With its "finger on the pulse," Itaú says it is prepared to face any scenario.

While concerns grow in the market about the impacts of issues such as high interest rates and geopolitical conflicts on the economy, Itaú Unibanco continues to navigate this scenario without major setbacks.

Credit offerings are one example of how, so far, the bank has been following a path distinct from its peers. In the second quarter, Itaú 's loan portfolio grew 9.6% year-on-year to R$1.5 trillion, with growth in all customer segments and controlled delinquency levels.

A few hours after the release of the financial report , which showed these and other indicators in line with market projections, Milton Maluhy Filho , CEO of Itaú, noted, however, that the current context requires caution. But he reiterated his confidence in the bank's strategy and thesis.

"Itaú has never been so prepared, whatever scenario lies ahead," Maluhy stated in a conversation with journalists on the morning of Wednesday, August 5th. "If the opportunity to grow arises, we will grow quickly and with quality."

The executive cited the bank's funding , capital, and robust, solid balance sheet to justify this statement. He also emphasized these factors should market conditions become less favorable.

“If the scenario deteriorates, we tend to perform better. Because we have a loan portfolio with a higher quality than the system, with a balance sheet and capital capable of absorbing it,” said the CEO. “So, we will be monitoring, with our finger on the pulse, whatever the opportunity may be.”

Although he reiterated his cautious outlook, Maluhy said that, if the pace of the first half of the year is maintained, the bank's best projection points to portfolio growth above the midpoint of the guidance given at the beginning of the year, of 5.5% to 9.5% consolidated, and 6.5% to 10.5% in Brazil.

In the most recent chapters of this narrative, Itaú recorded a 7.8% growth in its retail loan portfolio in the second quarter, reaching R$ 487.1 billion. Meanwhile, the micro, small, and medium-sized enterprise (MSME) loan portfolio saw an 11.6% increase, reaching R$ 307.4 billion, and the large corporate loan portfolio grew by 10.1%, reaching R$ 474.9 billion.

"In those segments where the bank aims to grow, we have managed to grow by double digits, and even more, in all products," said Maluhy. In the individual customer segment, he cited the example of private payroll loans , where growth was 14.3% during the period.

“We are guiding clients towards the most competitive product available, which is the CLT (formal employment) loan. It's the cheapest product, where they can get longer terms,” he stated. “It's about financial education and a more secure portfolio over time.”

At the same time, the CEO highlighted that Itaú is reaping the rewards of the strategy implemented by the bank in recent years, centered on areas such as portfolio rebalancing and a focus on clients he classifies as "more resilient." This is also reflected in delinquency levels.

During this period, consolidated delinquency rates above 90 days were 1.9% for the sixth consecutive quarter. For individuals, the rate was 3.7%, compared to 3.6% a year earlier. Meanwhile, for micro, small and medium-sized enterprises, it increased from 1.6% to 2%. And for large companies, it remained at 0.1%.

“Market delays show that delinquency has risen sharply, which hasn't happened in our portfolios,” said Maluhy. “This shows that the strategy from before was well executed.”

Highlighting that he sees "super stability" in the bank's default indicators, the CEO also said that the bank does not foresee the need for major adjustments going forward.

But he emphasized, "We are indeed concerned about the macroeconomic scenario, interest rates, and the level of indebtedness," he noted. "In short, we are not immune, but our portfolio is very well positioned with clients and with no prospect of worsening given the data we have today."

"Solid as a rock"

In other earnings data, Itaú reported recurring management profit of R$ 12.4 billion, equivalent to growth of 7.8% over the same period in 2025 and 1% compared to the first quarter of this year.

The return on equity (ROE) of 24.3% represented an increase of one percentage point compared to the same period last year. In Brazil, the ROE was 25.7%.

In its report, BTG Pactual reinforced Maluhy's line of reasoning, highlighting that Itaú reported a balance sheet "as solid as a rock," despite net income being slightly – less than 1% – below consensus. It also noted that the bank is "well prepared for whatever lies ahead."

“As we have highlighted, after several years of excellent execution, strong profit growth and significant investments, we see 2026 as a year of transition, marked by a more difficult comparison base and a slightly lower risk appetite, mainly taking into account the macroeconomic scenario and the elections,” wrote BTG.

With a buy recommendation and a target price of R$ 52 for the stock, BTG analysts added that, in this context, Itaú seems more efficient than ever and is well-positioned to take advantage of opportunities for greater growth when they arise.

Citi, which has a buy recommendation and a target price of R$ 50 for the stock, also highlighted Itaú's "another solid quarter," with indicators above its peers in the sector. However, it stressed that the bank faces a challenge ahead.

According to its analysts, given the prospect of a more challenging macroeconomic scenario, the bank's focus should remain on its ability to sustain revenue growth while keeping costs under strict control and perhaps aiming to stabilize operating expenses by 2027.

"Despite our concerns about the revenue growth outlook, we continue to view Itaú as one of the banks best positioned to face a more challenging macroeconomic scenario, supported by a solid capital base and disciplined cost execution," Citi added in the report.

Itaú's preferred shares were up 2.14% around noon on the B3 stock exchange, valuing the bank at R$ 473.9 billion. Year-to-date, the shares have appreciated by 9.6%.