Itaú Unibanco (ITUB4) Q2 2026 earnings summary

Executive summary

• Recurring managerial result was R$12.4 billion, up 7.8% YoY and 1.0% QoQ; consolidated ROE was 24.3% and Brazil ROE was 25.7%.

• The credit portfolio reached R$1.522 trillion, up 2.7% QoQ and 9.6% YoY, with growth across Brazil and Latin America.

• 90-day NPLs were stable at 1.9%; cost of credit was R$10.14 billion, with the ratio at 2.7% of the portfolio.

• Operating revenues totaled R$47.99 billion, up 2.5% QoQ and 4.7% YoY.

• Management emphasized disciplined growth, digital transformation and investment in technology and client experience.

Financial highlights

• Financial margin with clients was R$32.56 billion, up 3.3% QoQ and 5.1% YoY; managerial financial margin reached R$33.49 billion, up 3.6% QoQ and 5.2% YoY.

• Commissions and fees totaled R$11.0 billion, up 0.3% QoQ and 2.3% YoY; commissions, fees and insurance operations grew 0.4% QoQ.

• Cost of credit was R$10.14 billion, up 1.9% QoQ and 7.4% YoY; non-interest expenses were R$16.73 billion, up 3.3% QoQ and 3.1% YoY.

• Recurring managerial result per share was R$1.13; book value per share was R$18.92.

Outlook and guidance

• 2026 commissions, fees and insurance operations growth guidance was cut to 2%-5% from 5%-9%; management attributed the revision to capital-market volatility.

• Other 2026 guidance was maintained: credit portfolio growth of 5.5%-9.5%, client financial margin growth of 5%-9%, cost of credit of R$38.5-R$43.5 billion, and non-interest expense growth of 2%-5%.

• Management said implied bottom-line guidance remained effectively unchanged, assuming the effective tax rate is near the lower end of its range.

• Cost of credit is expected to finish near the midpoint of guidance; management said it was too early to assess the 2027 outlook.