 8 2,583 2,916 9 2,925 Assets of post-employment benefit plans (Note 26e)—690 690—717 717 Lease right-of-use 100 4,944 5,044 211 3,597 3,808 Other 3,218—3,218 2,269—2,269
b) Other liabilities
09/30/2020 12/31/2019
Current Non current Total Current Non current Total
Financial 98,057 6,890 104,947 113,092 3,989 117,081 Credit card operations 80,039—80,039 87,361—87,361 Trading and intermediation of securities 13,908 665 14,573 18,062 65 18,127 Foreign exchange portfolio ——1,245—1,245 Finance leases 109 5,120 5,229 207 3,924 4,131 Other 4,001 1,105 5,106 6,217—6,217
Non-financial 40,399 2,500 42,899 26,275 2,063 28,338 Funds in transit 18,137 125 18,262 10,573 11 10,584 Charging and collection of taxes and similar 5,681—5,681 335—335 Social and statutory 3,543 270 3,813 5,057 32 5,089 Deferred income 3,288—3,288 2,686—2,686 Sundry domestic 2,503 101 2,604 2,118 79 2,197 Personnel provision 2,428 85 2,513 1,569 75 1,644 Provision for sundry payments 2,637 67 2,704 1,761 63 1,824 Obligations on official agreements and rendering of payment services 1,045 4 1,049 1,114—1,114 Liabilities from post-employment benefit plans (Note 26e)—1,842 1,842—1,800 1,800 Other 1,137 6 1,143 1,062 3 1,065
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 75

Note 19 – Stockholders’ equity
a) Capital
Capital is represented by 9,804,135,348 book-entry shares with no par value, of which 4,958,290,359 are common shares and 4,845,844,989 are preferred shares with no voting rights, but with tag-along rights in a public offering of shares, in an eventual transfer of control, assuring them a price equal to eighty per cent (80%) of the amount paid per voting share in the controlling block, and a dividend at least equal to that of the common shares.
The breakdown and change in shares of paid-in capital in the beginning and end of the period are shown below:
09/30/2020
Number Amount
Common Preferred Total
Residents in Brazil at 12/31/2019 4,931,023,416 1,665,657,332 6,596,680,748 65,366 Residents abroad at 12/31/2019 27,266,943 3,180,187,657 3,207,454,600 31,782
Shares of capital stock at 12/31/2019 Shares of capital stock at 09/30/2020
4,958,290,359 4,845,844,989 9,804,135,348 97,148 4,958,290,359 4,845,844,989 9,804,135,348 97,148
Residents in Brazil at 09/30/2020 4,924,186,605 1,888,835,760 6,813,022,365 67,509 Residents abroad at 09/30/2020 34,103,754 2,957,009,229 2,991,112,983 29,639
Treasury shares at 12/31/2019 (1)
- 58,533,585 58,533,585 (1,274)
Result from delivery of treasury shares—(16,855,133) (16,855,133) 367
Treasury shares at 09/30/2020 (1) Outstanding shares at 09/30/2020 Outstanding shares at 12/31/2019
- 41,678,452 41,678,452 (907) 4,958,290,359 4,804,166,537 9,762,456,896 4,958,290,359 4,787,311,404 9,745,601,763
12/31/2019
Number Amount
Common Preferred Total
Residents in Brazil at 12/31/2018 4,928,076,320 1,609,055,166 6,537,131,486 64,776 Residents abroad at 12/31/2018 30,214,039 3,236,789,823 3,267,003,862 32,372
Shares of capital stock at 12/31/2018 Shares of capital stock at 12/31/2019
4,958,290,359 4,845,844,989 9,804,135,348 97,148 4,958,290,359 4,845,844,989 9,804,135,348 97,148
Residents in Brazil at 12/31/2019 4,931,023,416 1,665,657,332 6,596,680,748 65,366 Residents abroad at 12/31/2019 27,266,943 3,180,187,657 3,207,454,600 31,782
Treasury shares at 12/31/2018 (1)
- 83,614,426 83,614,426 (1,820)
Result from delivery of treasury shares—(25,080,841) (25,080,841) 546
Treasury shares at 12/31/2019 (1) Outstanding shares at 12/31/2019 Outstanding shares at 12/31/2018
- 58,533,585 58,533,585 (1,274) 4,958,290,359 4,787,311,404 9,745,601,763 4,958,290,359 4,762,230,563 9,720,520,922
(1) Own shares, purchased based on authorization of the Board of Directors, to be held in Treasury for subsequent cancellation of replacement in the market.
Below is the average cost of treasury shares and their market price in reais. In 2020, there was none acquisition of treasury shares.
Cost / market value 09/30/2020 Common Preferred
Average cost—21.76 Market value at 09/30/2020 21.38 22.50
Cost / market value 12/31/2019Common Preferred
Average cost—21.76 Market value at 12/31/2019 32.03 37.10
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 76

b) Dividends
Shareholders are entitled to a mandatory minimum dividend in each fiscal year, corresponding to 25% of adjusted net income, as set forth in the Bylaws. Common and preferred shares participate equally in income distributed, after common shares have received dividends equal to the minimum annual priority dividend payable to preferred shares (R$ 0.022 non-cumulative per share).
ITAÚ UNIBANCO HOLDING monthly advances the mandatory minimum dividend, using the share position of the last day of the previous month as the calculation basis, and the payment made on the first business day of the subsequent month in the amount of R$ 0.015 per share.
l—Calculation of dividends and interest on capital
09/30/2020 09/30/2019
Statutory net income 11,325 18,451 Adjustments:
(-) Legal reserve—5% (566) (922) Dividend calculation basis 10,759 17,529 Minimun mandatory dividend—25% 2,690 4,382 Dividends and Interest on Capital Paid / Accrued 2,690 11,048
ll—Stockholders’ compensation
09/30/2020
per share (R$) Value WHT (With
Gross value
Paid / Prepaid
holding tax) Net
1,688 (78) 1,610
Dividends—8 monthly installments paid from February to September 2020 0.0150 1,171—1,171 Interest on capital—paid on 08/26/2020 0.0450 517 (78) 439
Accrued (Recorded in Other Liabilities)
1,080—1,080
Dividends—1 monthly installment paid on 10/01/2020 0.0150 146—146 Dividends 0.0956 934—934
Total from 01/01 to 09/30/2020
2,768 (78) 2,690
09/30/2019
per share (R$) Value WHT (With
Gross value
Paid / Prepaid
holding tax) Net
8,836—8,836
Dividends—8 monthly installments paid from February to September 2019 0.0150 1,168—1,168 Dividends—paid on 08/23/2019 0.7869 7,668—7,668
Accrued (Recorded in Other Liabilities)
146—146
Dividends—1 monthly installment paid on 10/01/2019 0.0150 146—146
Identified in Profit Reserve In Stockholders’ Equity Total from 01/01 to 09/30/2019
0.2120 2,066—2,066 11,048—11,048
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 77

c) Capital reserves and profit reserves
l—Additional paid-in capital
Additional paid-in capital corresponds to: (i) the difference between the sale price of treasury shares and the average cost of such shares, and (ii) the yield expenses recognized in accordance with the stock option plan and variable compensation.
ll—Appropriated reserves
09/30/2020 12/31/2019
Capital reserves
Premium on subscription of shares
Reserves from tax incentives, restatement of equity securities and other Profit reserves
Legal (1)
285 285 284 284 1 1 11,455 12,663 11,892 11,326
Statutory (2) 11,080 3,043 Corporate reorganizations (Note 2.4 a IV) (11,517) (11,517)
Special profit reserves (3)
Total reserves at parent company
- 9,811 11,740 12,948
(1)
Its purpose is to ensure the integrity of capital, compensate loss or increase capital. (2)
Its main purpose is to ensure the yield flow to shareholders.
(3)
Refers to Dividends or Interest on Capital declared after 09/30/2020 and 12/31/2019.
lll—Unappropriated reserves
Refers to balance of net income remaining after the distribution of dividends and appropriations to statutory reserves in the statutory accounts of ITAÚ UNIBANCO HOLDING.
d) Non-controlling interests
Stockholders’ equity Income
09/30/2020 12/31/2019 01/01 to 09/30/2020
01/01 to 09/30/2019
Itaú CorpBanca
Itaú CorpBanca Colômbia S.A.
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento Luizacred S.A. Soc. Cred. Financiamento Investimento Other
Total
10,488 11,270 (3,305) 531 517 406 26 (8) 569 446 123 89 372 295 76 3 157 123 40 44 12,103 12,540 (3,040) 659
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 78

Note 20 – Share-based payment
ITAÚ UNIBANCO HOLDING and its subsidiaries have share-based payment plans aimed at involving its management members and employees in the medium and long term corporate development process.
The grant of these benefits is only made in years in which there are sufficient profits to permit the distribution of mandatory dividends, limiting dilution to 0.5% of the total shares held by the controlling and minority stockholders at the balance sheet date. These programs are settled through the delivery of ITUB4 treasury shares to stockholders.
Expenses on share-based payment plans are presented in the table below:
07/01 to 09/30/2020
07/01 to 09/30/2019
01/01 to 09/30/2020
01/01 to 09/30/2019
Partner Plan (55) (55) (152) (201) Share-based plan (98) (91) (298) (308) Total (153) (146) (450) (509)
l – Partner Plan
The program enables employees and managers of ITAÚ UNIBANCO HOLDING to invest a percentage of their bonus to acquire shares and share-based instruments. There is a lockup period of from three to five years, counted from the initial investment date, and the shares are thus subject to market price variations. After complying with the preconditions outlined in the program, beneficiaries are entitled to receive shares as consideration, in accordance with the number of shares indicated in the regulations.
The acquisition price of shares and share-based instruments is established every six months as the average of the share price over the last 30 days, which is performed on the seventh business day prior to the remuneration grant date.
The fair value of the consideration in shares is the market price at the grant date, less expected dividends.
Change in the Partner Program
01/01 to 09/30/2020
01/01 to 09/30/2019
Quantity Quantity
Opening balance 39,305,211 48,871,182 New 10,473,405 8,096,700 Delivered (11,408,109) (15,627,167) Cancelled (851,468) (1,271,138)
Closing balance 37,519,039 40,069,577 Weighted average of remaining contractual life (years) 1.95 1.85 Market value weighted average (R$) 23.37 25.49
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 79

