Análise do desempenho econômico-financeiro: um estudo ex ante e ex post diante da fusão Itaú Unibanco

Abstract

This study aimed to evaluate the financial performance of the bank Itaú Unibanco, comparing their performance indicators before and after the merger. We analyzed the period from January 2002 through December 2011. To verify if the change in ownership structure has permitted difference in the behavior of the indicators, we used the CAMEL analysisframework. The CAMEL methodology allowed to evaluate the economic and financial situation of financial institutions from a structure consisting of five components: "C" - Capital (capital adequacy), "A" - Assets (asset quality), "M" - Management (quality of management), "E" Earnings, "L" - liquidity. Then, through a descriptive analysis, statistical tests wereperformed to evaluate whether each indicator has changed with the change in ownership and even, if the new institution indicators behave differently in relation to indicators of its main competitor. The found evidences show that after a change in ownership, the new institutionyet has failed to achieve the best picks in the performance of the two institutions that originated the Itaú Unibanco. However, the final results presented by new organization became more constant, reducing the volatility of the results presented in the scope of the methodology CAMEL. In a detailed analysis of each indicator, was evidenced that most of theindicators had their behavior altered with the change of ownership, considering the comparing to both Itaú Bank and Unibanco Bank.