Results are solid with double-digit YoY earnings growth and stable credit quality, but QoQ trends show slight margin compression and rising cost of credit. The 40 bps decline in the BIS ratio and RWA growth of R$55.3 billion warrant monitoring for capital trajectory. Guidance unchanged suggests management sees no material deterioration ahead. Watch for any future guidance revisions and the impact of regulatory changes on capital ratios.
Price Chart
Executive Summary
Itaú Unibanco reported 1Q26 recurring managerial result of R$12.3 billion, up 10.4% YoY but essentially flat QoQ (-0.3%). Revenue growth was driven by a 4.5% YoY increase in financial margin with clients and 5.3% growth in fees and insurance, while the cost of credit rose 4.5% YoY in line with loan portfolio growth. The NPL 90 ratio remained stable at 1.9%, and the consolidated ROE improved to 24.8% from 22.5% a year ago. The BIS ratio declined 40 bps QoQ to 14.8% due to regulatory changes and RWA growth, but remains well above minimum requirements.
Key Facts
- Recurring managerial result of R$12.3 billion in 1Q26, up 10.4% YoY but down 0.3% QoQ
- Financial margin with clients of R$31.5 billion, up 4.5% YoY, down 0.7% QoQ
- Cost of credit of R$10.0 billion, up 2.5% QoQ and 4.5% YoY; cost of credit/loan portfolio stable at 2.7%
- NPL 90 ratio stable at 1.9% QoQ and YoY
- Consolidated ROE of 24.8% vs 22.5% in 1Q25; Brazil ROE of 26.4% vs 23.7%
- BIS ratio of 14.8%, down 40 bps QoQ; CET1 of 12.0%, down 30 bps QoQ
- Total credit portfolio of R$1,482.7 billion, up 7.2% YoY, down 0.5% QoQ
- Efficiency ratio of 37.1% in 1Q26 vs 38.3% in 4Q25 and 37.0% in 1Q25
- Net income of R$11.9 billion, up 9.6% YoY; EPS of R$1.08 vs R$0.98
- Guidance for 2026 remains unchanged
Financial Impact
Recurring managerial result of R$12.3 billion, up 10.4% YoY; net income of R$11.9 billion, up 9.6% YoY
Risk Factors
- BIS ratio declining 40 bps QoQ to 14.8% due to regulatory changes and RWA growth
- Cost of credit rising 4.5% YoY, though in line with portfolio growth
- NPL 90 in Brazil up 0.1 p.p. to 2.1% due to normalization in small/middle market companies
- Financial margin with the market down 11.2% YoY due to higher hedge costs
- Foreign exchange headwinds from BRL depreciation impacting Latin American operations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001132597-26-000164 |
| Document: a6-k_itubxmdaxbrgaap.htm | 0001132597-26-000164 |
| Document: 0001132597-26-000164-index-headers.html | 0001132597-26-000164 |
| Document: 0001132597-26-000164-index.html | 0001132597-26-000164 |
| Document: 0001132597-26-000164.txt | 0001132597-26-000164 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $8.23 $8.45 | ▲ +2.67% | ▲ +2.57% | $8.45 (+2.73%) |
Sep 11, 2026 21d ago | 6-K | $8.33 $8.20 | ▼ −1.56% | ▼ −1.34% | $8.45 (+1.50%) |
Sep 2, 2026 4w ago | 6-K | $8.08 $8.30 | ▲ +2.72% | ▲ +3.68% | $8.45 (+4.64%) |
Aug 18, 2026 6w ago | 6-K | $7.27 $7.66 | ▲ +5.36% | ▲ +5.57% | $8.45 (+16.30%) |
Aug 7, 2026 7w ago | 6-K | $7.94 $7.40 | ▼ −6.80% | ▼ −7.20% | $8.45 (+6.49%) |
Aug 6, 2026 8w ago | 6-K | $8.18 $7.34 | ▼ −10.27% | ▼ −11.48% | $8.45 (+3.36%) |
Aug 5, 2026 8w ago | 6-K | $8.20 $7.40 | ▼ −9.72% | ▼ −10.07% | $8.45 (+3.15%) |
Aug 5, 2026 8w ago | 6-K | $8.20 $7.40 | ▼ −9.72% | ▼ −10.07% | $8.45 (+3.15%) |
Aug 3, 2026 8w ago | 6-K | $8.49 $7.88 | ▼ −7.18% | ▼ −9.21% | $8.45 (−0.41%) |
Jul 7, 2026 12w ago | 6-K | $8.23 $8.55 | ▲ +3.89% | ▲ +3.34% | $8.45 (+2.73%) |
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