II- Variable compensation
In this plan, 50% of variable compensation of managers is paid in cash and 50% is paid in shares for a period of three years. Shares are delivered on a deferred basis, of which one-third per year, will be contingent upon the executive’s permancence in the institution. The deferred unpaid portions may be reversed proportionally to a significant reduction in the recurring income realized or the negative income for the period.
Management members become eligible for the receipt of these benefits according to individual performance, business performance or both. The benefit amount is established according to the activities of each management member who should meet at least the performance and conduct requirements.
The fair value of the share is the market price at its grant date.
Change in share-based variable compensation
01/01 to 09/30/2020
01/01 to 09/30/2019
Opening balance
Quantity Quantity 20,220,934 25,016,145
New 13,676,575 9,794,250 Delivered (10,574,321) (14,237,280) Cancelled (219,742) (81,226)
Closing balance
23,103,446 20,491,889
Market value weighted average (R$) 33.52 37.55
Ill – Stock Option Plan (Simple Options)
ITAÚ UNIBANCO HOLDING had a Stock Option Plan (“Simple Options”), which was discontinued, and the last options were vested in 2019.
Simple options have the following characteristics:
a) Exercise price: calculated as the average prices of shares in the three months of the year prior to the grant date. The prices determined are inflation-adjusted to the last business day of the month prior to the option exercise date in line with the IGP-M inflation index or, in its absence, an index to be determined internally, and must be paid according to the regulations for the settlement of trading on B3.
b) Vesting period: determined upon issue, from one to seven years, counted from the grant date. The vesting period is normally five years.
Change in the Simple options plan
01/01 to 09/30/2020 01/01 to 09/30/2019
Quantity Weighted average
exercise price Quantity Weighted average
exercise price
Opening balance
— 3,089,599 22.11
Options vested at the end of the period Opções exercíveis no final do período — 3,089,599 22.11 Options:
Canceled / Forfeited (*)— (15,590) 29.51 Exercised — (1,456,493) 22.45 Closing balance — 1,617,516 22.73 Options vested at the end of the period — 1,617,516 22.73 Range of exercise prices 22.73 Weighted average of the remaining contractual life (in years)—0.25
Market value weighted average (R$)
(*) Refers to non-vesting based on the beneficiary’s decision.
- 36.49
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 80

Note 21 - Interest and similar income and expense and net gain (loss)
a) Interest and similar income of financial assets at amortized cost and at fair value through other comprehensive income
07/01 to
09/30/2020
07/01 to
09/30/2019
01/01 to
09/30/2020
01/01 to
09/30/2019
Compulsory deposits in the Central Bank of Brazil 442 1,210 1,842 3,734
Interbank deposits 330 397 968 919
Securities purchased under agreements to resell 1,560 4,220 8,426 13,093
Financial assets at fair value through other comprehensive income 3,928 3,281 13,311 8,008
Financial assets at amortized cost 1,072 539 2,637 1,916
Loan operations 18,621 22,203 62,093 61,256
Other financial assets 119 371 (97) 674
Total 26,072 32,221 89,180 89,600
b) Interest and similar expense
07/01 to
09/30/2020
07/01 to
09/30/2019
01/01 to
09/30/2020
01/01 to
09/30/2019
Deposits (4,182) (4,610) (13,727) (14,009) Securities sold under repurchase agreements (1,207) (4,973) (8,267) (16,718) Interbank market funds (3,283) (7,693) (33,014) (13,109) Institutional market funds (1,933) (1,760) (6,168) (5,114) Financial expense from technical provisions for insurance and private pension (1,318) (3,824) (1,755) (12,933) Other 91 (23) 12 (84)
Total (11,832) (22,883) (62,919) (61,967)
c) Adjustment to Fair Value of Financial Assets and Liabilities
07/01 to
09/30/2020
07/01 to
09/30/2019
01/01 to
09/30/2020
01/01 to
09/30/2019
Financial assets at fair value through profit or loss (145) 477 (1,713) 3,559
Derivatives (*) (967) (632) (5,705) (999) Financial assets designated at fair value through profit or loss (152) (219) (535) (141) Financial assets at fair value through other comprehensive income 3 93 876 544
Financial liabilities designated at fair value 3 5 57 (11)
Total (1,258) (276) (7,020) 2,952
(*) Includes the ineffective derivatives portion related to hedge accounting.
During the period ended 09/30/2020, ITAÚ UNIBANCO HOLDING recognized R$ (632) Expected Losses (R$ 925 at 09/30/2019) with loss of R$ (29) for Financial Assets – Fair Value through Other Comprehensive Income (R$ (2) at 09/30/2019) and loss of R$ (603) for Financial Assets – Amortized Cost (R$ 927 at 09/30/2019).
Note 22 - Commissions and Banking Fees Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 81
07/01 to
09/30/2020
07/01 to
09/30/2019
3,891
1,995
1,672
1,524
148
591
257
334
469
623
135
426
01/01 to
09/30/2020
01/01 to
09/30/2019
11,610
5,894
4,387
3,948
439
1,818
794
1,024
1,367
1,483
368
1,435
Credit and debit cards Current account services Asset management
Funds
Consortia
Credit operations and financial guarantees provided
Credit operations
Financial guarantees provided
Collection services
Advisory services and brokerage
Custody services
Other
3,371
2,009
1,704
1,543
161
570
235
335
484
827
150
551
10,038
6,005
5,203
4,734
469
1,700
683
1,017
1,395
2,076
422
1,553

Total
9,666
9,802
28,392
28,362

Note 23 - General and administrative expenses

(1) At 09/30/2020 comprises R$ (1,047) related to donations for the initiative “Todos pela Saúde” (All for Health) (Note 33a).
(2) The effects of impairment of goodwill and intangible assets of Itaú Corpbanca, net of tax effects and ownership interest of non-controlling shareholders total R$ (1,452). Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 82

Note 24 – Taxes
ITAÚ UNIBANCO HOLDING and each one of its subsidiaries calculate separately, in each fiscal year, Income Tax and Social Contribution on Net Income.
Taxes are calculated at the rates shown below and consider, for effects of respective calculation bases, the legislation in force applicable to each charge.
Income tax
Additional income tax
Social contribution on net income (*)
15.00%
10.00%
20.00%
(*) Constitutional Amendment (EC) No. 103/2019: disseminated on November 12, 2019, it provides for the Social Security and other matters, also addressing the increase of the tax rate of Social Contribution on Net Income for banks set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, that was changed to 20% as from March 1, 2020. For the other financial subsidiaries and equivalent companies, the tax rate remains at 15%, and for the non-financial ones at 9%.
a) Expenses for taxes and contributions
Breakdown of income tax and social contribution calculation:
Due on operations for the period 07/01 to
09/30/2020
07/01 to
09/30/2019
01/01 to
09/30/2020
01/01 to
09/30/2019
Net income / (loss) before income tax and social contribution 4,861 4,295 (8,661) 23,424
Charges (income tax and social contribution) at the rates in effect (2,187) (1,718) 3,897 (9,370)
Increase / decrease in income tax and social contribution charges arising from:
Share of profit or (loss) of associates and joint ventures 83 169 271 428
Foreign exchange variation on investments abroad 866 1,471 8,349 1,180
Interest on capital 710 737 2,119 2,335
Other nondeductible expenses net of non taxable income (*) (1,626) (4,350) (23,398) (2,361)
Income tax and social contribution expenses (2,154) (3,691) (8,762) (7,788) Related to temporary differences
Increase / (reversal) for the period 2,392 4,896 24,297 3,457
Increase / (reversal) of prior periods - 5 - 5
(Expenses) / Income from deferred taxes 2,392 4,901 24,297 3,462
Total income tax and social contribution expenses 238 1,210 15,535 (4,326)
(*) Includes temporary (additions) and exclusions. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 83

b) Deferred taxes
I - The deferred tax asset balance and its changes, segregated based on its origin and disbursements, are represented by:
Realization /
Reversal Increase 09/30/2020
Reflected in income
43,380 (10,088)
33,348
66,640
Provision for expected loss
22,860 (2,714) 8,549
28,695
Related to tax losses and social contribution loss carryforwards
2,585 (78) 6,099 8,606
Provision for profit sharing 2,162 (2,162) 1,225 1,225
Provision for devaluation of securities with permanent impairmentD 1,530 (513) 1,064 2,081
Provisions
Civil lawsuits
Labor claims
6,208 (1,465) 1,284 6,027
1,413 (414) 325 1,324
3,251 (974) 889 3,166
Tax and social security lawsuits 1,544 (77) 70 1,537
Legal obligations
Adjustments of operations carried out on the futures settlement market
723 (48) 44 719
84 (84) 90 90
Adjustment to Fair Value of Financial Assets - At Fair Value Through Profit or Loss
738 (738)
11,527
11,527
Provision relating to health insurance operations
Other
Reflected in stockholders’ equity
Adjustment to Fair Value of Financial Assets - At Fair Value Through Other
Comprehensive Income
Cash flow hedge
Other
Total (1) (2)
348 - 6 354
6,142 (2,286) 3,460 7,316
2,354 (1,278) 219 1,295
766 (732) 217 251
1,187 (526) 2 663
401 (20) - 381
45,734 (11,366) 33,567 67,935
(1) Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 62,455 and R$ 388, respectively.
(2) The accounting records of deferred tax assets on income tax losses and/or social contribution loss carryforwards, as well as those arising from temporary differences, are based on technical feasibility studies which consider the expected generation of future taxable income, considering the history of profitability for each subsidiary individually, and for the consolidated taken as a whole.
Realization /
Reversal Increase 12/31/2019

Total (1) (2)
39,140 (14,176) 20,770 45,734
(1) Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 38,914 and R$ 1,058, respectively.
(2) At 12/31/2019, deferred tax asset balance comprised its annual revaluation and effects caused by EC 103/2019 in tax rate of the Social Contribution on Net Income, which was increased from 15% to 20%, reaching the institutions set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, totaling R$ 1,614. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 84

II - The provision for deferred income tax and social contribution and its changes are represented by:

(*) Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 62,455 and R$
388, respectively.
Realization /
12/31/2018 Increase 12/31/2019 reversal Reflected in income 6,144 (3,863) 4,329 6,610
Depreciation in excess finance lease 346 (144) - 202 Adjustment of deposits in guarantee and provisions 1,348 (29) 212 1,531 Post-employment benefits 287 (56) 51 282 Adjustments of operations carried out on the futures settlement market 923 (923) 1,330 1,330 Adjustment to Fair Value of Financial Assets - At Fair Value Through Profit
Depreciation in excess finance lease 346 (144) - 202 Adjustment of deposits in guarantee and provisions 1,348 (29) 212 1,531 Post-employment benefits 287 (56) 51 282 Adjustments of operations carried out on the futures settlement market 923 (923) 1,330 1,330 Adjustment to Fair Value of Financial Assets - At Fair Value Through ProfitDepreciation in excess finance lease 346 (144) - 202 Adjustment of deposits in guarantee and provisions 1,348 (29) 212 1,531 Post-employment benefits 287 (56) 51 282 Adjustments of operations carried out on the futures settlement market 923 (923) 1,330 1,330 Adjustment to Fair Value of Financial Assets - At Fair Value Through Profit 1,790 (1,790) 1,149 1,149 or Loss Taxation of results abroad – capital gains 659 (142) 64 581 Other 791 (779) 1,523 1,535 Reflected in stockholders’ equity 662 (262) 868 1,268
Adjustment to Fair Value of Financial Assets - At Fair Value Through Other
474 (107) 861 1,228 Comprehensive Income Cash flow hedge 168 (142) 4 30 Post-employment benefits 7 - 3 10 Other 13 (13) - -
Total (*) 6,806 (4,125) 5,197 7,878
(*) Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 38,914 and R$
1,058, respectively. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 85

