Banco BTG Pactual (BPAC11) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenues of R$10.4bn and net income of R$5.1bn in 2Q26, with ROAE at 26.7% and robust efficiency gains, supported by diversified business lines and major acquisitions including Meu Tudo and HSBC Uruguay.

• Strong performance across corporate lending, business banking, asset and wealth management, and consumer finance, with significant net new money inflows and credit portfolio expansion.

• Efficiency gains from Banco PAN integration and disciplined capital allocation supported results.

• Completed key partnerships and acquisitions, expanding presence in consumer finance and Latin America.

Financial highlights

• Total revenues reached R$10.4bn in 2Q26, up 16% year-over-year and 4% quarter-over-quarter; adjusted net income was R$5.1bn, up 23% year-over-year.

• Net new money of R$59bn in 2Q26; AuM/WuM reached R$2.7tn, up 25% year-over-year.

• Credit portfolio expanded 24% year-over-year to R$367bn; unsecured funding grew 32% year-over-year to R$405bn.

• Cost-to-income ratio improved to 37.1%; compensation ratio at 19.5%.

• Liquidity Coverage Ratio at 160.3%; Basel capital ratio at 16.0%.

Outlook and guidance

• Management expects continued growth in consumer finance and wealth management, with further expansion from recent acquisitions and digital initiatives.

• Corporate lending portfolio projected to grow 15–20% for the year, supported by international expansion.

• Ongoing focus on sustainability, ESG, and disciplined cost management.

• Debt issuance activity began to improve in June, indicating a stronger pipeline for Q3.

• Conservative underwriting standards maintained due to anticipated macroeconomic headwinds.