ITUB · Itaú Unibanco Holding S.A.

Itaú Unibanco's Q1 2026 results showed resilience with recurring managerial result at R$12.3 billion, nearly flat quarter-over-quarter due to seasonal factors like lower card volumes and performance fees, offset by stable financial margins and lower non-interest expenses. Excluding an earlier dividend payment from 4Q25, results would have grown 3.2% QoQ. Year-over-year, the 10.4% increase reflected loan portfolio expansion, higher client financial margins from better product mix and volumes, and growth in fees and insurance revenues from card issuance, asset management, and premiums. Credit portfolio dipped 0.5% QoQ to R$1,483 billion (up 1.2% ex-FX), driven by Brazil individuals (mortgages +3.3%, payroll +4.4%) despite credit card seasonality, with YoY growth of 7.2% (9.0% ex-FX). Cost of credit rose 2.5% QoQ to R$10.0 billion but held steady at 2.7% of average loans. NPL 90 remained at 1.9% consolidated, with Brazil at 2.1% due to normalization in middle-market loans. Efficiency improved to 37.1% consolidated and a record-low 34.9% in Brazil, supported by 5.0% lower non-interest expenses. ROE strengthened to 24.8% consolidated and 26.4% Brazil. Capital position solid with CET1 at 12.0%, LCR 195.1%. Management reaffirmed 2026 guidance unchanged, signaling confidence amid consolidation of Avenue acquisition.