III - The estimate of realization and present value of tax credits and from the Provision for Deferred Income Tax and Social Contribution are:
Deferred tax assets Provision for Net Year of Tax loss / social deferred income
Temporary % deferred % realization % contribution loss % Total % tax and social differences taxes carryforwards contribution
2020 3,153 5% 3,750 44% 6,903 10% (1,190) 20% 5,713 9% 2021 16,282 27% 1,065 12% 17,347 26% (186) 3% 17,161 28% 2022 20,782 35% 535 6% 21,317 31% (120) 2% 21,197 34% 2023 8,200 14% 622 7% 8,822 13% (110) 2% 8,712 14% 2024 2,714 5% 653 8% 3,367 5% (195) 3% 3,172 5% After 2024 8,198 14% 1,981 23% 10,179 15% (4,067) 70% 6,112 10%
Total 59,329 100% 8,606 100% 67,935 100% (5,868) 100% 62,067 100% Present value (*) 57,301 8,333 65,634 (5,439) 60,195
(*) The average funding rate, net of tax effects, was used to determine the present value.
Projections of future taxable income include estimates of macroeconomic variables, exchange rates, interest rates, volumes of financial operations and services fees and others factors, which can vary in relation to actual data and amounts.
Net income in the financial statements is not directly related to the taxable income for income tax and social contribution, due to differences between accounting criteria and the tax legislation, in addition to corporate aspects. Accordingly, it is recommended that changes in realization of deferred tax assets presented below are not considered as an indication of future net income.
IV - At 09/30/2020, deferred tax assets not accounted for correspond to R$ 847 and result from Management’s evaluation of their perspectives of realization in the long term (R$ 605 at 12/31/2019) .
c) Tax liabilities
09/30/2020 12/31/2019
Taxes and contributions on income payable 47 3,083 Other Taxes and Contributions payable 3,814 914 Provision for deferred income tax and social contribution (Note 24b II) 388 1,058 Other 2,394 2,836
Total 6,643 7,891 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 86

Note 25 – Earnings per share
a) Basic earnings per share
Net income attributable to ITAÚ UNIBANCO HOLDING’s shareholders is divided by the average number of outstanding shares in the period, excluding treasury shares.
07/01 to 07/01 to 01/01 to 01/01 to 09/30/2020 09/30/2019 09/30/2020 09/30/2019
Net income attributable to owners of the parent company 4,732 5,165 9,914 18,439
Minimum non-cumulative dividends on preferred shares (106) (105) (106) (105) Retained earnings to be distributed to common equity owners in an amount per share equal to the minimum dividend payable to preferred equity owners (109) (109) (109) (109)
Retained earnings to be distributed, on a pro rata basis, to common and preferred equity owners:
Common 2,294 2,519 4,928 9,279 Preferred 2,223 2,432 4,771 8,946
Total net income available to equity owners:
Common 2,403 2,628 5,037 9,388 Preferred 2,329 2,537 4,877 9,051 Weighted average number of outstanding shares
Common 4,958,290,359 4,958,290,359 4,958,290,359 4,958,290,359 Preferred 4,804,166,251 4,785,705,852 4,800,376,702 4,780,285,648
Basic earnings per share – R$
Common 0.49 0.53 1.02 1.89 Preferred 0.49 0.53 1.02 1.89 b) Diluted earnings
Calculated similarly to the basic earnings per share; however, it includes the conversion of all preferred shares potentially dilutable in the denominator.
07/01 to 07/01 to 01/01 to 01/01 to 09/30/2020 09/30/2019 09/30/2020 09/30/2019 Net income available to preferred equity owners 2,329 2,537 4,877 9,051 Dividends on preferred shares after dilution effects 11 16 17 41 Net income available to preferred equity owners considering preferred shares after the dilution effect 2,340 2,553 4,894 9,092 Net income available to ordinary equity owners 2,403 2,628 5,037 9,388 Dividend on preferred shares after dilution effects (11) (16) (17) (41) Net income available to ordinary equity owners considering preferred shares after the dilution effect 2,392 2,612 5,020 9,347 Adjusted weighted average of shares
Common 4,958,290,359 4,958,290,359 4,958,290,359 4,958,290,359
Preferred 4,850,418,664 4,846,886,334 4,833,530,654 4,822,570,952
Preferred 4,804,166,251 4,785,705,852 4,800,376,702 4,780,285,648 Incremental as per share-based payment plans 46,252,413 61,180,482 33,153,952 42,285,304 Diluted earnings per share – R$
Common 0.48 0.53 1.01 1.89 Preferred 0.48 0.53 1.01 1.89 There was not potentially antidulitive effect of the shares in share-based payment plans in both periods. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 87

Note 26 – Post-employment benefits
ITAÚ UNIBANCO HOLDING, through its subsidiaries, sponsors retirement plans for its employees.
Retirement plans are managed by Closed-end Private Pension Entities (EFPC) and are closed to new applicants. These entities have an independent structure and manage their plans according to the characteristics of their regulations.
There are three types of retirement plan:
· Defined Benefit Plans (BD): plans which scheduled benefits have their value established in advance, based on salaries and/or length of service of employees, and its cost is actuarially determined;
· Defined Contribution Plans (CD): are those plans which scheduled benefits have their value permanently adjusted to the investments balance, kept in favor of the participant, including in the benefit concession phase, considering net proceedings of its investment, amounts contributed and benefits paid; and
· Variable Contribution Plans (CV): in this type of plan, scheduled benefits present a combination of characteristics of defined contribution and defined benefit modalities, and the benefit is actuarially determined based on the investment accumulated by the participant on the eligibility date.
Below is a list of benefit plans and their modalities:
Entity Benefit Plan Modality
Supplementary Retirement Plan
Supplementary Retirement Plan Flexible Premium Annuity Franprev Benefit Plan 002 Benefit Plan Prebeg Benefit Plan
Defined Benefit UBB PREV Defined Benefit Plan Benefit Plan II
Itaulam Basic Plan Fundação Itaú Unibanco Previdência
Itaucard Defined Benefit Plan Complementar - FIU
Itaú Unibanco Main Retirement Plan Itaubanco Defined Contribution Plan
Itaubank Retirement Plan Defined Contribution Redecard Pension Plan Unibanco Pension Plan Intelligent Future Itaulam Supplementary Plan Variable Contribution Itaucard Variable Contribution Plan Itaú Unibanco Supplementary Retirement Plan FUNBEP Fundo de Pensão Benefit Plan l Defined Benefit Multipatrocinado Benefit Plan ll Variable Contribution
Defined Contribution plans include pension funds consisting of the portions of sponsor’s contributions not included in a participant’s account balance due to loss of eligibility for the benefit, and of monies arising from the migration of retirement plans in defined benefit modality. These funds are used for future contributions to individual participants’ accounts, according to the respective benefit plan regulations.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 88

a) Main Actuarial Assumptions
Actuarial assumptions of demographic and financial nature should reflect the best estimates about the variables that determine the post-employment benefit obligations.
The main demographic assumptions comprise: mortality table and turnover of active participants, while the main financial assumptions include: discount rate, future salary increases, growth of plan benefits and inflation.
09/30/2020 09/30/2019
Discount rate (1) 7.64% p.a. 9.72% p.a. Mortality table (2) AT-2000 AT-2000
Turnover (3) Itaú Experience 2008/2010 Itaú Experience 2008/2010 Future salary growth 4.00% to 7.12% p.a. 4.00% to 7.12% p.a. Growth of the pension fund benefits 4.00% p.a. 4.00% p.a.
Inflation 4.00% p.a. 4.00% p.a. Actuarial method Projected Unit Credit Projected Unit Credit
(1) Determined based on market yield relating to National Treasury Notes (NTN-B) and compatible with the economic scenario observed on the balance sheet closing date, considering the volatility of interest market and models used.
(2) Correspond to those disclosed by SOA – “Society of Actuaries”, that reflect a 10% increase in the probabilities of survival regarding the respective basic tables.
(3) Updated to the new expectation of mass behavior.
Retired plans sponsored by foreign subsidiaries - Banco Itaú (Suisse) S.A., Itaú CorpBanca Colombia S.A. and PROSERV Promociones y Servicios S.A. de C.V. - are structured as Defined Benefit modality and adopt actual assumptions adequate to masses of participants and the economic scenario of each country.
b) Risk Management
The EFPCs sponsored by ITAÚ UNIBANCO HOLDING are regulated by the National Council for Complementary Pension (CNPC) and PREVIC, has an Executive Board, Advisory and Tax Councils.
Benefits offered have long-tem characteristics and the main factors involved in the management and measurement of their risks are financial risk, inflation risk and demographic risk.
- Financial Risk – the actuarial liability is calculated by adopting a discount rate different from rates earned in investments. If real income from plan investments is lower than yield expected, this may give rise to a deficit. To mitigate this risk and assure the capacity to pay long-term benefits, the plans have a significant percentage of fixed-income securities pegged to the plan commitments, aiming at minimizing volatility and risk of mismatch between assets and liabilities. Additionally, adherence tests are carried out in financial assumptions to ensure their adequacy to obligations of respective plans.
- Inflation risk – a large part of liabilities is pegged to inflation risk, making actuarial liabilities sensitive to increase in rates. To mitigate this risk, the same financial risks mitigation strategies are used.
- Demographic Risk – plans that have any obligation actuarially assessed are exposed to demographic risk In the event the mortality tables used are not adherent to the mass of plan participants, a deficit or surplus may arise in actuarial evaluation. To mitigate this risk, adherence tests to demographic assumptions are conducted to ensure their adequacy to liabilities of respective plans.
For purposes of registering in the balance sheet the EFPCs that manage them, actuarial liabilities of plans use discount rate adherent to its asset portfolio and income and expense flows, according to a study prepared by an independent consulting company. The actuarial method used is the aggregate method, through which the plan costing is defined by the difference between its equity coverage and the current value of its future liabilities. Observing the methodology established in the respective actuarial technical note. In the event deficit is verified in the concession period above the settlement limits set forth by the legislation in force, a debt agreement is entered into with the sponsor with financial guarantees.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 89

c) Asset management
The purpose of the management of the funds is the long-term balance between pension assets and liabilities with payment of benefits by exceeding actuarial goals (discount rate plus benefit adjustment index, established in the plan regulations).
Below is a table with the allocation of assets by category, segmented into Quoted in an Active Market and Not Quoted in an Active Market:

The defined benefit plan assets include shares of ITAÚ UNIBANCO HOLDING, its main parent company (ITAÚSA) and of subsidiaries of the latter, with a fair value of R$ 11 (R$ 11 at 12/31/2019), and real estate rented to group companies, with a fair value of R$ 415 (R$ 445 at 12/31/2019).
d) Other post-employment benefits
ITAÚ UNIBANCO HOLDING and its subsidiaries do not have additional liabilities related to post-employment benefits, except in cases arising from maintenance commitments assumed in acquisition agreements occurred over the years, as well as those benefits originated from court decision in the terms and conditions established, in which there is total or partial sponsorship of health care plan for a specific mass of former employees and their beneficiaries. Its costing is actuarially determined so as to ensure coverage maintenance. These plans are closed to new applicants.
Assumptions for discount rate, inflation, mortality table and actuarial method are the same used for retirement plans. In the last 3 years, ITAÚ UNIBANCO HOLDING used the percentage of 8.16% p.a. for medical inflation and the percentage of 3% p.a. for aging factor.
Particularly in other post-employment benefits, there is medical inflation risk associated to increase in medical costs above expectation. To mitigate this risk, the same financial risks mitigation strategies are used.
e) Net amount recognized in the balance sheet

Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 90

f) Change in the net amount recognized in the balance sheet
09/30/2020
Other post-
BD and CV plans CD plans employment Total benefits
Net assets Actuarial Recognized Pension plan Asset Recognized Recognized liabilities Asset ceiling amount fund ceiling amount Liabilities amount
Amounts at the beginning of the period 22,732 (19,713) (3,761) (742) 1,475 (849) 626 (967) (1,083)
Amounts recognized in income (1+2+3)
1 - Cost of current service
2 - Cost of past service
3 - Net interest (1) (3)
Amounts recognized in stockholders´ equity - other comprehensive income (4+5+6)
4 - Effects on asset ceiling
5 - Remeasurements (2) (3)
6 - Exchange variation
Other (7+8+9+10)
7 - Receipt by allocation of funds
8 - Benefits paid
9 - Contributions and investments from sponsor
10 - Contributions from participants 1,299 (1,198) (215) (114) 84 (49) 35 (57) (136)
- (71) - (71) - - - - (71)
- - - - - - - - -
1,299 (1,127) (215) (43) 84 (49) 35 (57) (65)
26 (74) 31 (17) - 5 5 - (12)
- - 31 31 - 5 5 - 36
- - - - - - - - -
26 (74) - (48) - - - - (48)
(858) 922 - 64 (71) - (71) 86 79
- - - - - - - - - (922) 922 - - - - - 86 86
59 - - 59 (71) - (71) - (12)
5 - - 5 - - - - 5
Amounts at end of the period 23,199 (20,063) (3,945) (809) 1,488 (893) 595 (938) (1,152)
12/31/2019
BD and CV plans CD plans
Other post- employment benefits
Total
Actuarial
liabilities Asset ceiling
Recognized amount
Pension plan fund
Asset ceiling
Recognized
amount Liabilities
Recognized amount
Amounts at the beginning of the period 18,808 (15,493) (3,664) (349) 1,604 (939) 665 (282) 34
Amounts recognized in income (1+2+3) 1,769 (1,514) (355) (100) 151 (91) 60 (459) (499)
1 - Cost of current service - (75) - (75) - - - - (75)
2 - Cost of past service - - - - - - - (418) (418)
3 - Net interest (1) (3) 1,769 (1,439) (355) (25) 151 (91) 60 (41) (6)
Amounts recognized in stockholders´ equity - other comprehensive income (4+5+6) 3,239 (3,884) 258 (387) (178) 181 3 (261) (645)
4 - Effects on asset ceiling - - 384 384 - 176 176 - 560
5 - Remeasurements (2) (3) 3,245 (3,907) (126) (788) (178) 5 (173) (261) (1,222)
6 - Exchange variation (6) 23 - 17 - - - - 17
Other (7+8+9+10) (1,084) 1,178 - 94 (102) - (102) 35 27
7 - Receipt by allocation of funds - - - - - - - - -
8 - Benefits paid (1,178) 1,178 - - - - - 35 35
9 - Contributions and investments from sponsor 84 - - 84 (102) - (102) - (18)
10 - Contributions from participants 10 - - 10 - - - - 10
Amounts at end of the period 22,732 (19,713) (3,761) (742) 1,475 (849) 626 (967) (1,083)
(1) Corresponds to the amount calculated on 01/01/2020 based on the initial amount (Net Assets, Actuarial Liabilities and Restriction of Assets), taking into account the estimated amount of payments/ receipts of benefits/ contributions, multiplied by the discount rate of 7.64% p.a.(At 01/01/2019 the rate used was 9.72% p.a.).
(2) Remeasurements recorded in net assets and asset ceiling correspond to the income earned above/below the expected return rate. (3) The actual return on assets amounted to R$ 1,299 (R$ 5,014 at 12/31/2019).
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g) Defined benefit contribution
Estimated contribution
Contributions made
2020
01/01 to 09/30/2020
01/01 to 09/30/2019
Retirement plan - FIU
Retiremente plan - FUNBEP 52
5 28
4 46
6
Total 57 32 52
h) Maturity profile of defined benefit liabilities
Duration (*) 2020 2021 2022 2023 2024 2025 to 2029
Pension plan - FIU 11.89
Pension plan - FUNBEP 10.69
Other post-employment benefits 9.25 837
425
26 866 894 922 952 5,190
439 454 469 483 2,582
26 26 26 26 126
Total 1,288 1,331 1,374 1,417 1,461 7,898
(*) Average duration of plan´s actuarial liabilities.
i) Sensitivity analysis
To measure the effects of changes in the key assumptions, sensitivity tests are conducted in actuarial liabilities annually. The sensitivity analysis considers a vision of the impacts caused by changes in assumptions, which could affect the income for the period and stockholders’ equity at the balance sheet date. This type of analysis is usually carried out under the ceteris paribus condition, in which the sensitivity of a system is measured when only one variable of interest is changed and all the others remain unchanged. The results obtained are shown in the table below:
BD and CV plans Other post-employment benefits
Interest rate
Main assumptions Present value of liability
Income
Stockholders´ equity (Other Comprehensive Income) (*)
Present value of
liability Income
Stockholders´ equity (Other Comprehensive Income) (*)
Increase by 0.5%
(977)
- 319
(36)
- 36
Decrease by 0.5%
1,104
- (421)
41
- (41)
Mortality rate
Increase by 5%
(258)
- 88
(13)
- 13
Decrease by 5%
Medical inflation
357
- (94)
17
- (17)
Increase by 1%
-
- -
87
- (87)
Decrease by 1%
-
- -
(69)
- 69
(*) Net of effects of asset ceiling
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Note 27 – Insurance contracts and private pension
ITAÚ UNIBANCO HOLDING, through its subsidiaries, offers to the market insurance and private pension products, with the purpose of assuming risks and restoring the economic balance of the insured’s assets. Products are offered through insurance brokers (independent and captive brokers), Itaú Unibanco’s electronic channels and branches, in compliance with the regulatory requirements, of the National Council of Private Insurance – CNSP and the Superintendence of Private Insurance - SUSEP.
I – Insurance
A contract entered into by the parties to protect the customer’s assets, upon payment of a premium, by means of replacement or pre-established financial compensation, against damage their property or their person. As backing, ITAÚ UNIBANCO HOLDING insurance companies set up technical reserves, through specialized areas within the conglomerate, with the objective of indemnifying policyholders’ losses in the event of claims of insured risks.
The insurance risks sold by ITAÚ UNIBANCO HOLDING’s insurance companies are divided into property and casualty insurance, covering loss, damage or liabilities for assets or persons, and life insurance that includes coverage for death and personal accidents.
II – Private pension
Designed to ensure the maintenance of the quality of life of participants, as a supplement to the government plans, through long term investments, private pension products are divided into three major groups:
· PGBL – Free Benefit Generating Plan: The main objective of this plan is the accumulation of financial resources, but it can be purchased with additional risk coverage. Recommended for customers that file the full version of the income tax return, because they can deduct contributions paid for tax purposes up to 12% of their annual taxable gross income;
· VGBL - Free Benefit Generating Life Plan: This is insurance structured as a pension plan. Its taxation differs from the PGBL; in this case, the tax basis is the earned income; and
· FGB – Benefit Generating Fund: This is a pension plan with minimum income guarantee, and possibility of receiving earnings from asset performance. Although there are plans still in existence, they are no longer sold.
III – Technical provision for insurance and private pensions
The technical provisions for insurance and private pensions are recognized according to the technical notes approved by SUSEP and criteria established by current legislation, as follows:
· Provision for unearned premiums (PPNG) - this provision is recognized, based on insurance premiums, to cover amounts payable for future claims and expenses. In the calculation, the term to maturity of risks assumed and issued and risks in effect but not issued (PPNG-RVNE) in the policies or endorsements of contracts in force is taken pro rata on a daily basis;
· Provision for unsettled claims (PSL) - this provision is recognized to cover expected amounts for reported and unpaid claims, including administrative and judicial claims. It includes amounts related to indemnities, reserve funds and past-due income, all gross of reinsurance operations and net of coinsurance operations, when applicable. When necessary, it must cover adjustments for IBNER (claims incurred but not sufficiently reported) for the total of claims reported but not yet paid, a total which may change during the process up to final settlement;
· Provision for claims incurred and not reported (IBNR) - this provision is recognized for the coverage of expected amount for settlement of claims incurred but not reported up to the calculation base date, including administrative and judicial claims. It includes amounts related to indemnities, reserve funds and income, all gross of reinsurance operations and net of coinsurance operations;
· Mathematical provisions for benefits to be granted (PMBAC) - recognized for the coverage of commitments assumed to participants or policyholders, based on the provisions of the contract, while the event that gives rise to the benefit and/or indemnity has not occurred;
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Mathematical provisions for benefits granted (PMBC) - recognized for the coverage of commitments to payment of indemnities and/or benefits to participants or insured parties, based on the provisions of the contract, after the event has occurred;
· Provision for financial surplus (PEF) - it is recognized to guarantee amounts intended for the distribution of financial surplus, if provided for in the contract. Corresponds to the financial income exceeding the minimum return guaranteed in the product;
· Supplemental Coverage Reserve (PCC) - recognized when technical reserves are found to be insufficient, as shown by the Liability Adequacy Test, provided for in the regulations;
· Provision for redemptions and other amounts to be regularized (PVR) - this provision is recognized for the coverage of amounts related to redemptions to be regularized, returned premiums or funds, transfers requested but, for any reason, not yet transferred to the recipient insurance company or open private pension entity, and where premiums have been received but not quoted;
· Provision for related expenses (PDR) - recognized for the coverage of expected amounts related to expenses on benefits and indemnities, due to events which have occurred or will occur.
IV - Main information related to Insurance and Private Pension operations
a) Indexes
Sales ratio
Loss ratio
Main Insurance Lines % %
01/01 to
09/30/2020
01/01 to
09/30/2019
01/01 to
09/30/2020
01/01 to
09/30/2019
Group Accident Insurance 34.1 35.4 10.5 6.5
Individual Accident Insurance 18.8 18.8 27.0 24.3
Credit Life Insurance 24.4 23.6 22.3 17.6
Random Events 23.6 23.6 33.0 25.5
Multiple Peril 45.0 46.6 60.1 59.2
Mortagage Insurance in Market Policies – Credit Life Insurance 20.4 20.0 19.5 15.7
Group Life 24.1 23.0 40.6 35.3
b) Revenues from insurance premiuns and private pension
Premiums and contributions
Main lines
07/01 to
09/30/2020
07/01 to
09/30/2019
01/01 to
09/30/2020
01/01 to
09/30/2019
Group Accident Insurance 235 247 620 636
Individual Accident Insurance 41 51 145 178
Disability Savings Pension 64 70 195 202
PGBL 448 448 1,344 1,387
Credit Life Insurance 170 237 424 743
Random Events 48 53 149 179
Multiple Peril 92 75 253 209
Mortagage Insurance in Market Policies – Credit Life Insurance 85 81 248 237
Traditional 25 24 78 75
VGBL 1,936 3,391 6,191 8,910
Group Life 263 255 702 733
Other lines 175 120 483 356
Total 3,582 5,137 10,832 14,099
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c) Technical provisions balances
09/30/2020 12/31/2019
Insurance Private Pension Total Insurance Private Pension Total
Unearned premiums (PPNG)
Mathematical provisions for benefits to be granted (PMBAC) and granted benefits (PMBC) Redemptions and Other Unsettled Amounts (PVR)
Financial surplus (PEF) Unsettled claims (PSL)
Claims / events incurred but not reported (IBNR) Related Expenses (PDR)
Other provisions
Total 2,214 12 2,226
17 210,468 210,485
15 349 364
2 602 604
519 54 573
287 22 309
28 93 121
268 1,388 1,656
3,350 212,988 216,338 2,343 13 2,356
204 212,274 212,478
13 318 331
2 610 612
571 47 618
277 22 299
28 89 117
250 1,273 1,523
3,688 214,646 218,334
Current
Noncurrent 2,462 533 2,995
888 212,455 213,343 2,613 493 3,106
1,075 214,153 215,228
d) Change in technical provisions
09/30/2020 12/31/2019
Insurance Private Total pension
Insurance Private Total pension
Opening balance - 01/01
(+) Additions arising from premiums / contributions
(-) Risk adjustments
(-) Payment of claims / benefits
(+) Reported claims
(-) Redemptions
(+/-) Net Portability
(+) Adjustment of reserves and financial surplus
(+/-) Other (increase / reversal) (+/-) Corporate Reorganization Closing balance 3,688 214,646 218,334
3,020 7,625 10,645 (3,148) - (3,148) 3,809 197,378 201,187
4,634 14,735 19,369 (4,216) - (4,216) (1,349) (566) (1,915)
1,465 - 1,465
- (15,623) (15,623)
- 1,754 1,754
10 16,507 16,517 (665) 461 (204)
- - -
3,688 214,646 218,334
(1,026) (339) (1,365)
993 - 993
- (11,239) (11,239)
- 561 561
8 1,569 1,577
36 165 201 (221) - (221)
3,350 212,988 216,338
Through actuarial models based mainly on the portfolio historical experience and on macroeconomic projections, ITAÚ UNIBANCO HOLDING establishes the assumptions that influence the assessment of technical provisions. The assumptions are reassessed annually by experts of the actuarial and risk area, and are subsequently submitted to the executive’s approval. The effects on assumptions are recognized in income for the period in which they occurred.
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V - Deferred acquisition costs
They are recorded in assets and charges are shown in the table below:
09/30/2020 12/31/2019
409
1,156 (1,070)
Opening Balance - 01/01 495
Increase
Amortization 794
(817)
Closing Balance 472 495
Balance to be amortized in up to 12 months
Balance to be amortized after 12 months 367
105 389
106
VI - Table of Claims Development
The amounts shown in the tables express the position at 06/30/2020, since the actuarial calculations are made on a half-yearly basis:
Provision for unsettled claims (PSL)
(-) IBNER
(-) Reinsurance
(-) Retrocession and other estimates
Liability claims presented in the claims development table (a + b)
575
255
25 (13)
308
The amount of obligations of the ITAÚ UNIBANCO HOLDING may change. The first part of the table shows how the final loss estimate changes through time. The second part of the table reconciles the amounts pending payment and the liability disclosed in the balance sheet.
a) Administratives claims - net of reinsurance
Occurrence date 06/30/2016 06/30/2017 06/30/2018 06/30/2019 06/30/2020 Total
At the end of reporting period 950 872 866 1,046 1,178
After 1 year 1,005 937 993 1,048
After 2 years 1,024 984 998
After 3 years 1,121 984
After 4 years 1,121
Current estimate 1,121 984 998 1,048 1,178
Accumulated payments through base date 1,107 967 986 1,031 1,087 5,178
Liabilities recognized in the balance sheet 14 18 12 18 91 153
Liabilities in relation to prior periods 20
Total administratives claims 173
b) Judicial claims - net of reinsurance
Occurrence date 06/30/2016 06/30/2017 06/30/2018 06/30/2019 06/30/2020 Total
At the end of reporting period 32 24 14 21 13
After 1 year 47 30 34 34
After 2 years 52 55 42
After 3 years 58 61
After 4 years 65
Current estimate 65 61 42 34 13
Accumulated payments through base date 54 53 33 27 10 177
Liabilities recognized in the balance sheet 10 9 9 7 4 39
Liabilities in relation to prior periods 96
Total judicial claims 135
The breakdown of the claims development table into administrative and judicial shows the reallocation of admininstrative claims up to a certain base date and that become judicial claims afterwards, which may give the wrong impression of need for adjusting the provisions in each breakdown.
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VII - Liability Adequacy Test
ITAÚ UNIBANCO HOLDING tests for Liability Adequacy semiannually, by comparing the amount recognized for its technical reserves with the current estimate of cash flow of its future obligations. The estimate should include all cash flows related to the business, which is the minimum requirement for carrying out the adequacy test.
The Liability Adequacy Test did not indicate significant insufficiency in 2020 and 2019.
