The results were solid but largely in line with expectations given stable credit quality and steady margin expansion. The maintained guidance provides no catalyst for re-rating. Watch for the impact of the July retail portfolio sale in Colombia/Panama (R$2.5B) and the Minas Gerais payroll contract (R$2.188B deferred), which are incremental but non-recurring. Stock likely trades on macro/rate outlook rather than this filing.
Price Chart
Executive Summary
Itau Unibanco reported 2Q26 recurring managerial result of R$12.4 billion, up 1.0% QoQ and 7.8% YoY, driven by 3.3% growth in financial margin with clients and a stable NPL 90 ratio at 1.9%. The bank maintained 2026 guidance, with total credit portfolio growth of 9.6% YoY and recurring ROE of 24.3% (consolidated) / 25.7% (Brazil). Capital ratios improved (CET1 12.3%, BIS 15.4%) while cost of credit remained stable at 2.7% of loans.
Key Facts
- 2Q26 Recurring Managerial Result of R$12,407 million (+1.0% QoQ, +7.8% YoY)
- 1H26 Recurring Managerial Result of R$24,689 million (+9.1% YoY)
- Consolidated NPL 90 ratio stable at 1.9% QoQ and YoY
- Cost of credit / loan portfolio ratio stable at 2.7% annualized
- Total credit portfolio grew 2.7% QoQ and 9.6% YoY to R$1,522.4 billion
- Financial margin with clients up 3.3% QoQ to R$32.6 billion
- CET1 ratio improved to 12.3% (from 12.0% in 1Q26), BIS ratio 15.4%
- Efficiency ratio 37.4% (consolidated), 35.5% (Brazil)
- 2026 guidance maintained across all lines
- Subsequent events: R$1.4bn repurchase of subordinated bills and R$2.188bn Minas Gerais payroll contract win
Financial Impact
2Q26 recurring managerial result of R$12.4B, a record high; recurring ROE of 24.3% slightly below 1Q26's 24.8% but above 2Q25's 23.3%.
Risk Factors
- NPL ratios ticking up in individuals and small/mid-market segments (0.1 p.p. each QoQ on NPL 90)
- Latin American operations saw ROE decline to 12.3% from 14.2% YoY
- Cost of credit grew 7.4% YoY in 2Q26, outpacing loan growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001132597-26-000223 |
| Document: a6-k_itubxmdaxbrgaap.htm | 0001132597-26-000223 |
| Document: 0001132597-26-000223-index-headers.html | 0001132597-26-000223 |
| Document: 0001132597-26-000223-index.html | 0001132597-26-000223 |
| Document: 0001132597-26-000223.txt | 0001132597-26-000223 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $8.23 $8.45 | ▲ +2.67% | ▲ +2.57% | $8.20 (−0.30%) |
Sep 11, 2026 21d ago | 6-K | $8.33 $8.20 | ▼ −1.56% | ▼ −1.34% | $8.20 (−1.50%) |
Sep 2, 2026 4w ago | 6-K | $8.08 $8.30 | ▲ +2.72% | ▲ +3.68% | $8.20 (+1.55%) |
Aug 18, 2026 6w ago | 6-K | $7.27 $7.66 | ▲ +5.36% | ▲ +5.57% | $8.20 (+12.86%) |
Aug 7, 2026 7w ago | 6-K | $7.94 $7.40 | ▼ −6.80% | ▼ −7.20% | $8.20 (+3.34%) |
Aug 6, 2026 8w ago | 6-K | $8.18 $7.34 | ▼ −10.27% | ▼ −11.48% | $8.20 (+0.31%) |
Aug 5, 2026 8w ago | 6-K | $8.20 $7.40 | ▼ −9.72% | ▼ −10.07% | $8.20 (+0.10%) |
Aug 5, 2026 8w ago | 6-K | $8.20 $7.40 | ▼ −9.72% | ▼ −10.07% | $8.20 (+0.10%) |
Aug 3, 2026 8w ago | 6-K | $8.49 $7.88 | ▼ −7.18% | ▼ −9.21% | $8.20 (−3.36%) |
Jul 7, 2026 12w ago | 6-K | $8.23 $8.55 | ▲ +3.89% | ▲ +3.34% | $8.20 (−0.30%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access