R$12.3B Q1 profit lifts Itaú Unibanco (NYSE: ITUB) ROE to 24.8%
Rhea-AI Filing Summary
Itaú Unibanco Holding S.A. reported a recurring managerial profit of R$12.3 billion in the first quarter of 2026, with an annualized recurring managerial return on average equity (ROE) of 24.8%. This shows strong profitability for the period.
The total credit portfolio reached R$1.5 trillion, representing 9.0% year-over-year growth excluding foreign exchange effects, supported mainly by government program lending in the corporate segment and growth in mortgages, credit cards, and payroll loans. The NPL ratio over 90 days stayed at 1.9%, indicating stable asset quality.
Non-interest expenses were R$16.2 billion, up 4.8% year-over-year due to higher technology and personnel spending, while the efficiency ratio in Brazil improved to 34.9%, the best historical level for a first quarter. Tier I Capital (CET I) reached 12.0% in March 2026, reflecting comfortable capitalization and liquidity.
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Insights
Q1 2026 shows strong profitability, controlled credit risk, and improving efficiency.
Itaú Unibanco delivered a recurring managerial result of R$12.3 billion in Q1 2026, up 10.4% year-over-year, with ROE of 24.8%. A total credit portfolio of R$1.5 trillion grew 9.0%, led by government-backed corporate lending and expansion in mortgages, credit cards, and payroll loans.
Asset quality remained solid, with the NPL ratio over 90 days stable at 1.9%, supported by a portfolio strategy focused on origination quality and tailoring credit conditions to client profiles. This helps the bank navigate a macroeconomic environment described as demanding caution and discipline in credit.
Operating leverage appears favorable: non-interest expenses increased 4.8% to R$16.2 billion, while the efficiency ratio in Brazil improved to 34.9%, its best historical first-quarter level. Tier I Capital (CET I) of 12.0% at March 2026 indicates comfortable capitalization, giving room to sustain growth and ongoing technology investments, as highlighted by management.
Key Figures
Recurring managerial profit: R$12.3 billion
Recurring ROE: 24.8%
Total credit portfolio: R$1.4827 trillion
+5 more
8 metrics
Recurring managerial profit
R$12.3 billion
Q1 2026; up 10.4% vs Q1 2025
Recurring ROE
24.8%
Annualized recurring managerial return on average equity, Q1 2026
Total credit portfolio
R$1.4827 trillion
Q1 2026; 9.0% YoY growth excluding FX
NPL ratio over 90 days
1.9%
Total portfolio, Q1 2026; stable vs Q4 2025 and Q1 2025
Non-interest expenses
R$16.2 billion
Q1 2026; 4.8% higher year-over-year
Efficiency ratio Brazil
34.9%
Q1 2026; best historical first-quarter level
Tier I Capital (CET I)
12.0%
Capital ratio as of March 2026
Client financial margin growth
4.5%
Year-over-year increase in financial margin with clients
Key Terms
recurring managerial result, return on average equity, NPL ratio, Tier I Capital (CET I), +2 more
6 terms
recurring managerial result financial
"the bank recorded a recurring managerial result of R$12.3 billion"
return on average equity financial
"annualized recurring managerial return on average equity (ROE) of 24.8%"
Return on average equity (ROAE) measures how much profit a company generates for its shareholders’ invested capital over a period, calculated by dividing net profit by the average shareholder equity during that period. It matters to investors because it shows how efficiently management turns owners’ money into earnings—like how much bread a baker bakes from the same oven space—helping compare profitability across companies and track performance over time.
NPL ratio financial
"The NPL ratio (over 90 days) ended the quarter at 1.9%"
The NPL ratio measures the share of a lender’s loans that are not being repaid on schedule — loans that are overdue or in default — expressed as a percentage of total loans. Investors use it like counting rotten apples in a fruit basket: a higher percentage signals greater credit stress and potential losses, which can hurt a bank’s profits, capital strength and future lending ability.
Tier I Capital (CET I) financial
"Tier I Capital (CET I) reached 12.0% in March 2026"
efficiency ratio financial
"The efficiency ratio reached 34.9% in Brazil, the best historical level"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
government program lending financial
"growth in the credit portfolio ... was driven by government program lending"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How much profit did Itaú Unibanco (ITUB) generate in Q1 2026?
