Itaú Unibanco (ITUB4) Q2 2025 earnings summary

Executive summary

• Net income and recurring managerial result reached R$11.5 billion in 2Q25, up 3.4% sequentially and 14.3% year-over-year, with consolidated ROE at 23.3% and Brazil ROE at 24.4%.

• Operating revenues totaled R$45.7 billion, a 2.7% increase sequentially and 9.4% higher year-over-year.

• Digital transformation advanced, with over 10 million clients migrated to the fullbank platform and a 25% increase in SuperApp usage per customer.

• Loan portfolio grew 0.4% consolidated and 1.0% in Brazil quarter-over-quarter; annual growth was 7.3% and 8.6%, respectively.

• Nonperforming loans (NPL 90) remained stable at 1.9% consolidated and 2.0% in Brazil.

Financial highlights

• Financial margin with clients was R$30.3 billion, up 3.1% from 1Q25 and 15.4% year-over-year; NIM reached 9.2% consolidated and 10% in Brazil.

• Operating revenues were R$45.7 billion in 2Q25, up 2.7% from 1Q25 and 9.4% year-over-year.

• Asset management revenues rose from R$1.7B to R$1.9B, with a 17.5% annual increase in performance fees.

• Insurance, pension, and capitalization businesses grew 8.8% in the quarter and 17.3% year-over-year; insurance revenues reached R$3.2 billion, up 7.5% sequentially and 14.0% year-over-year.

• Efficiency ratio improved to 36.4% in Brazil and 38.4% consolidated for the first half of 2025.

Outlook and guidance

• 2025 guidance for NII with clients raised to 11–14% growth (from 7.5–11.5%).

• Credit portfolio growth expected between 4.5% and 8.5%; cost of credit projected at R$34.5–38.5 billion.

• Effective tax rate guidance increased to 28.5–30.5% due to higher earnings and mix.

• Guidance for credit portfolio growth, NII with market, cost of credit, fee income, and non-interest expense growth reaffirmed.

• Non-interest expenses expected to rise 5.5% to 8.5%.