Itaú Unibanco ended the fourth quarter and the year 2025 in the same vein as its last financial statements : without major surprises. Which, in the case of the largest private bank in the country, is, once again, good news.
In its consolidated results for 2025, the bank reported a recurring net profit of R$ 46.8 billion, representing a 13.1% jump and the highest result in the history of a Brazilian bank – the previous record was also held by Itaú: R$ 41.8 billion in 2024. Last year, Itaú earned R$ 128.2 million per day.
Between October and December, recurring net income was R$ 12.3 billion, up 3.7% compared to the same period in 2024 and slightly above analysts' projections, whose consensus pointed to R$ 12.2 billion.
Following this trend, the annual return on equity (ROE) was 23.4%, an improvement of 1.2 percentage points. Meanwhile, the quarterly rate advanced 1.1 percentage points to 24.4%.
“We delivered consistent results in 2025 with risk discipline, solidity, and robust governance,” stated Milton Maluhy Filho , CEO of Itaú Unibanco, in a press release. “We entered 2026 prepared to grow responsibly and continue creating value sustainably.”
In other figures from the balance sheet, the loan portfolio totaled R$ 1.49 trillion, a growth of 6% year-on-year and 6.3% in the quarter. Meanwhile, delinquency rates above 90 days remained at 1.9%, the same level as the previous quarter, and a decrease of 0.1 percentage point year-on-year.
In the individual customer segment, the portfolio registered a growth of 6.6% in 2025. Within this context, the bank highlighted the 12.8% increase in mortgage lending, as well as the 8% and 2.2% increases, respectively, in credit cards and personal loans.
Expenses for expected credit losses (PDD), in turn, totaled R$ 10.03 billion between October and December, an increase of 4.9% compared to the previous year. Meanwhile, on an annual basis, this line item grew 4.7%, to R$ 38.9 billion.
In other indicators, the efficiency ratio – which measures a bank's cost to generate revenue – Itaú reported a level of 39.5%, compared to 38.9% in the fourth quarter of 2024, and 38.8% in the consolidated results of the previous fiscal year.
Meanwhile, revenues from services and insurance expanded by 6.3% in 2025, driven by growth in asset management revenues, higher earnings from card issuance, and increased revenues from payments and receipts.
Non-interest expenses totaled R$ 66.8 billion for the year, equivalent to a 7.5% increase. According to the bank, this growth mainly reflected investments in technology – personnel and infrastructure – as well as the effect of collective bargaining agreements.
Itaú also released its guidance for 2026. For the total loan portfolio, the projection is for growth between 5.5% and 9.5%, while for the Brazilian portfolio, the range is between 6.5% and 10.5%. The cost of credit, in turn, is in the range of R$ 38.5 billion and R$ 43.5 billion.
Regarding customer net interest income, the bank estimates growth between 5% and 9%, the same growth range projected for service revenue and insurance results. As for non-recurring interest expenses, the range is between 1.5% and 5.5%.
Itaú's preferred shares closed the day on the B3 stock exchange down 3.29%, quoted at R$ 44.62. The bank is valued at R$ 492 billion.