Itaú Unibanco reported a recurring managerial profit of R$12.3 billion in Q1 2026. This result was 10.4% higher than the R$11.1 billion recorded in Q1 2025, reflecting strong operating performance and contributing to a 24.8% annualized return on average equity.
What was Itaú Unibanco (ITUB)’s ROE in the first quarter of 2026?
Itaú Unibanco posted an annualized recurring managerial ROE of 24.8% in Q1 2026. This compares to 22.5% a year earlier, an increase of 2.3 percentage points, indicating improved profitability on shareholders’ equity alongside expanding credit volumes and stable asset quality.
How did Itaú Unibanco (ITUB)’s credit portfolio perform in Q1 2026?
The total credit portfolio reached R$1.48 trillion in Q1 2026. Excluding foreign exchange effects, this represented 9.0% year-over-year growth, driven by government program lending in the corporate segment and higher volumes in mortgages, credit cards, and payroll loans in the individual segment.
What was Itaú Unibanco (ITUB)’s NPL ratio in the first quarter of 2026?
The NPL ratio over 90 days remained at 1.9% in Q1 2026. This level was stable versus both Q4 2025 and Q1 2025, reflecting a more balanced portfolio composition, focus on origination quality, and disciplined credit conditions tailored to client profiles.
How did Itaú Unibanco (ITUB)’s costs and efficiency evolve in Q1 2026?
Non-interest expenses totaled R$16.2 billion, up 4.8% year-over-year in Q1 2026. The increase mainly reflected higher technology and personnel expenses, while the efficiency ratio in Brazil improved to 34.9%, the best historical level for a first quarter, indicating stronger cost efficiency.
What was Itaú Unibanco (ITUB)’s capital position at the end of Q1 2026?
Tier I Capital (CET I) reached 12.0% in March 2026. Management highlighted this as a comfortable capitalization and liquidity level, supported by organic capital generation and a prudent capital policy, helping the bank sustain operations and investment through different economic cycles.
| UNITED STATES | |||||||||||
| SECURITIES AND EXCHANGE COMMISSION | |||||||||||
| Washington, D.C. 20549 | |||||||||||
| FORM 6-K | |||||||||||
| Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 | |||||||||||
| For the month of May, 2026 | |||||||||||
| Comission File Number: 001-15276 | |||||||||||
| Itaú Unibanco Holding S.A. | |||||||||||
| (Exact name of registrant as specified in its charter) | |||||||||||
| Itaú Unibanco Holding S.A. | |||||||||||
| (Translation of Registrant’s Name into English) | |||||||||||
| Praça Alfredo Egydio de Souza Aranha, 100 - Torre Conceição | |||||||||||
| CEP 04344-902 São Paulo, SP, Brazil (Address of principal executive office) | |||||||||||
| Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. | |||||||||||
| Form 20-F ☒ | Form 40-F ☐ | ||||||||||
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): | |||||||||||
| Yes ☐ | No ☒ | ||||||||||
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): | |||||||||||
| Yes ☐ | No ☒ | ||||||||||
| Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. | |||||||||||
| Yes ☐ | No ☒ | ||||||||||
| If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): | |||||||||||
| 82– __________________ | |||||||||||
EXHIBIT INDEX
| 99.1 | ITAÚ UNIBANCO - Announcement to the Market - Press Release 1Q26 | ||||||||||
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| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||||||||||||||
| Date: May 5, 2026. | ||||||||||||||
Itaú Unibanco Holding S.A. By: /s/ Gustavo Lopes Rodrigues Name: Gustavo Lopes Rodrigues Title: Investor Relations Officer. | ||||||||||||||
Itaú Unibanco reports profit of R$12.3 billion and ROE¹ of 24.8% in the first quarter of 2026 The result reflects consistent execution. Profitability is driven by portfolio quality and revenue diversification São Paulo, May 5th 2026 | Itaú Unibanco announced its results today for the first quarter of 2026. In the period, the bank recorded a recurring managerial result of R$12.3 billion, with an annualized recurring managerial return on average equity (ROE) of 24.8%. The total credit portfolio reached R$1.5 trillion in the first quarter and the evolution of Itaú's credit quality indicators is in line with or better than the bank's historical seasonality. 