The assumptions used in the test are periodically reviewed and are based on best practices and an analysis
of subsidiaries’ experience, thus representing the best estimates for cash flow projections.
Methodology and test grouping
Specifically for insurance products, cash flows were projected using the method known as the run-off triangle for quarterly frequency periods. For pension products, cash flows for the deferral and concession phases are tested separately.
The risk grouping criteria include groups subject to similar risks that are jointly managed as a single portfolio.
Demographic tables
Demographic tables are instruments to measure the demographic risk represented by the probability of death, survival or disability of a participant.
For death and survival estimates, the latest Brazilian Market Insurer Experience tables (BR-EMS) are used, adjusted according to Scale G life expectancy development, and the Álvaro Vindas table is used to estimate benefit requests for disability.
Risk-free interest rate
The relevant risk-free forward interest-rate structure (ETTJ) is an indicator of the pure time value of money used to price the set of projected cash flows.
The ETTJ was obtained from the curve of securities deemed to be credit risk free, available in the Brazilian financial market and determined by ITAÚ UNIBANCO HOLDING using its own method, plus a spread, which takes into account the impact of the market result of securities classified as Financial assets at amortized cost in the Guarantee assets portfolio.
Annuity conversion rate
The annuity conversion rate represents the expected conversion of balances accumulated by participants in retirement benefits. The decision by participants convert into an annuity is influenced by behavioral, economic and tax factors.
Other assumptions
Related expenses, cancellations and partial redemptions, future additions and contributions, are among the assumptions that affect the estimate of projected cash flows since they represent expenses and income arising from insurance agreements assumed.
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Note 28 – Fair value of financial instruments
In cases where market prices are not available, fair values are based on estimates using discounted cash flows or other valuation techniques. These techniques are significantly affected by the assumptions adopted, including the discount rate and estimate of future cash flows. The estimated fair value obtained through these techniques cannot be substantiated by comparison with independent markets and, in many cases, cannot be achieved on immediate settlement of the instrument.
The following table summarizes the book values and estimated fair values for financial instruments:
09/30/2020 12/31/2019
Book value Fair value (*) Book value Fair value
Cash (a)
Financial assets
At Amortized Cost
Central Bank compulsory deposits (a) Interbank deposits (b) Securities purchased under agreements to resell (a) Securities (c) Loan and Financial Lease (d) Other financial assets (e) (-) Provision for Expected Loss
At Fair Value Through Other Comprehensive Income
Securities (c)
At Fair Value Through Profit or Loss
Securities (c) Derivatives (c)
Financial liabilities
At Amortized Cost
Deposits (b) Securities sold under repurchase agreements (a) Interbank market funds (b) Institutional market funds (b) Other financial liabilities (e)
At Fair Value Through Profit or Loss
Derivatives (c) Structured notes
Provision for Expected Loss Loan Commitments Financial Guarantees 47,069 47,069
1,822,045 1,831,467
1,336,037 1,345,459
87,954 87,954
61,918 62,126
319,049 319,049
132,231 133,614
692,508 700,339
89,079 89,079 (46,702) (46,702)
93,691 93,691
93,691 93,691
392,317 392,317
316,175 316,175
76,142 76,142
1,564,688 1,565,653
1,480,989 1,481,954
765,019 765,039
303,554 303,554
165,781 165,768
141,688 142,646
104,947 104,947
79,018 79,018
78,876 78,876
142 142
4,681 4,681
3,557 3,557
1,124 1,124 30,367 30,367
1,501,481 1,513,562
1,101,892 1,113,973
91,248 91,248
34,583 34,622
198,428 198,428
133,119 135,891
585,791 595,061
94,752 94,752 (36,029) (36,029)
76,660 76,660
76,660 76,660
322,929 322,929
281,075 281,075
41,854 41,854
1,211,999 1,214,196
1,159,830 1,162,027
507,060 507,110
256,583 256,583
174,862 174,949
104,244 106,304
117,081 117,081
48,029 48,029
47,828 47,828
201 201
4,140 4,140
3,303 3,303
837 837
(*) In the period, the result of Derivatives, as well as Adjustment to Fair Value of Financial Assets (particularly private securities) had their amounts affected by oscillations of rates and
other market variables arising from the impact of the COVID-19 pandemic on the macroeconomic scenario in the period (Note 33a).
Financial instruments not included in the Balance Sheet (Note 32) are represented by Standby letters of credit and financial guarantees provided, which amount to R$ 105,345 (R$ 81,733 at 12/31/2019) with an estimated fair value of R$ 774 (R$ 968 at 12/31/2019).
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The methods and assumptions used to estimate the fair value are defined below:
a) Cash, Central Bank compulsory deposits, Securities purchased under agreements to resell and Securities sold under repurchase agreements – The carrying amounts for these instruments are close to their fair values.
b) Interbank deposits, Deposits, Interbank and Institutional Market Funds – they are calculated by discounting estimated cash flows at market interest rates.
c) Securities and Derivatives – Under normal conditions, the prices quoted in the market are the best indicators of the fair values of these financial instruments. However, not all instruments have liquidity or quoted market prices and, in such cases, it is necessary to adopt present value estimates and other techniques to establish their fair value. In the absence of prices quoted by the Brazilian Association of Financial and Capital Markets Entities (ANBIMA), the fair values of government securities are determined based on the interest rates provided by brokers. The fair values of corporate securities are calculated by discounting estimated cash flows at market interest rates. The fair values of shares are based on the prices quoted in the market. The fair values of derivative financial instruments were determined as follows:
Swaps: The cash flows are discounted to present value based on yield curves that reflect the appropriate risk factors, mainly following swap prices on B3 for derivatives, of Brazilian government securities in the secondary market or derivatives and securities traded abroad. These yield curves may be used to obtain the fair value of currency swaps, interest rate swaps and swaps based on other risk factors (commodities, stock exchange indices, etc.).
Futures and forwards: Quotations on exchanges or using criteria identical to those applied to swaps.
Options: Determined through mathematical models, such as Black-Scholes, using data, in general from Bloomberg, for implicit volatility, interest rate yield curve and fair value of the underlying asset. Current market prices of options are used to compute the implicit volatilities.
Credit Derivatives: They are inversely related to the probability of default (PD) in a financial instrument subject to credit risk. The process of adjusting the market price of these spreads is based on the differences between the yield curves with and without credit risk.
d) Loans and financial leases – Fair value is estimated for groups of loans with similar financial and risk characteristics, using valuation models. The fair value of fixed-rate loans was determined by discounting estimated cash flows, at interest rates applicable to similar loans. For the majority of loans at floating rates, the carrying amount was considered to be close to their market value. The fair value of loan and lease operations not overdue was calculated by discounting the expected payments of principal and interest to maturity. The fair value of overdue loan and lease transactions was based on the discount of estimated cash flows, using a rate proportional to the risk associated with the estimated cash flows, or on the underlying collateral. The assumptions for cash flows and discount rates rely on information available in the market and knowledge of the individual debtor.
e) Other financial assets / liabilities – primarily composed of receivables from credit card issuers, deposits in guarantee for contingent liabilities, provisions and legal obligations and trading and intermediation of securities. The carrying amounts for these assets/liabilities substantially approximate to their fair values, since they principally represent amounts to be received in the short term from credit card holders and to be paid to credit card issuers, deposits in guarantee (indexed to market rates) made by ITAÚ UNIBANCO HOLDING to secure lawsuits or very short-term receivables (generally with a maturity of approximately 5 business days). All of these items represent assets / liabilities without significant associated market, credit or liquidity risks.
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is a market in which transactions for the asset or liability being measured occur often enough and with sufficient volume to provide pricing information on an ongoing basis.
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Level 2: Input that is not observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or quoted prices vary substantially either over time or among market makers, or in which little information is released publicly; (iii) inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, etc.); (iv) inputs that are mainly derived from or corroborated by observable market data through correlation or by other means.
Level 3: Inputs are not observable for the asset or liability. Unobservable information is used to measure fair value to the extent that observable information is not available, thus allowing for situations in which there is little, or no market activity for the asset or liability at the measurement date.
Financial assets at fair value through profit or loss, including Derivatives, and at fair value through other comprehensive income:
Level 1: Highly-liquid securities with prices available in an active market and derivatives traded on stock exchanges. This classification level includes most of the Brazilian government securities, other foreign government securities, shares and debentures traded on stock exchanges and other securities traded in an active market.
Level 2: When pricing information is not available for a specific security, valuation is usually based on prices quoted in the market for similar instruments, pricing information obtained from pricing services, such as Bloomberg, Reuters and brokers (only when the prices represent actual transactions) or discounted cash flows, which use information for assets actively traded in an active market. These securities are classified at Level 2 of the fair value hierarchy and consist of certain Brazilian government securities, debentures, some government securities quoted in a less liquid market than for Level 1, and some share prices in investment funds.
Derivatives included in Level 2 are credit default swaps, cross-currency swaps, interest rate swaps, simple options and some forwards, since information adopted by pricing models is immediately observable in actively quoted markets. The models used for these instruments are Black-Scholes, Garman & Kohlhagen, Monte Carlo and discounted cash flow.
ITAÚ UNIBANCO HOLDING does not hold positions in alternative investment funds or private equity funds.
Level 3: When there is no pricing information in an active market, ITAÚ UNIBANCO HOLDING uses internally developed models, from curves generated according to a proprietary model. Level 3 classification includes some Brazilian government and private securities falling due after 2025 which are not usually traded in an active market.
Derivatives with fair values classified in Level 3 of the fair value hierarchy are composed of exotic options, certain swaps indexed to non-observable inputs, and swaps with other products, such as swap with options or with verification, credit derivatives and futures of certain commodities.
All the above methods may result in a fair value that is not indicative of the net realizable value or future fair values. However, ITAÚ UNIBANCO HOLDING believes that all the method used are appropriate and consistent with other market participants. Moreover, the adoption of different methods or assumptions to estimate fair value may result in different fair value estimates at the balance sheet date.
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Distribution by level The following table presents the breakdown of fair value hierarchy levels. 12/31/2019 09/30/2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss 247,286 62,106 2,214 311,606 234,583 43,738 1,719 280,040 Investment funds 796 10,525 - 11,321 318 7,949 - 8,267 Brazilian government securities 218,810 7,156 - 225,966 216,167 3,444 - 219,611 Government securities – other countries 5,660 - - 5,660 1,520 - - 1,520 Argentina 1,765 - - 1,765 318 - - 318 Chile 472 - - 472 488 - - 488 Colombia 1,683 - - 1,683 409 - - 409 United States 1,368 - - 1,368 141 - - 141 Italy 267 - - 267 - - - - Mexico 10 - - 10 57 - - 57 Paraguay 3 - - 3 2 - - 2 Peru 5 - - 5 8 - - 8 Uruguay 87 - - 87 97 - - 97 Corporate securities 22,020 44,425 2,214 68,659 16,578 32,345 1,719 50,642 Shares 11,781 5,001 - 16,782 9,847 4,790 - 14,637 Rural product note - 1,386 67 1,453 - - - - Bank deposit certificates - 927 - 927 - 792 - 792 Real estate receivables certificates - - 538 538 - - 1,444 1,444 Debentures 7,419 13,972 1,604 22,995 4,667 7,763 225 12,655 Eurobonds and others 2,820 - - 2,820 2,064 102 7 2,173 Financial bills - 16,385 5 16,390 - 18,501 13 18,514 Promissory notes - 6,467 - 6,467 - 313 - 313 Other - 287 - 287 - 84 30 114 Financial assets at fair value through other comprehensive income 77,226 16,465 - 93,691 72,455 4,171 34 76,660 Brazilian government securities 61,942 1,330 - 63,272 49,879 853 - 50,732 Government securities – other countries 10,684 12,175 - 22,859 20,571 - - 20,571 Germany 33 - - 33 23 - - 23 Chile - 12,175 - 12,175 11,208 - - 11,208 Colombia 2,732 - - 2,732 3,878 - - 3,878 United States 3,069 - - 3,069 2,756 - - 2,756 Italy - - - - 329 - - 329 Mexico 1,143 - - 1,143 - - - Paraguay 2,588 - - 2,588 1,780 - - 1,780 Uruguay 1,119 - - 1,119 597 - - 597 Corporate securities 4,600 2,960 - 7,560 2,005 3,318 34 5,357 Shares 1,267 - - 1,267 149 - - 149 Bank deposit certificates - 67 - 67 - 2,371 - 2,371 Real estate receivables certificates - - - - - - 26 26 Debentures 348 935 - 1,283 334 - - 334 Eurobonds and others 2,985 1,958 - 4,943 1,522 947 8 2,477 Financial assets designated at fair value through profit or loss 4,569 - - 4,569 1,035 - - 1,035 Brazilian external debt bonds 4,569 - - 4,569 1,035 - - 1,035 Financial liabilities designated at fair value through profit or loss - 142 - 142 - 201 - 201 Structured notes - 142 - 142 - 201 - 201 The following table presents the breakdown of fair value hierarchy levels for derivative assets and liabilities. 09/30/2020 12/31/2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets 22 75,944 176 76,142 14 41,737 103 41,854 Swap Contracts – adjustment receivable 1 51,001 117 51,119 - 26,426 32 26,458 Option Contracts 17 11,674 59 11,750 - 8,385 71 8,456 Forward Contracts - 3,102 - 3,102 - 2,162 - 2,162 Credit derivatives - 237 - 237 - 167 - 167 NDF - Non Deliverable Forward - 9,355 - 9,355 - 4,446 - 4,446 Other derivative financial instruments 4 575 - 579 14 151 - 165 Liabilities (18) (78,721) (137) (78,876) (7) (47,736) (85) (47,828) Swap Contracts – adjustment payable - (57,132) (122) (57,254) - (32,881) (46) (32,927) Option Contracts (10) (10,615) (15) (10,640) - (9,022) (39) (9,061) Forward Contracts - (2,345) - (2,345) - (754) - (754) Credit derivatives - (327) - (327) - (40) - (40) NDF - Non Deliverable Forward - (8,270) - (8,270) - (4,971) - (4,971) Other derivative financial instruments (8) (32) - (40) (7) (68) - (75) There were no significant transfer between Level 1 and Level 2 during the periods of 09/30/2020 and 12/31/2019. Transfers to and from Level 3 are presented in movements of Level 3. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 101

