Itaú Unibanco (ITUB4) Q4 2025 earnings summary

Executive summary

• Recurring managerial result reached R$46.8 billion in 2025, up 13.1% over 2024, with 4Q25 result at R$12.3 billion, up 13.2% year-over-year; net income was R$46.8 billion, and value creation doubled to R$18.5 billion since 2021.

• ROE was 24.4% consolidated and 27.3% in Brazil for 2025, with payout ratio at 72% and R$33.7 billion distributed in dividends and interest on equity.

• Credit portfolio grew 6.3% quarter-over-quarter and 6.0% year-over-year to R$1,490.8 billion, with Brazil up 6.6%.

• Efficiency ratio improved to 38.9% consolidated and 36.9% in Brazil, reflecting strong cost discipline and operational scalability.

• Record client satisfaction with all-time high NPS and eNPS scores, and leadership in key market surveys.

Financial highlights

• Operating revenues for 2025 totaled R$184.4 billion, up 9.1% year-over-year; net interest margin with clients grew 12.1% to R$121.1 billion.

• Commissions, fees, and insurance results totaled R$15.6 billion for the quarter and R$46.9 billion for the year, up 5.9% quarter-over-quarter and 9.1% year-over-year.

• Asset management AUM reached R$4.1 trillion, with record net inflows of R$156 billion, up 49% year-over-year.

• Insurance, pension, and premium bonds results grew 1.9% quarter-over-quarter and 17% year-over-year; recurring earnings up 130% since 2021.

• Credit costs were R$9.4 billion for the quarter (2.6% of portfolio), stable historically; full-year cost of credit was R$36.6 billion, up 6.1%.

Outlook and guidance

• 2026 guidance: total credit portfolio growth of 5.5%-9.5% (Brazil: 6.5%-10.5%), NII with clients up 5%-9%, cost of credit R$38.5-43.5 billion, commissions/fees/insurance up 5%-9%, non-interest expenses up 1.5%-5.5%, and effective tax rate 29.5%-32.5%.

• Macroeconomic assumptions: GDP growth 1.9%, Selic at 12.75% by year-end, inflation near 4%, and slight uptick in unemployment.

• Management remains cautious due to election-year volatility but is prepared to adjust guidance as conditions evolve.