1Q26 Highlights: The 9.0% year-over-year growth in the credit portfolio (excluding the effect foreign exchange variation), was driven by government program lending in the corporate segment. In the individual segment, highlights included the growth of Mortgage loans (+11.2%), a product in which we are the largest private-sector bank, the growth in Credit Cards loans (+8.2%), and the growth in Payroll loans (+6.1%), especially Private payroll loans, which increased by 63% in the period. Financial margin with clients grew 4.5% year-over- year, driven by portfolio growth, higher margins on liabilities, and an improved product mix. The NPL ratio (over 90 days) ended the quarter at 1.9%, remaining stable. Over recent years, Itaú has calibrated the composition of its portfolio with a focus on origination quality and on tailoring credit conditions to each client's profile. This process resulted in a more balanced portfolio with lower exposure to stress cycles. The stability of delinquency indicators in a challenging macroeconomic environment reinforces the robustness of the credit policy and the discipline in risk management. Commissions and fees and result from insurance operations increased by 5.3% year-over-year, driven by higher asset management revenues and increased investment banking and brokerage volumes. Additionally, the 17.2% advance in insurance results was driven by higher earned premiums. During the quarter, the bank continued to advance its operational efficiency agenda and investments in technology. The retail transformation strategy remains in execution, with the evolution of the digital offering, the strengthening of the advisory service model, and the reorganization of the physical presence toward segments and journeys where in-person service adds value. ¹ Recurring return on average equity ² Includes financial guarantees provided and private securities. 1Q26 4Q25 1Q25 Recurring Managerial Result (R$ million) 12,282 12,317 -0.3% 11,128 10.4% Annualized Recurring Managerial Return on Average Equity (%) 24.8% 24.4% 0.4 p.p 22.5% 2.3 p.p. Total Credit Portfolio (excluding the effect of FX variation)² (R$ billion) 1,482.7 1,465.3 1.2% 1,360.2 9.0% NPL ratio (90 days overdue) – Total (%) 1.9% 1.9% stable 1.9% stable "We began 2026 in a scenario that demands caution and discipline in credit. At Itaú Unibanco, we maintained our strategy of responsibly growth, ensuring that the quality of our portfolio upholds the standards that have historically defined us. In recent cycles, we have anticipated adjustments to protect our clients during the most challenging moments. It is this preventive approach that gives us confidence today to continue supporting families and businesses, sustaining responsible growth and providing the necessary support at any stage of the economic cycle." Milton Maluhy Filho Itaú Unibanco’s CEO
Non-interest expenses totaled R$16.2 billion, up 4.8% year-over-year. This increase mainly reflects higher technology spending, driven by increased cloud processing volumes and systems development. The increase in personnel expenses is explained by the effects of the collective wage labor agreement and higher profit sharing, related to the bank's improved financial performance. The efficiency ratio reached 34.9% in Brazil, the best historical level for a first quarter. Itaú ended the quarter with comfortable levels of capitalization and liquidity. Tier I Capital (CET I) reached 12.0% in March 2026, supported by organic capital generation and a prudent capital policy. Reinforcing its commitment to transparency and sound corporate governance practices, Itaú Unibanco published its 2025 Integrated Annual Report and its 2025 ESG Report, which provide a comprehensive view of the bank's strategy, performance, and economic, social, and environmental impacts. The reports are available at: https://www.itau.com.br/relacoes-com- investidores/en/results-and-reports/integrated-annual-report/ More information on Itaú Unibanco's results is available on the Itaú Unibanco Investor Relations website: http://www.itau.com.br/investor-relations Comunicação Corporativa – Itaú Unibanco imprensa@itau-unibanco.com.br "The quarter's results reflect the consistent execution of the bank's strategy, with solid operating performance, preservation of portfolio quality, and continued advances in efficiency. We maintained comfortable levels of capital and liquidity, supported by rigorous risk management, provisions consistent with the current environment, and structural investments, especially in technology. This combination sustains the resilience of our results and the bank's ability to operate with consistency across different stages of the economic cycle.” Gabriel Amado de Moura Itaú Unibanco’s CFO