Banco Itaú (ITAUCL) Q1 2025 earnings summary

Executive summary

• Achieved highest recurring net income in the last 10 quarters, with strong profitability momentum and disciplined risk management.

• Return on tangible equity reached 14.8% in Chile and 12.4% at the group level for Q1 2025.

• Upgraded local credit risk ratings and improved market perception, supporting lower funding costs.

• Maintained top rankings in customer satisfaction and workplace environment, including #1 NPS in Corporate Segment and Top 2 in Great Place to Work in Chile.

• Consolidated assets reached MCh$41,021,041 as of March 31, 2025, with equity at MCh$4,035,894.

Financial highlights

• Consolidated recurring net income reached CLP 108.9 billion (MCh$110,759) in Q1 2025, up 5.5% year-over-year.

• Financial margin with clients was CLP 333 billion (Ch$333.1 billion), up 1.6% year-over-year.

• Commissions and fees totaled CLP 51 billion, up 20.3% year-over-year.

• Cost of credit decreased 14.2% quarter-over-quarter and 21.2% year-over-year, reaching a 1% ratio.

• Operating expenses decreased to MCh$201,979 from MCh$210,225 year-over-year.

Outlook and guidance

• Loan growth below guidance for Q1, but recovery expected in H2 2025; full-year growth expected in mid-single digits.

• Financial margin with clients above guidance and expected to remain stable as rates decline.

• Cost of credit guidance narrowed to 1%-1.2% for 2025 due to improved portfolio performance.

• ROTE guidance maintained at 13–15%.

• Board proposed a 30% dividend payout from 2024 profits.