Measurement of Level 2 fair value based on pricing services and brokers To ensure that the fair value of these instruments is properly classified as Level 2, in-house analysis of information received are conducted, so as to understand the nature of the inputs used by the service provider. Prices provided by pricing services that meet the following requirements are considered Level 2: input is immediately available, regularly distributed, provided by sources actively involved in significant markets and it is not proprietary. For financial instruments classified as Level 2, the pricing service or brokers were used to price securities substantially represented by: ? Debentures: When available, we use price information for transactions recorded in the Brazilian Debenture System (SND), an electronic platform operated by B3, which provides multiple services for transactions involving debentures in the secondary market. Alternatively, prices of debentures provided by ANBIMA are used. Its methodology includes obtaining, on a daily basis, illustrative non-binding prices from a group of market players deemed to be significant. Such information is subject to statistical filters intended to eliminate outliers. ? Financial Bills: In order to mark Financial Bills to market, it is necessary to calculate its future value by projecting the notional issue value and its yields established by contract (fixed rate, floating rate or price index) and discounting the fixed curve in reais, obtained through DI Futures prices traded on B3. ? Global and corporate securities: The pricing process for these securities consists of capturing from 2 to 8 quotes from Bloomberg, depending on the asset. The method then compares the highest purchase prices and the lowest sale prices of trades provided by Bloomberg for the last day of the month. These prices are compared with information from purchase orders that the Institutional Treasury of ITAÚ UNIBANCO HOLDING provides to Bloomberg. Should the difference between them be lower than 0.5%, the average price of Bloomberg is used. If it is higher than 0.5% or if the Institutional Treasury does not provide information on this specific security, the average price gathered directly from other banks is used. The Institutional Treasury price is used as a reference only and never in the computation of the final price. Level 3 recurring fair value measurements The departments in charge of defining and applying the pricing models are segregated from the business areas. The models are documented, submitted to validation by an independent area and approved by a specific committee. The daily process of price capture, calculation and disclosure is periodically checked according to formally defined tests and criteria and the information is stored in a single corporate data base. The most frequent cases of assets classified as Level 3 are justified by the discount factors used. Factors such as the fixed interest curve in Brazilian Reais and the TR coupon curve – and, as a result, their related factors – have inputs with terms shorter than the maturities of fixed-income assets. For swaps, the indexers for both legs are analyzed. There are some cases in which the input periods are shorter than the maturity of the derivative. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 102

