Itaú Unibanco (ITUB4) Q3 2025 earnings summary

Executive summary

• Net income and recurring managerial result reached BRL 11.9 billion in 3Q25, up 3.2% from 2Q25 and 11.3% year-over-year, with consolidated ROE at 23.3% and Brazil ROE at 24.2%.

• Operating revenues for 3Q25 totaled BRL 46.6 billion, a 1.8% increase from 2Q25 and 9.1% year-over-year.

• Loan portfolio grew to BRL 1.4 trillion, up 0.9% quarter-over-quarter and 6.4% year-over-year, with high asset quality and controlled delinquency.

• CET1 capital ratio increased to 13.5%, with Tier 1 at 14.8%, reflecting strong profit generation and prudent capital management.

• Efficiency ratio for the nine months was 36.9% in Brazil and 38.8% consolidated, among the lowest in the sector.

Financial highlights

• Managerial financial margin for 3Q25 was BRL 31.4 billion, up 0.7% sequentially and 10.1% year-over-year.

• Services and insurance revenues grew 4.0% quarter-over-quarter and 7.1% year-over-year.

• Mortgage origination in 9M25 was BRL 24 billion, up 24% year-over-year, with a 47% market share among private banks.

• Credit card portfolio grew 4.3% in the quarter, with mid/high income segments up nearly 24% year-over-year.

• Consumer credit rose 3.1% in the quarter and 9.6% year-over-year; revolving credit up 5% in the quarter and 15% year-over-year.

• Payments and collections revenues up 3.7% in the quarter and 8.0% year-over-year; transaction volume up 6.6% in the quarter and 12.8% year-over-year.

• Insurance business posted 5.7% growth quarter-over-quarter and 17.8% year-over-year.

Outlook and guidance

• 2025 guidance maintained for credit portfolio growth (4.5%-8.5%), financial margin with clients (11%-14%), commissions and fees (4%-7%), and non-interest expenses (5.5%-8.5%).

• Financial margin with the market guidance revised upward to BRL 3.0-3.5 billion.

• Management remains cautious for 2026 due to macro uncertainties, but highlights readiness to react quickly to changing scenarios.