Itaú Unibanco started 2026 with a robust result that exceeded market expectations. The financial institution recorded recurring profit of R$ 12,282 billion in the first quarter, a performance 10,4% higher than that observed in the same period last year and practically stable compared to the immediately preceding quarter.
The figure was slightly above the projections of analysts consulted by Bloomberg, who estimated an average profit of R$ 12,2 billion. This performance reinforces the bank's position as one of the most profitable in the country, even in an economic environment that demands greater caution in granting credit.
Profitability is high.
One of the main highlights of the report was the improvement in profitability. The bank's ROE (return on equity) reached 24,8% in 12 months, a level considered high for the banking sector and indicative of operational efficiency.
The financial margin totaled R$ 32,3 billion in the quarter, with 4% growth compared to the same period last year and stability compared to the end of 2025. The result reflects the maintenance of the strategy of balancing growth and risk control.
Despite the positive performance, the pace of expansion of the loan portfolio showed signs of slowing down. The total volume reached R$ 1,5 trillion at the end of March, up 7,2% compared to the previous year, but with a slight decrease of 0,5% compared to the previous quarter.
Credit slows down.
According to CEO Milton Maluhy Filho, the current scenario demands prudence. “We started 2026 in a scenario that requires caution and discipline in lending. At Itaú Unibanco, we maintained our strategy of growing responsibly, ensuring that the quality of our portfolio follows the standards that have historically defined us,” he stated.
Loans to individuals grew 6,8% in 12 months, with payroll loans and mortgage financing standing out, continuing to drive expansion in this segment.
Controlled default rates
Another relevant point was the stability of delinquency rates. The rate of payments overdue by more than 90 days remained at 1,9%, a level considered low and below the market average. In Brazil, the indicator stood at 2,1%, with a slight increase driven mainly by micro, small and medium-sized enterprises.
The bank highlighted that the portfolio composition has been adjusted over the past few years to reduce risk exposure, which has helped keep indicators under control even in an environment of higher household debt.
The provision for credit losses totaled R$ 56 billion, down 4% year-on-year and stable compared to the end of 2025.
Revenues and costs
Revenues from services and insurance grew 5,3% compared to the same period last year, driven by increased asset management and greater activity in areas such as investment banking and brokerage.
Meanwhile, non-interest expenses reached R$ 16,2 billion, a 4,8% increase year-on-year. According to the bank, the increase is mainly linked to investments in technology, including cloud processing and systems development.
Scenario and strategy
With approximately 70 million customers, Itaú Unibanco maintains a strategy focused on profitability and credit quality, with special attention to higher-income clients. This positioning has contributed to consistent results, even in the face of a challenging economic environment.
First-quarter performance indicates that the bank continues to prioritize sustainable growth, with discipline in lending and a focus on operational efficiency.
Leave a comment