Itau Unibanco Holding S.A. (ITUB): Financial results for Q3 2026
Itau Unibanco Holding S.A. (ITUB) furnished an SEC Form 6-K — earnings release. Itaú Unibanco reports BRL 12.6 billion in net income and 23.6% ROE in the third quarter of 2026 Results reflect risk management discipline, high quality of the portfolio and investments in technology to better serve clients São Paulo, November 3, 2026 | Itaú Unibanco announced to
How this was made
The 30-second read
Why it matters
The earnings beat and loan‑portfolio growth are positive, but the revised tax‑rate guidance introduces earnings‑margin uncertainty.
Market read
First‑hand earnings data with updated guidance provides fresh material for traders; the tax‑rate revision is the primary catalyst for potential price movement.
What to watch
Robust loan‑portfolio expansion and low NPL ratios could offset higher tax expense.
Itaú Unibanco reports BRL 12.6 billion in net income and 23.6% ROE in the third quarter of 2026
The bank reported a recurring managerial result of BRL 12.6 billion and recurring ROE of 23.6%, while credit quality ratios remained stable or low, capitalization and liquidity were strong, and 2026 guidance changed only for the effective income and social contribution tax rate.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Recurring managerial resultother | R$12.6B | – | – |
| Managerial Resultother | 12,617 | – | 0.3% |
| Recurring ROEother | 23.6% | – | – |
| Consolidated recurring managerial return considering Common Equity Tier I (CET I) at 11.5%other | 24.7% | – | – |
| Brazil recurring managerial return considering Common Equity Tier I (CET I) at 11.5%other | 25.8% | – | – |
| Total loan portfolioother | R$1.5T | 2.2%¹ increase | – |
| Mortgage portfolio growthother | +4.4% | +4.4% | – |
| Payroll loans portfolio growthother | +3.5% | +3.5% | – |
| SMEs portfolio growthother | +4.2% | +4.2% | – |
| Large corporate portfolio growthother | +1.0% | +1.0% | – |
| NII with clients growthother | 2.6%¹ | 2.6%¹ increase | – |
| Cost of creditother | R$10.4B | – | – |
| Annualized cost of credit ratioother | 2.7% | stable compared with the previous quarter | – |
| NPL ratio for loans overdue between 15 and 90 daysother | 1.7% | – | – |
| Consolidated NPL ratio for loans overdue by more than 90 daysother | 2.0% | – | – |
| Delinquency rate over 15 days for individualsother | 6.7% | – | – |
| Individuals delinquency rate difference versus market rate excluding Itaúother | 6.4 p.p. below | – | – |
| Delinquency rate over 15 days for Corporatesother | 2.9% | – | – |
| Fee income growthother | 0.5%¹ | 0.5%¹ increase | – |
| Asset management revenues growthother | 7.8% | 7.8% increase | – |
| Card issuance revenues growthother | 7.1% | 7.1% increase | – |
| Non-interest expensesother | R$17.1B | 2.4% increase | – |
| Wage adjustmentother | 4.6% | – | – |
| Brazil's efficiency ratioother | 35.7% | – | 1.4 p.p. better |
| Common Equity Tier 1 (CET I) ratioother | 12.7% | – | – |
| Liquidity Coverage Ratio (LCR)other | 205.8% | – | – |
| Net Stable Funding Ratio (NSFR)other | 123.7% | – | – |
| Loan-to-funding ratioother | 78.6% | – | – |
2026 outlook
- Tax ratebetween 28.0% and 29.0%
- NoteGuidance for all other lines remained unchanged.
What drove it
- The 2.2%¹ quarter-over-quarter increase in the loan portfolio was mainly driven by mortgage, payroll loans and SMEs portfolios.
- NII with clients increased 2.6%¹ in the quarter, driven by higher lending volumes, a greater number of days in the period and higher revenues from structured operations in wholesale banking.
- NII growth was partially offset by product mix reflecting growth in secured portfolios, asset spread compression, and mitigated by higher volumes in the liability margin.
- Asset management revenues rose 7.8% across investment funds and consortium products, and card issuance revenues increased 7.1%.
- Non-interest expenses were mainly affected by the 4.6% wage adjustment due to the collective bargaining agreement.
- The quarter-over-quarter comparison considers the delta from the retail operation in Colombia, sold in July 2026, in the base quarter for calculating ratios' evolution.
Concerns
- Investment banking revenues declined, mainly due to lower fixed-income securities issuance.
- Product mix toward secured portfolios and asset spread compression partially offset NII with clients growth.
- Non-interest expenses increased 2.4% in the quarter.
- The 2026 effective income and social contribution tax-rate guidance was revised to between 28.0% and 29.0%, reflecting the change in the Long-Term Interest Rate (TJLP) trajectory.
What to watch
- Execution against the revised 2026 effective income and social contribution tax-rate guidance of between 28.0% and 29.0%.
- Whether loan portfolio growth remains led by mortgages, payroll loans, SMEs and Government Program sponsored facilities.
- NII with clients amid secured-product mix and asset spread compression.
- Credit quality trends, including the 1.7% NPL ratio for loans overdue between 15 and 90 days and the 2.0% ratio for loans overdue by more than 90 days.
- The effect of lower fixed-income securities issuance on investment banking revenues.
- Progress in integrated digital products, including Pontos Itaú in the Pix payment journey and Itaú Pay.
Balance sheet and cash flow
- The Common Equity Tier 1 (CET I) ratio reached 12.7%, supported by organic capital generation.