Level 3 recurring fair value changes The tables below show balance sheet changes for financial instruments classified by ITAÚ UNIBANCO HOLDING in Level 3 of the fair value hierarchy. Derivative financial instruments classified in Level 3 correspond to other derivatives indexed to shares. Total gains or losses (realized / Fair value at unrealized) Recognized in Transfers in Fair value Total Gains or 12/31/2019 Purchases Settlements and / or out of at Losses (Unrealized) other comprehensive income Financial assets at fair value through profit or Recognized in income Level 09/30/2020 loss 1,719 (770) - 1,416 (712) 561 2,214 (472) Corporate securities 1,719 (770) - 1,416 (712) 561 2,214 (472) Real estate receivables certificates 1,444 (635) - 95 (366) - 538 (56) Debentures 225 (74) - 1,023 (272) 702 1,604 (365) Rural Product Note - (51) - 219 (19) (82) 67 (51) Eurobonds and other 7 (6) - 69 (12) (58) - - Financial bills 13 (3) - - (5) - 5 - Other 30 (1) - 10 (38) (1) - - Financial assets at fair value through other comprehensive income 34 7 (6) 248 (167) (116) - - Corporate securities 34 7 (6) 248 (167) (116) - - Real estate receivables certificates 26 - - - (26) - - - Eurobonds and other 8 7 (6) 248 (141) (116) - - Total gains or losses (realized / Fair value at unrealized) Recognized in Purchases Settlements Transfers in and / or out of Fair value at Total Gains or 12/31/2019 Recognized in income other comprehensive income Level 09/30/2020 Losses (Unrealized) Derivatives - assets 103 165 - 138 (181) (49) 176 98 Swap Contracts – adjustment receivable 32 126 - 10 (3) (48) 117 115 Option Contracts 71 39 - 128 (178) (1) 59 (17) Derivatives - liabilities (85) (114) - (73) 111 24 (137) (101) Swap Contracts – adjustment payable (46) (94) - (7) - 25 (122) (113) Option Contracts (39) (20) - (66) 111 (1) (15) 12 Total gains or losses (realized / Fair value at unrealized) Recognized in Purchases Settlements Transfers in and / or out of Fair value at Total Gains or 12/31/2018 Recognized in income other comprehensive income Level 12/31/2019 Losses (Unrealized) Financial assets at fair value through profit or loss 2,833 (1,300) - 1,755 (907) (662) 1,719 (307) Corporate securities 2,833 (1,300) - 1,755 (907) (662) 1,719 (307) Shares 1,268 (285) - - - (983) - - Real estate receivables certificates 1,411 (487) - 573 (53) - 1,444 29 Debentures 85 (504) - 604 (222) 262 225 (336) Eurobonds and other 31 (4) - 3 (51) 28 7 - Financial bills 5 6 - 8 (6) - 13 - Other 33 (26) - 567 (575) 31 30 - Financial assets designated at fair value through other comprehensive income - 43 (47) 76 (68) 30 34 (2) Real estate receivables certificates - - - 26 - - 26 - Debentures - (2) 6 50 (54) - - 1 Eurobonds and other - 45 (53) - (14) 30 8 (3) Total gains or losses (realized / Fair value at unrealized) Recognized in Purchases Settlements Transfers in and / or out of Fair value at Total Gains or 12/31/2018 Recognized in income other comprehensive income Level 12/31/2019 Losses (Unrealized) Derivatives - Assets 142 (78) - 274 (156) (79) 103 (1) Swap Contracts – adjustment receivable 90 21 - 2 (2) (79) 32 31 Option Contracts 52 (99) - 272 (154) - 71 (32) Derivatives - Liabilities (26) (17) - (196) 172 (18) (85) (2) Swap Contracts – adjustment payable (3) (51) - (10) 36 (18) (46) (17) Option Contracts (23) 34 - (186) 136 - (39) 15 Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 103

Sensitivity analysis of Level 3 operations The fair value of financial instruments classified in Level 3 is measured through valuation techniques based on correlations and associated products traded in active markets, internal estimates and internal models. Significant unobservable inputs used for measurement of the fair value of instruments classified in Level 3 are: interest rates, underlying asset prices and volatility. Significant variations in any of these inputs separately may give rise to substantial changes in the fair value. The table below shows the sensitivity of these fair values in scenarios of changes of interest rates or, asset prices, or in scenarios with varying shocks to prices and volatilities for nonlinear assets: Sensitivity – Level 3 Operations 09/30/2020 Impact 12/31/2019Impact Market risk factor groups Scenarios Income Stockholders’ equity Income Stockholders’ equity Interest rates Commodities, Index and Shares Nonlinear I (0.9) - (0.9) (0.0) II (22.2) - (23.3) (0.3) III (44.0) - (46.1) (0.6) I - - - - II - - - - I (41.2) - (22.6) - II (59.6) - (43.2) - The following scenarios are used to measure sensitivity: Interest rate Based on reasonably possible changes in assumptions of 1, 25 and 50 basis points (scenarios I, II and III respectively) applied to the interest curves, both up and down, taking the largest losses resulting in each scenario. Commodities, Index and Shares Based on reasonably possible changes in assumptions of 5 and 10 percentage points (scenarios I and II respectively) applied to share prices, both up and down, taking the largest losses resulting in each scenario. Nonlinear Scenario I: Based on reasonably possible changes in assumptions of 5 percentage points on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario. Scenario II: Based on reasonably possible changes in assumptions of 10 percentage points on prices and 25 percentage points on the volatility level, both up and down, taking the largest losses resulting in each scenario. Note 29 - Contingent Assets and Liabilities, Provisions and Legal Obligations In the ordinary course of its business, ITAÚ UNIBANCO HOLDING may be a party to legal proceedings to labor, civil and tax nature. The contingencies related to these lawsuits are classified as follows: a) Contingent Assets: There are no contingent assets recorded. b) Provisions and contingencies: The criteria to quantify of provisions for contingencies are adequate in relation to the specific characteristics of civil, labor and tax lawsuits portfolios, as well as other risks, taking into consideration the opinion of its legal advisors, the nature of the lawsuits, the similarity with previous lawsuits and the prevailing previous court decisions. A provision is recognized whenever the loss is classified as probable. Legal liabilities arise from lawsuits filed to discuss the legality and unconstitutionality of the legislation in force, being subject to an accounting provision. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 104

I- Civil lawsuits In general, provisions and contingencies arise from claims related to the revision of contracts and compensation for material and moral damages. The lawsuits are classified as follows: Collective lawsuits: Related to claims of a similar nature and with individual amounts that are not considered significant. Provisions are calculated on a monthly basis and the expected amount of losses is accrued according to statistical references that take into account the nature of the lawsuit and the characteristics of the court (Small Claims Court or Regular Court). Contingencies and provisions are adjusted to reflect the amounts deposited into court as guarantee for their execution when realized. Individual lawsuits: Related to claims with unusual characteristics or involving significant amounts. The probability of loss is ascertained periodically, based on the amount claimed and the special nature of each case. The amounts considered as probable losses are recorded as provisions. ITAÚ UNIBANCO HOLDING, despite having complied with the rules in force at the time, is a defendant in lawsuits filed by individuals referring to payment of inflation adjustments to savings accounts resulting from economic plans implemented in the 1980s and the 1990s, as well as in collective lawsuits filed by: (i) consumer protection associations; and (ii) the Public Attorney’s Office, on behalf of the savings accounts holders. ITAÚ UNIBANCO HOLDING recognizes provisions upon receipt of summons, and when individuals demand the enforcement of a ruling handed down by the courts, using the same criteria as for provisions for individual lawsuits. The Federal Supreme Court (STF) has issued some decisions favorable to savings account holders, but it has not established its understanding with respect to the constitutionality of the economic plans and their applicability to savings accounts. Currently, the appeals involving these matters are suspended, by order of the STF, until it pronounces its final decision. In December 2017, through mediation of the Federal Attorney’s Office (AGU) and supervision of the BACEN, savers (represented by two civil associations, FEBRAPO and IDEC) and FEBRABAN entered into an instrument of agreement aiming at resolving lawsuits related the economic plans, and ITAÚ UNIBANCO HOLDING has already accepted its terms. Said agreement was approved on March 1, 2018, by the Plenary Session of the Federal Supreme Court (STF) and savers could adhere to its terms for a 24-month period. Due to the end of this term, the parties signed an amendment to the instrument of agreement to extend this period in order to contemplate a higher number of holders of savings accounts and, consequently, to increase the end of lawsuits. In May, 2020 the Federal Supreme Court (STF) approved this amendment and granted a 30-month term for new adhesions, and this term may be extended for another 30 months, subject to the reporting of the number of adhesions over the first period. II- Labor claims Provisions for contingencies arise from lawsuits in which labor rights provided for in labor legislation specific to the related profession are discussed, such as: overtime, salary equalization, reinstatement, transfer allowance and, pension plan supplement. These lawsuits are classified as follows: Collective lawsuits: related to claims considered similar and with individual amounts that are not considered significant. The expected amount of loss is determined and accrued on a monthly basis in accordance with a statistical model which calculates the amount of the claims, and is reassessed taking into account court rulings. Provisions for contingencies are adjusted to reflect the amounts deposited into court as security for execution. Individual lawsuits: related to claims with unusual characteristics or involving significant amounts. These are periodically calculated based on the amounts claimed. The probability of loss is estimated in accordance with the actual and legal characteristics of each lawsuit. III- Other Risks These are quantified and accrued on the basis of the value of rural credit transactions with joint liability and FCVS (salary variations compensation fund) credits assigned to Banco Nacional. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 105

Below are the changes in civil, labor and other risks provisions: 09/30/2020 Civil Labor Other Risks Total Opening balance - 01/01 (-) Provisions guaranteed by indemnity clause (Note 2.4.n) Subtotal 3,633 8,579 976 13,188 (216) (980) - (1,196) 3,417 7,599 976 11,992 Adjustment / Interest (Note 23) 134 387 - 521 Changes in the period reflected in income (Note 23) 620 1,614 106 2,340 Increase 834 1,764 107 2,705 Reversal (214) (150) (1) (365) Payment Subtotal (+) Provisions guaranteed by indemnity clause (Note 2.4.n) Closing balance (910) (2,270) - (3,180) 3,261 7,330 1,082 11,673 210 958 - 1,168 3,471 8,288 1,082 12,841 Current 1,398 3,087 1,082 5,567 Non-current 2,073 5,201 - 7,274 12/31/2019 Civil Labor Other Risks Total Opening balance - 01/01 (-) Provisions guaranteed by indemnity clause (Note 2.4.n) Subtotal 4,426 6,821 573 11,820 (226) (957) - (1,183) 4,200 5,864 573 10,637 Adjustment / Interest (Note 23) 122 1,024 - 1,146 Changes in the period reflected in income (Note 23) 726 3,160 403 4,289 Increase (*) 1,177 3,325 435 4,937 Reversal (451) (165) (32) (648) Payment Subtotal (+) Provisions guaranteed by indemnity clause (Note 2.4.n) Closing balance (1,631) (2,449) - (4,080) 3,417 7,599 976 11,992 216 980 - 1,196 3,633 8,579 976 13,188 Current 1,662 2,451 976 5,089 Non-current 1,971 6,128 - 8,099 (*) Includes the effects of the Voluntary Severance Program. IV- Tax proceedings and legal obligations Tax provisions correspond to the principal amount of taxes involved in administrative or judicial tax lawsuits, subject to tax assessment notices, plus interest and, when applicable, fines and charges. The table below shows the changes in the provisions: 09/30/2020 12/31/2019 Opening balance - 01/01 8,266 6,793 (-) Provisions guaranteed by indemnity clause (Note 2.4 n) (68) (68) Subtotal 8,198 6,725 Adjustment / Interest (*) 177 779 Changes in the period reflected in income 18 843 Increase (*) 93 1,135 Reversal (*) (75) (292) Payment (1,516) (151) Subtotal 6,877 8,196 (+) Provisions guaranteed by indemnity clause (Note 2.4 n) 70 70 Closing balance 6,947 8,266 Current 111 83 Non-current 6,836 8,183 (*) The amounts are included in the headings Tax Expenses, General and Administrative Expenses and Current Income Tax and Social Contribution. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 106

