Itau Unibanco (ITUB) Q2 2026 Earnings Report

The call presented a largely positive picture: strong recurring earnings, high ROE, healthy loan growth, improving margins and a solid capital base, supported by disciplined cost control and stable credit metrics. Management made a prudent, limited downgrade to fee/insurance guidance and flagged some market volatility, SME delinquency mechanical increases and industry risks, but emphasized these as manageable and largely mechanical. On balance the operational and financial strengths and stable credit performance outweigh the modest headwinds.

The bank said it is keeping its previously disclosed full‑year guidance ranges for loan‑portfolio growth, NII with clients, NII with the market, cost of credit and noninterest expenses, but narrowed expected growth for commissions, fees and insurance to 2–5% (down from 5–9%); management also noted that assuming the effective tax rate toward the lower end of its range leaves the implied bottom‑line essentially unchanged. For context, the quarter delivered recurring net income of BRL 12.4bn, a loan book of BRL 1.522tn (+2.7% q/q, ~10% y/y), NII with clients BRL 32.6bn (+3.3% q/q, +5% y/y), NII with the market BRL 0.9bn, risk‑adjusted NIM 6.2% (+10bp q/q; Brazil 6.7%), cost of credit ~2.7% (BRL 10.1bn nominal), noninterest expenses +3.1% y/y, efficiency ratios 35.5% (Brazil) / 37.4% (consolidated) and CET1 of 12.3% (up 30bp q/q); management said guidance will be revisited only if macro or activity surprises occur, with two quarters remaining in the year.