- The Liquidity Coverage Ratio (LCR) ended September at 205.8%, compared with the minimum regulatory requirement of 100%.
- The Net Stable Funding Ratio (NSFR) reached 123.7%, compared with a minimum regulatory requirement of 100%.
- The loan-to-funding ratio was 78.6%.
- Cash, debt, operating cash flow and free cash flow were not reported in the supplied release.
Analysis
Itaú Unibanco reported a recurring managerial result of BRL 12.6 billion in Q3 2026 and recurring ROE of 23.6%. The supplied release also shows a Managerial Result of 12,617, compared with Market Consensus of 12,584, with a stated difference of 0.3%. The release identifies the reporting basis as BRGAAP for the related financial statements and labels the reported profit measure as recurring managerial.
Loan growth continued in the quarter, with the total loan portfolio reaching BRL 1.5 trillion and rising 2.2%¹ quarter over quarter. Mortgages grew +4.4%, payroll loans +3.5%, SMEs +4.2%, and the large corporate portfolio +1.0%. NII with clients increased 2.6%¹, supported by lending volumes, more days in the period and structured-operations revenue in wholesale banking. The bank said secured-product mix and asset spread compression partly offset these benefits.
Risk indicators remained a central feature of the result. Cost of credit totaled BRL 10.4 billion and the annualized cost of credit ratio was 2.7%, described as stable versus the previous quarter. The NPL ratio was 1.7% for loans overdue between 15 and 90 days and 2.0% for loans overdue by more than 90 days. Fee income rose 0.5%¹, with asset management and card issuance growth offset by a decline in investment banking revenues. Non-interest expenses totaled BRL 17.1 billion, up 2.4% in the quarter, mainly reflecting a 4.6% wage adjustment.
Efficiency and balance-sheet indicators were constructive. Brazil's efficiency ratio was 35.7%, compared with 37.1% in the same period last year. CET I reached 12.7%, LCR was 205.8%, NSFR was 123.7%, and the loan-to-funding ratio was 78.6%. The release reported no capital-return, cash, debt, operating-cash-flow or free-cash-flow figures.
For 2026, Itaú revised only its effective income and social contribution tax-rate guidance, to between 28.0% and 29.0%, citing the change in the Long-Term Interest Rate trajectory. Guidance for all other lines remained unchanged, but the underlying numerical ranges for those lines were not included in the supplied release. Investor focus remains on whether loan and NII growth can continue while asset spread compression, secured mix, expense growth and lower investment-banking issuance persist.
Management, verbatim
The consistency of our results reflects a long-term strategy underpinned by disciplined management, responsible credit origination and the quality of our portfolio. We continue to grow profitably while maintaining strong and consistent investments in technology and artificial intelligence, which are essential to expanding our ability to better serve our clients. The acquisition of Neospace and the launch of ia.i represent important steps in this journey, combining intelligence, scale and personalization to transform the financial experience of individuals and corporates. We are building the bank of the future with the same strength and responsibility that underpin our results today.
Milton Maluhy Filho, CEO of Itaú Unibanco
The consistency of our results is supported by the strength of our balance sheet and the discipline with which we manage risk and allocate capital. This foundation enables us to grow responsibly, providing credit that is appropriate to our clients’ needs and repayment capacity. We continue to invest in technology to make the bank more efficient and improve the client experience, earning their preference and building long-lasting relationships. In doing so, our focus remains on sustaining profitability over time
Gabriel Amado de Moura, CFO of Itaú Unibanco
Not in the filing
stated, not guessed- Exact period-end date for Q3 2026.
- GAAP or IFRS net income separate from the recurring managerial result.
- GAAP and non-GAAP revenue, gross profit or gross margin, operating income, net income and EPS.
- Prior-year and prior-quarter absolute figures for recurring managerial result, recurring ROE, total loan portfolio, NII with clients, cost of credit, fee income, non-interest expenses, CET I, LCR, NSFR and loan-to-funding ratio.
- Absolute NII with clients, fee income, asset management revenue, card issuance revenue and investment banking revenue.
- Segment revenue disclosures.
- Operating cash flow, free cash flow, cash and debt balances.
- Share repurchases, dividends and other capital-return figures.
- Numerical 2026 guidance for lines other than the effective income and social contribution tax rate.
- Previous-release outlook needed for a comparison of actual results with prior guidance.
- Exact prior-quarter annualized cost of credit ratio.
- Exact market delinquency rate excluding Itaú for individuals and Corporates.
- Exact period-end balance-sheet date.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is a Form 6‑K earnings release from Itaú Unibanco, a major Brazilian bank listed in the U.S. as ITUB.
Ticker impact
Itaú Unibanco disclosed Q3 2026 earnings with net income of BRL 12.6 bn and revised its 2026 tax‑rate guidance to 28‑29%.
likely downside pressure as updated tax rate guidance may compress earnings.
The new tax‑rate range is higher than prior expectations, updating net margin outlook and could prompt a sell‑off.
Market effects
Brazilian banking sector may see broader valuation pressure if higher tax guidance is viewed as a systemic issue.
Latin America equity markets could react negatively to the tax‑rate revision.
Limited; impact confined to emerging‑market financial stocks.
Counterpoint
Investors might view the tax‑rate update as a temporary accounting change and focus on strong loan‑portfolio growth.
Key entities
- companyItaú Unibanco Holding S.A.
Brazilian bank reporting Q3 2026 results.
