In a year in which it intends to operate more cautiously, Itaú Unibanco closed the first quarter with results that have become standard for the bank: robust and without negative surprises, even if affected by the seasonality of the period.

The bank reported recurring management profit of R$ 12.3 billion in the first three months of the year, an increase of 10.4% compared to the same period of the previous year and a decrease of 0.3% compared to the fourth quarter, according to the balance sheet released this Tuesday, May 5th.

The figure came in slightly below the average of estimates collected by Bloomberg, which pointed to a profit of R$ 12.4 billion. The bank highlighted, however, that, excluding the effect of the early distribution of dividends that occurred at the end of last year, the recurring management result would have been R$ 12.7 billion.

The annual return on equity (ROE) was 24.8%, an improvement of 2.3 percentage points year-on-year and 0.4 percentage points compared to the previous quarter. The bank highlighted that the performance stems from the quality of its portfolios, as well as their diversification and the adjustments made to prepare the institution for a more uncertain year in macroeconomic terms.

But what caught the attention of the managers interviewed by NeoFeed were results showing that Itaú is "raising the bar" and differentiating itself from other banks in the market.

One manager noted that the debt ratio is 15% lower compared to the market. NPLs are also lower across several products, by about 40% to 50%, according to this source who analyzed the first quarter results.

In the agricultural sector, it's noteworthy that Itaú holds a 20% market share but only a 4% stake in bankruptcy proceedings. Furthermore, in large companies, Itaú has doubled its portfolio in seven years, increasing diversification.

"The portfolio of individual investors with collateral is 56%. This is a jab at Nubank, whose portfolio is more than 90% without collateral," says this manager.

"At Itaú Unibanco, we have maintained our strategy of growing responsibly, ensuring that the quality of our portfolio follows the standards that have historically defined us," says Milton Maluhy Filho, CEO of the bank, in a statement.

The results attest to the bank's good execution. "The ROE was good and delinquency is under control. Profit came in line, but I would say that credit quality was very good," says a manager who invests in the stock, who asked not to be identified. "It's that kind of boredom that every investor likes."

The assessment is that the bank managed to expand credit with quality. The balance sheet indicates that the loan portfolio grew 9% year-on-year and 1.2% quarter-on-quarter, to R$ 1.5 trillion, excluding exchange rate variations.

Itaú maintained its delinquency rate for loans overdue by more than 90 days stable at 1.9%. However, the rate for loans overdue by 15 to 90 days increased by 0.1 percentage point compared to the previous quarter, reaching 1.7%.

The bank also increased its expense for expected losses by 2.1% quarter-on-quarter and 7.9% year-on-year, to R$10.2 billion. "The market has begun to express concern about bank defaults, but Itaú continues to perform at a very healthy pace," said one analyst.

These factors contribute to Itaú maintaining its status as a favorite among incumbents. "We believe that, despite net income being slightly below expectations, Itaú's shares are cheap, with a P/E ratio for December of 9.3 times, considering a projected net income of R$ 50 billion for the year," says Flávio Conde, head of equities at Levante Investimentos.

Itaú's preferred shares closed the trading session up 0.14%, at R$ 42.46. Year-to-date, the shares have risen 8.45%, bringing the market capitalization to R$ 470.2 billion.