Even in a more unstable macroeconomic environment, Itaú Unibanco maintained its tradition of not disappointing the market by releasing its second-quarter 2026 earnings figures early Tuesday evening, August 4th. Starting with the bottom line.
Between April and June 2026, the bank reported recurring management profit of R$ 12.4 billion, representing growth of 7.8% over the same period in 2025 and 1% compared to the first quarter of this year. The figure was in line with consensus projections.
Similarly, the return on equity (ROE) of 24.3% for the consolidated results met market estimates and represented a one percentage point increase compared to the same period last year. In Brazil, the ROE was 25.7%.
“The consistency of our results reflects the clarity of a long-term strategy. Growing profitably and with a quality portfolio requires analytical discipline, responsible lending, and the practical use of technology,” said Milton Maluhy Filho , CEO of Itaú Unibanco, in a statement.
In the quarter, the bank's total loan portfolio reached R$ 1.5 trillion, an expansion of 9.6% compared to the second quarter of 2025 and 2.7% compared to the first three months of the year.
The bank noted that this growth was sustained by the balanced expansion of operations with individuals and legal entities. In the first segment, the highlights were the increases of 3.9% in mortgage loans and 3.5% in payroll loans, in addition to the 14.3% jump in private payroll loans.
"Lines of credit for different customer profiles, such as private payroll loans, are progressing consistently with controlled default rates because they are offered within the actual repayment capacity of customers," said Gabriel Amado de Moura, CFO of Itaú .
The CFO stated that the bank remains active in several debt reorganization initiatives. However, he emphasized that these measures are only one step in a much broader strategy for consolidating a healthy portfolio, which also includes areas such as quality of lending and correct pricing.
Under this guidance, the operation's delinquency rates remained at their best historical levels. Delinquency rates exceeding 90 days, for example, remained at 1.9% for the sixth consecutive quarter.
Meanwhile, expenses for expected credit losses (PDD) totaled R$ 9.8 billion between October and December, an increase of 10.6% over the amount reported in the same period a year earlier, and 1.9% over the first quarter of 2026.
“It was a good balance sheet, with expenses 'okay' and slowing down, as the bank had been indicating, good margins and credit quality, and well-controlled delinquency,” says a manager who has a position in the stock, to NeoFeed . “In short, the result was good, but neutral and without surprises.”
In other areas of the balance sheet, the net interest margin with customers increased by 3.3% in the second quarter, driven by growth in the loan portfolio and the calendar effect, with a greater number of consecutive days in the quarter.
Revenues from services and insurance expanded by 0.4%. The bank noted that this slight increase followed higher revenues from fund management and, as expected, lower earnings from payments and receipts, due to the commercial adjustment in the fee package.
The report was accompanied by a revision in the revenue projections for services and insurance results for 2026, which now point to growth in the range of 2% to 5%, compared to the previous estimate of between 5% and 9%.
According to Itaú, the update is mainly related to greater volatility in the capital markets than projected at the beginning of the year. The bank reiterated that the other projections of the guidance established at the beginning of 2026 remain unchanged.
Itaú's preferred shares closed Tuesday's trading session, the 4th, with a drop of 2.48%, quoted at R$ 42.10. Year-to-date, the shares have appreciated by 7.3%, bringing the bank's market value to R$ 464 billion.
