ITUB · Itaú Unibanco Holding S.A.

Itaú Unibanco delivered robust 2024 results, with net income attributable to owners rising 24.1% year-on-year to R$41.1 billion — significantly outpacing revenue growth (8.4%) and reflecting disciplined expense management and improved credit quality. The 6.3% increase in net interest income was underpinned by a 12.6% expansion in loan and lease operations, particularly in foreign loans (19.4% growth), mortgage lending (11.3%), and corporate loans (17.9%). Non-interest income grew 12.1%, led by a 106.5% surge in other income — attributed to energy trading desk gains — and steady growth in commissions and banking fees. Retail Business remained dominant, contributing 60% of net operating revenue and maintaining leadership in credit cards (25.4% market share) and individual loans (11.2% share), while Wholesale Business held steady at 34% of revenue. Strategic portfolio rationalization was evident: full exit from XP Inc. eliminated competitive overlap and volatility; sale of Banco Itaú Argentina removed R$1.2 billion in legacy litigation risk; and the Zup acquisition strengthened digital infrastructure capabilities. Capital discipline was reinforced by two large bonus share issuances totaling R$46.2 billion in 2025, preserving liquidity while expanding share count, and a new R$3 billion buyback program targeting cancellation of up to 200 million preferred shares. With Tier 1 Capital at 15.0% and Basel Ratio at 16.5% — well above regulatory minima — the bank retains ample capacity to fund organic growth, pursue targeted M&A (e.g., Avenue, Resonet), and sustain shareholder returns. Management commentary highlights continued focus on digital transformation (Super App adoption, AI deployment), ESG integration (R$1 trillion sustainable finance target by 2030), and navigating macro uncertainty — notably rising SELIC rates and FX volatility — which remain key near-term risks.