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.

• NII with clients grew 3.1% quarter-over-quarter and 15.4% year-over-year; NIM reached 9.2% consolidated and 10% in Brazil, the highest since 2019.

• Delinquency rates remained stable, with consolidated NPL over 90 days at 1.9%.

Financial highlights

• Loan book in Brazil grew 1.0% in the quarter and 8.6% year-over-year; LatAm portfolio declined 2.3% due to FX effects.

• Finance credit card portfolio grew 5.4% in the quarter and 6.1% year-over-year, mainly from mid/high-income segments.

• 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.

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

Outlook and guidance

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

• 2025 guidance: total credit portfolio growth between 4.5% and 8.5%.

• 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.

• Cost of credit projected between R$34.5 billion and R$38.5 billion.