The main discussions related to Tax Lawsuits and Legal Obligations are described below: ? INSS – Non-compensatory Amounts – R$ 1,961: the non-levy of social security contribution on amounts paid as profit sharing is defended. The balance of the deposits in guarantee is R$ 985; ? PIS and COFINS – Calculation Basis – R$ 639: defending the levy of PIS and COFINS on revenue, a tax on revenue from the sales of assets and services. The balance of the deposits in guarantee is R$ 617. c) Contingencies not provided for in the Balance Sheet Amounts involved in administrative and judicial arguments with the risk of loss estimated as possible are not provided for and they are basically composed of: I- Civil and Labor Claims In Civil Lawsuits with possible loss, total estimated risk is R$ 4,362 (R$ 4,266 at 12/31/2019), and in this total there are no amounts arising from interests in Joint Ventures. For Labor Claims with possible loss, estimated risk is R$ 353 (R$ 251 at 12/31/2019). II - Tax proceedings The tax proceedings of possible loss totaled R$ 28,426 (R$ 28,959 at 12/31/2019), and the main cases are described below: ? INSS – Non-compensatory Amounts – R$ 4,619: defends the non-levy of this contribution on these amounts, among which are profit sharing and stock options; ? IRPJ, CSLL, PIS and COFINS – Funding Expenses – R$ 4,192: the deductibility of raising costs (Interbank deposits rates) for funds that were capitalized between Group companies; ? ISS – Banking Activities – R$ 3,516: the levy and/or payment place of ISS for certain banking revenues are discussed; ? IRPJ and CSLL – Goodwill – Deduction – R$ 3,390: the deductibility of goodwill for future expected profitability on the acquisition of investments; ? PIS and COFINS - Reversal of Revenues from Depreciation in Excess – R$ 1,670: discussing the accounting and tax treatment of PIS and COFINS upon settlement of leasing operations; ? IRPJ, CSLL, PIS and COFINS – Requests for Offsetting Dismissed - R$ 1,653: cases in which the liquidity and the certainty of credits offset are discussed; ? IRPJ and CSLL – Disallowance of Losses – R$ 1,184: discussion on the amount of tax loss (IRPJ) and/or social contribution (CSLL) tax loss carryforwards used by the Federal Revenue Service when drawing up tax assessment notes that are still pending a final decision; ? IRPJ and CSLL – Deductibility of Losses with Derivatives – R$ 654: the deductibility of losses calculated in the disposal of financial derivative contracts is being discussed. Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 107

d) Accounts Receivables – Reimbursement of Provisions The receivables balance arising from reimbursements of contingencies totals R$ 887 (R$ 978 at 12/31/2019) (Note 18a), arising basically from the collateral established in Banco Banerj S.A. privatization process occurred in 1997, when the State of Rio de Janeiro created a fund to guarantee the equity recomposition in provisions for Civil, Labor and Tax Claims. e) Guarantees of contingencies, provisions and legal obligations The guarantees related to legal proceedings involving ITAÚ UNIBANCO HOLDING and basically consist of: 09/30/2020 12/31/2019 Civil Labor Tax Total Total Deposits in guarantee (Note 18a) 1,488 2,327 9,238 13,053 14,520 Investment fund quotas 620 339 84 1,043 1,148 Surety 64 51 3,216 3,331 3,223 Insurance bond 1,794 1,195 14,140 17,129 14,867 Guarantee by government securities 14 - 234 248 96 Total 3,980 3,912 26,912 34,804 33,854 ITAÚ UNIBANCO HOLDING’s provisions for judicial and administrative challenges are long-term, considering the time required for their questioning, and this prevents the disclosure of a deadline for their conclusion. The legal advisors believe that ITAÚ UNIBANCO HOLDING is not a party to this or any other administrative proceedings or lawsuits that could significantly affect the results of its operations.

Note 30 – Segment Information
The current operational and reporting segments of ITAÚ UNIBANCO HOLDING are described below:
· Retail Banking
The segment comprises retail customers, account holders and non-account holders, individuals and legal entities, high income clients (Itaú Uniclass and Personnalité) and the companies segment (microenterprises and small companies). It includes financing and credit offers made outside the branch network, in addition to credit cards and payroll loans.
· Wholesale Banking
It comprises products and services offered to middle-market companies, high net worth clients (Private Banking), and the operation of Latin American units and Itaú BBA, which is the unit responsible for business with large companies and Investment Banking operations.
· Activities with the Market + Corporation
Basically, corresponds to the result arising from capital surplus, subordinated debt surplus and the net balance of tax credits and debits. It also includes the financial margin on market trading, Treasury operating costs, and equity in earnings of companies not included in either of the other segments.
a) Basis of Presentation
Segment information is based on the reports used by senior management to assess performance and to make decisions about allocation of funds for investment and other purposes.
These reports use a variety of information for management purposes, including financial and non-financial information supported by bases different from information prepared according to accounting practices adopted in Brazil. The main indicators used for monitoring business performance are Recurring Income, and Return on Economic Capital allocated to each business segment.
Information by segment has been prepared in accordance with accounting practices adopted in Brazil and is adjusted by the items below:
Allocated capital: The statements for each segment consider capital allocation based on a proprietary model and consequent impacts on results arising from this allocation. This model includes the following components: Credit risk, operating risk, market risk and insurance underwriting risk.
Income tax rate: We take the total income tax rate, net of the tax effect from the payment of interest on capital, for the Retail Banking, Wholesale Banking and Activities with the Market + Corporation. The difference between the income tax amount calculated by segment and the effective income tax amount, as stated in the consolidated financial statements, is allocated to the Trading + Institutional column.
· Reclassification and application of managerial criteria
The managerial statement of income was used to prepare information per segment. These statements were obtained based on the statement of income adjusted by the impact of non-recurring events and the managerial reclassifications in income.
The main reclassifications between the accounting and managerial results are:
Operating revenues: Considers the opportunity cost for each operation. The financial statements were adjusted so that the stockholders’ equity was replaced by funding at market price. Subsequently, the financial statements were adjusted to include revenues related to capital allocated to each segment. The cost of subordinated debt and the respective remuneration at market price were proportionally allocated to the segments, based on the economic capital allocated.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 109

Tax effects of hedging: The tax effects of hedging of investments abroad were adjusted – they were originally recorded as tax expenses (PIS and COFINS) and Income Tax and Social Contribution on Net Income – and are now reclassified to financial margin.
Insurance: The main reclassifications of revenues refer to the financial margins obtained from technical provisions for insurance, pension plans and premium bonds, in addition to revenue from management of pension plan funds.
Other reclassifications: Other Income, Share of Income of Associates and joint ventures, Non-Operating Income, Profit Sharing of Management Members and Expenses for Credit Card Reward Program were reclassified to those lines representing the way the ITAÚ UNIBANCO HOLDING manages its business, to provide a clearer understanding of our performance.
The adjustments and reclassifications column shows the effects of the differences between the accounting principles followed for the presentation of segment information, which are substantially in line with the accounting practices adopted for financial institutions in Brazil, except as described above, and the policies used in the preparation of these consolidated financial statements according to IFRS. Significant adjustments are as follows:
· Requirements for impairment testing of financial assets are based on the expected loan losses model; · Adjustment to fair value due to reclassifications of financial assets to categories of measurement at amortized cost, at fair value through profit and loss or at fair value through other comprehensive income, as a result of the concept of business models of IFRS 9;
· Financial assets modified and not written-off, with their balances recalculated in accordance with the requirements of IFRS 9;
· Effective interest rate of financial assets and liabilities measured at amortized cost, appropriating revenues and costs directly attributable to their acquisition, issue or disposal over the transaction term, whereas in the standards adopted in Brazil, recognition of expenses and revenues from fees occurs at the time these transactions are contracted;
· Goodwill generated in a business combination is not amortized, whereas in the standards adopted in Brazil, it is amortized.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 110

b) Consolidated Statement of Managerial Result July 1 to September 30, 2020 Activities with the
Retail Wholesale ITAÚ (3) Market + Adjustments IFRS consolidated Banking Banking UNIBANCO
Corporation
Banking product 17,433 8,211 2,745 28,389 (2,570) 25,819
Net interest (1) 9,761 4,966 2,201 16,928 (2,468) 14,460 Commissions and Banking Fees 5,913 3,067 485 9,465 201 9,666 Income from insurance and private pension operations before claim and selling expenses 1,759 178 59 1,996 (900) 1,096 Other revenues - - - - 597 597
Cost of Credit (5,040) (1,279) - (6,319) 1,011 (5,308) Claims (360) (3) - (363) - (363) Operating margin 12,033 6,929 2,745 21,707 (1,559) 20,148 Other operating income / (expenses) (9,927) (4,235) (136) (14,298) (989) (15,287)
Non-interest expenses (2) (8,748) (3,850) (85) (12,683) (1,342) (14,025) Tax expenses for ISS, PIS and COFINS and other (1,179) (385) (51) (1,615) (17) (1,632) Share of profit or (loss) in associates and joint ventures - - - - 370 370
Net income before income tax and social contribution 2,106 2,694 2,609 7,409 (2,548) 4,861 Income tax and social contribution (660) (812) (956) (2,428) 2,666 238 Non-controlling interest in subsidiaries (20) 79 (10) 49 (416) (367)
Net income 1,426 1,961 1,643 5,030 (298) 4,732
Total assets (*) - 09/30/2020 1,273,468 968,120 140,278 2,110,120 (111,836) 1,998,284 Total liabilities - 09/30/2020 1,227,360 898,925 113,214 1,967,754 (117,398) 1,850,356
(*) Includes:
Investments in associates and joint ventures 1,920 - 13,995 15,915 (339) 15,576 Fixed assets, net 4,505 898 - 5,403 1,439 6,842 Goodwill and Intangible assets, net 5,214 9,790 - 15,004 2,271 17,275
(1) Includes interest and similar income, expenses and dividend of R$ 16,548, net gains (loss) on investment securities and derivatives of R$ (1,258) and results from foreign exchange operations and exchange variation of transactions abroad of R$ (830).
(2) Refers to general and administrative expenses including depreciation and amortization expenses of R$ (1,105).
(3) The IFRS Consolidated figures do not represent the sum of the parties because there are intercompany transactions that were eliminated only in the consolidated statements. Segments are assessed by top management, net of income and expenses between related parties.
Itaú Unibanco Holding S.A. – Complete Financial Statements in IFRS – September 30, 2020 111