Research Reports

Summary

Itaú Unibanco reported a recurring managerial result of R$12.3 billion for Q1 2026, reflecting a 10.4% increase year-over-year, driven by higher financial margin with the market and stable commissions, amid a 0.5% decline in total credit portfolio ex-FX variation and a CET I ratio of 12.0% as of March 2026.

Key takeaways

Recurring managerial result was R$12.3 billion in Q1 2026, up 10.4% vs Q1 2025 — indicating continued earnings resilience.

Consolidated recurring managerial ROE was 24.8% in Q1 2026, up 2.3 p.p. year-over-year — signaling improved capital efficiency.

Total credit portfolio (ex-FX variation) stood at R$1,482.7 billion in March 2026, up 1.2% quarter-over-quarter — reflecting modest organic growth despite Latin America contraction.

Non-interest expenses were R$16.2 billion in Q1 2026, down 5.0% vs Q1 2025 — supporting margin stability amid revenue growth.

CET I ratio was 12.0% as of March 2026, unchanged from December 2025 — confirming strong capital adequacy under Basel III requirements.

Guidance for full-year 2026 remains unchanged, including credit portfolio growth of 5.5–9.5% and cost of credit of 1.5–5.5% — affirming management’s confidence in outlook.

Full analysis

Itaú Unibanco’s Q1 2026 results reflect disciplined execution amid evolving macro conditions: recurring managerial result rose 10.4% year-over-year to R$12.3 billion, supported by a 37.4% surge in financial margin with the market (R$820 million), which offset a slight 0.7% dip in financial margin with clients. Commissions and fees declined 7.1% quarter-over-quarter but grew 2.4% year-over-year to R$11.0 billion, anchored by strength in asset management and advisory services. Cost of credit increased modestly (+2.5% QoQ) to R$9.95 billion, while non-interest expenses fell 5.0% YoY to R$16.2 billion — aided by technology and transactional cost discipline. The credit portfolio expanded 1.2% QoQ (ex-FX) to R$1,482.7 billion, though Latin America contracted 4.7%, underscoring regional headwinds. Capital remained robust, with CET I at 12.0% — flat QoQ and above regulatory minimums. Management reaffirmed full-year 2026 guidance, including credit growth of 5.5–9.5% and cost of credit of 1.5–5.5%, citing stable risk metrics (e.g., 90-day NPL at 5.1% consolidated, +0.1 p.p. QoQ) and continued leadership in key segments like mortgage (51% private market share) and agribusiness (~30% of rural portfolio). The consolidation of Avenue’s results and managerial reclassifications announced in Q4 2025 are now embedded in reporting, enhancing comparability going forward.