ITAÚ UNIBANCO - Projections
Rhea-AI Summary
Itaú Unibanco has released revised projections for 2024, showing increased growth targets across multiple business segments. The total credit portfolio forecast has been raised to 9.5%-12.5% growth from the previous 6.5%-9.5%. Financial margin with clients is now expected to grow between 5.5%-8.5%, up from 4.5%-7.5%. Commissions and fees growth projection was revised to 5.5%-8.5% from 5.0%-8.0%. Non-interest expenses are projected to grow between 5.0%-8.0%. The company maintains its financial margin with market forecast at R$3.0-5.0 billion and cost of credit between R$33.5-36.5 billion. The effective tax rate remains projected at 29.5%-31.5%.
Positive
- Upward revision of credit portfolio growth target to 9.5%-12.5%
- Increased financial margin with clients growth projection to 5.5%-8.5%
- Higher commission and fees growth forecast to 5.5%-8.5%
Negative
- Higher non-interest expenses growth projection of 5.0%-8.0%
- Substantial cost of credit projection between R$33.5-36.5 billion
News Market Reaction – ITUB
On the day this news was published, ITUB gained 3.45%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SÃO PAULO, Nov. 4, 2024 /PRNewswire/ -- Itaú Unibanco Holding S.A. ("Itaú Unibanco" or "Company"), in compliance with the provisions in Article 157, paragraph 4 of Law No. 6,404/76 and in Resolution No. 44/21 of the Brazilian Securities and Exchange Commission (CVM), informs its stockholders and the market in general that it released as of this date its revised projections for the year 2024 in accordance with item 3 ("Projections") of the Reference Form.
2024 Forecast | Consolidated | Growth on a comparable basis 4 | Reviewed | ||
Total credit portfolio¹ | Growth between | Growth Between | |||
Financial margin with clients | Growth between | Growth between | Maintened | ||
Financial margin with the market | Between | Maintened | |||
Cost of credit² | Between | Maintened | |||
Commissions and fees and results | Growth between | Growth between | Maintened | ||
Non interest expenses5 | Growth between | Growth between | Maintened | ||
Effective tax rate | Between | Maintened | |||
(1) Includes financial guarantees provided and corporate securities; (2) Composed of results from loan losses, impairment and discounts granted; (3) Commissions and fees (+) income from insurance, pension plan and premium bonds operations (-) expenses for claims (-) insurance, pension plan and premium bonds selling expenses; (4) Considers pro forma adjustments in 2023 of the sale of Banco Itaú Argentina; (5) Core expenses below inflation. Calculated based on Brazil core expenses. | |||||
It is important to mention that since July/24 the company has been considering a cost of capital of around
Information on outlooks for the business, projections and operational and financial goals are solely forecasts, based on management's current outlook in relation to the future of Itaú Unibanco. These expectations are highly dependent on market conditions, general economic performance of the country, of the sector and the international markets. Therefore, our effective results and performance may differ from those forecasted in this prospective information.
São Paulo – SP, November 04, 2024.
Gustavo Lopes Rodrigues
Investor Relations Officer
CONTACT:
Itaú Unibanco
Comunicação Corporativa
Phone: (11) 5019-8880 / 8881
E-mail: imprensa@itau-unibanco.com.br
FAQ
What are Itaú Unibanco's (ITUB) revised credit portfolio growth projections for 2024?
What is ITUB's projected financial margin with clients growth for 2024?
What is Itaú Unibanco's (ITUB) cost of credit projection for 2024?
