Research Reports

Summary

Itaú Unibanco disclosed its Pillar 3 Risk and Capital Management Report for Q1 2026, showing a Common Equity Tier I ratio of 12.0% as of March 31, 2026, down from 12.3% at December 31, 2025, with RWA increasing to R$1,560.8 billion and a capital excess of R$105.7 billion above minimum requirements.

Key takeaways

Common Equity Tier I ratio declined to 12.0% as of March 31, 2026 — a 0.3 p.p. decrease from 12.3% at December 31, 2025 — reflecting dividend payments, buybacks, and RWA growth.

Total Capital stood at R$230.5 billion on March 31, 2026, with R$209.2 billion in Tier I and R$21.3 billion in Tier II, maintaining strong capital buffers above regulatory minima.

Risk-weighted assets rose to R$1,560.8 billion as of March 31, 2026, up from R$1,505.5 billion at December 31, 2025, indicating continued balance sheet expansion.

Capital excess over minimum Total Capital requirement was R$105.7 billion (6.8 p.p. above the 8% floor), and after accounting for all buffers, CET1 headroom remained at 3.2%.

Leverage ratio decreased to 6.5% as of March 31, 2026, from 7.0% at December 31, 2025, consistent with higher exposure measure growth outpacing Tier I growth.

Liquidity Coverage Ratio was 195.1% as of March 31, 2026 — well above the 100% regulatory minimum — supported by R$371.1 billion in high-quality liquid assets.

Full analysis

This Pillar 3 disclosure is a mandatory regulatory filing under Central Bank of Brazil (BACEN) Resolution BCB nº 54, providing granular, standardized risk and capital data aligned with Basel III/IV frameworks. The decline in CET1 ratio from 12.3% to 12.0% reflects deliberate capital actions — specifically dividend and interest-on-equity payments, share repurchases, and RWA growth — partially offset by positive net income. With RWA rising 3.7% quarter-over-quarter and the leverage ratio falling to 6.5%, the bank’s balance sheet expansion outpaced capital accumulation, though absolute capital levels increased meaningfully: Total Capital grew by R$1.9 billion to R$230.5 billion. Critically, Itaú Unibanco maintains substantial capital headroom: R$105.7 billion above the 8% minimum Total Capital requirement (6.8 p.p.), and even after applying all buffers — conservation (2.5%), countercyclical (0.1%), and G-SIB (1.0%) — CET1 availability remains at 3.2%, comfortably above the 2.5% buffer threshold. Liquidity remains robust, with LCR at 195.1% and NSFR at 122.0%, both well above regulatory floors. These metrics signal continued financial resilience and capacity to absorb stress, supporting confidence in the bank’s ability to sustain dividends, fund organic growth, and meet evolving regulatory expectations without capital constraints. No forward guidance, earnings results, or strategic initiatives are disclosed in this report; it serves strictly as a prudential transparency document.