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Itaú Unibanco
Itaú Unibanco (ITUB4) investor relations material
Itaú Unibanco Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Consolidated net income reached BRL 46.8 billion in 2025, up 13.1% from 2024, with recurring managerial result of BRL 12.3 billion in 4Q25, and value creation doubling to BRL 18.5 billion since 2021.
ROE was 24.4% consolidated in 4Q25 (27.3% in Brazil), with a full-year consolidated ROE of 23.4%; payout ratio was 72% with BRL 33.7 billion distributed in dividends and interest on equity.
Efficiency ratio improved to 38.9% consolidated and 36.9% in Brazil, reflecting strong cost discipline and operational scalability.
Record client satisfaction with all-time high NPS and eNPS scores, and leadership in key market surveys.
Nonperforming loans (NPL 90) remained stable at 1.9% consolidated and 2.0% in Brazil.
Financial highlights
Loan portfolio reached BRL 1,490.8 billion, growing 6.3% quarter-over-quarter and 6% year-over-year; excluding FX, annual growth was 7.3%.
Operating revenues for 2025 totaled BRL 184.4 billion, up 9.1% year-over-year.
Financial margin with clients grew 1.5% quarter-over-quarter and 12.1% year-over-year to BRL 121.1 billion in 2025.
Commissions, fees, and insurance results totaled BRL 15.6 billion in 4Q25, up 5.9% quarter-over-quarter and 9.1% year-over-year; full-year commissions and fees reached BRL 46.9 billion.
Asset management AUM reached BRL 4.1 trillion, with record net inflows of BRL 156 billion, up 49% year-over-year.
Insurance, pension, and premium bonds results grew 1.9% quarter-over-quarter and 17% year-over-year; recurring earnings up 130% since 2021.
Credit costs were BRL 9.4 billion for the quarter (2.6% of portfolio), and BRL 36.6 billion for 2025, up 6.1% year-over-year.
Outlook and guidance
2026 guidance: total credit portfolio growth of 5.5%-9.5% (Brazil: 6.5%-10.5%), NII with clients up 5%-9%, cost of credit BRL 38.5-43.5 billion, commissions/fees/insurance up 5%-9%, non-interest expenses up 1.5%-5.5%, and effective tax rate 29.5%-32.5%.
Macroeconomic assumptions: GDP growth 1.9%, Selic at 12.75% by year-end, inflation near 4%, and slight uptick in unemployment.
Management remains cautious due to election-year volatility but is prepared to adjust guidance as conditions evolve.
Drivers for 2026 market margin guidance?
Impact of specific client sale on NPLs and Stage 3?
How are efficiency gains offsetting rising personnel costs?
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Next Itaú Unibanco earnings date
Q1 20266 May, 2026
Itaú Unibanco
Next Itaú Unibanco earnings date
Q1 20266 May, 2026
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Frequently asked questions
Itaú Unibanco Holding S.A. provides a range of financial products and services in Brazil and internationally, providing customers the opportunity to reach financial success. The company's segment consists of Automobile and Insurance; Capital Markets; Real Estate, Loans, Leasing and Credit; Small and Medium Businesses; Retail Finance; Private Financial Services, Institutional Asset Management of Private Equities (IAM) & Private Integration (PI); Consumer Finance; Corporate Information Solutions and Innovation, among others. Itaú Unibanco Holding S.A. is based in São Paulo, Brazil.
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