Itau Unibanco SEC Filings

Itaú Unibanco Holding S.A. furnished a Form 6-K to provide the updated 2024 Brazilian Reference Form (version V12) as of 12/31/2024. The document details 2026 projections prepared under BRGAAP, covering the loan portfolio, client and market financial margins, cost of credit, commissions and fees plus insurance results, non-interest expenses, and the effective income tax and social contribution rate.

Management explains that guidance for fiscal year 2026 aligns with the internal budget, may be revised if macroeconomic or regulatory conditions change, and explicitly remains valid on the submission date. The bank highlights a cost of capital of around 15.0% per year used in managing its businesses and explains reclassifications used to adjust the 2025 income statement for comparability with the 2026 guidance.

The filing also summarizes past projections for 2023–2025 and gives reasons for deviations, mainly foreign-exchange effects on the loan book and changes in loan demand. It provides capital distribution data as of April and December 2025, including 5,805,825,958 outstanding shares split between common and preferred stock, key ownership positions such as BlackRock and GQG Partners, the controlling shareholder structure, and detailed biographies and roles of board, executive and fiscal council members.

Itaú Unibanco Holding S.A. reports solid 2025 IFRS results with higher profitability, disciplined costs and active capital management. Net income reached R$45.8 billion, up 8.8% from 2024, while the recurring result grew 9.5% to R$45.4 billion, supported by strong credit and fee performance.

Net interest income rose 8.6% to R$120.0 billion, driven by higher loan revenues and financial assets at amortized cost. The total credit portfolio reached about R$1.5 trillion, expanding across individual, corporate and Latin American operations. The efficiency ratio improved 70 bps to 38.8% as general and administrative expenses fell 0.3%.

Profitability remained high, with reported ROE at 21.6% and recurring ROE at 21.8%. Net income per share rose 9.4% to R$4.05, while dividends and interest on capital for 2025 totaled R$23.4 billion, equivalent to R$2.87 per share, and a 3% bonus share issue was approved.

The board authorized cancellation of 78.9 million preferred shares (R$3.0 billion) and renewed a buyback program for up to 200 million preferred shares through August 2027. Itaú also exercised call options on Tier 2 subordinated instruments totaling R$3.6 billion and US$500 million, modestly reducing its Tier 2 capital ratio.

The bank highlighted digital initiatives such as a Global Account within its SuperApp and an SME relationship program, alongside ESG actions including an “A” rating from CDP, a new ESG Partner seal for sustainable real estate, and R$867.6 million in private social investment. Independent auditors issued an unqualified opinion on the 2025 consolidated IFRS financial statements.

Itaú Unibanco Holding S.A. reports strong capital and liquidity in its Q4 2025 Pillar 3 risk and capital management disclosure. On December 31, 2025, the Common Equity Tier 1 ratio was 12.3%, Tier 1 ratio 13.8% and total capital ratio 15.2%, all above regulatory minimums.

Total capital reached R$ 228,589 million against risk-weighted assets of R$ 1,505,475 million, leaving around R$ 108,151 million of excess capital, equivalent to 7.2 percentage points above the 8% minimum. The Basel III leverage ratio was 7.0%.

Liquidity was also robust, with average high-quality liquid assets of R$ 389.7 billion and a Liquidity Coverage Ratio of 215.0%, plus a Net Stable Funding Ratio of 124.8%. The report details a comprehensive risk governance structure, stress testing, recovery and resolution planning, and a board-approved risk appetite framework covering capital, liquidity, earnings stability, operational risk, reputation and clients.

Itaú Unibanco delivered solid 4Q25 and full-year 2025 results, combining growth with disciplined risk and efficiency. Recurring managerial result reached R$12.3 billion in 4Q25, up 3.7% versus 3Q25 and 13.2% year-on-year, while 2025 recurring managerial result totaled R$46.8 billion, a 13.1% increase over 2024. Annualized recurring managerial return on average equity was 24.4% in 4Q25 and 23.4% for 2025, with operations in Brazil reaching 24.6%.

The total credit portfolio including financial guarantees and private securities rose to R$1.49 trillion, up 6.0% year-on-year, with broad-based growth across individuals, very small, small and middle-market, and corporate segments, and expansion in Latin America. Asset quality remained strong: the consolidated nonperforming loans ratio over 90 days stayed at 1.9%, while cost of credit was R$36.6 billion in 2025, up 6.1%, keeping the cost of credit over portfolio at 2.6%.

Operating revenues grew 9.1% in 2025, supported by a 12.1% rise in financial margin with clients and a 6.3% increase in commissions, fees and insurance results. The efficiency ratio improved to 38.8% on a consolidated basis and 36.9% in Brazil. Capital and liquidity stayed comfortable, with a 15.2% BIS ratio, 12.3% Common Equity Tier I, 215.0% Liquidity Coverage Ratio and 124.8% Net Stable Funding Ratio. For 2026, the bank guides for mid-to-high single-digit credit growth, continued expansion of financial margin with clients and commissions, and cost of credit between R$38.5 billion and R$43.5 billion.

Itaú Unibanco Holding S.A. reports strong 4Q25 and 2025 performance with a recurring managerial result of R$12.3 billion in 4Q25, up 13.2% year over year, and R$46.8 billion in 2025, up 13.1% from 2024. Recurring managerial ROE reached 24.4% in 2025, with 26.0% in Brazil. The total credit portfolio was R$1,490.8 billion at December 31, 2025, rising 6.0% versus a year earlier. Cost discipline continued, with the 4Q25 efficiency ratio at 38.8% consolidated and 36.9% in Brazil. The bank also provides 2026 guidance, targeting mid‑single to high‑single‑digit growth in credit and commissions, cost of credit between R$38.5–43.5 billion, and an effective tax rate between 29.5% and 32.5%.

Itaú Unibanco Holding S.A. approved a new stock buyback program after ending its previous one early. The new program runs from February 4, 2026 through August 4, 2027 and authorizes repurchases of up to 200,000,000 preferred shares, about 3.74% of the 5,349,627,055 preferred shares in free float as of December 31, 2025.

The bank plans to use the repurchased shares both to serve employee and management compensation and incentive plans and to cancel shares. Management highlights potential effects such as higher dividends per share and increased ownership percentages for remaining shareholders, using significant capital and revenue reserves while stating confidence that obligations to creditors and mandatory dividends will still be met.

Itaú Unibanco Holding S.A. is updating and formalizing the rules that govern its Audit Committee for the entire financial conglomerate. The revised regulations define the committee’s composition, independence requirements, term limits, meeting frequency, and compensation rules, including the need for at least one financial expert.

The document clarifies the committee’s responsibilities over financial statements, internal controls, risk management, compliance, internal audit, and independent auditors. It also details procedures for handling whistleblower reports, fraud and error notifications to Brazilian regulators, oversight of foreign subsidiaries’ audit committees, and annual reporting obligations to the Board of Directors and supervisory authorities.

Itaú Unibanco Holding S.A. reports board and committee governance changes and approves updated internal rules. Co‑chairman Pedro Moreira Salles resigns from several board committees, with Roberto Egydio Setubal, Candido Botelho Bracher and Paulo Antunes Veras taking over as chairmen of the Strategy, Appointments and Corporate Governance, and Personnel Committees, respectively.

Committee memberships are rebalanced, while other committees remain unchanged. The board also approves a new Internal Charter of the Board of Directors and updated Audit Committee Regulations, detailing board composition, meeting rules, conflict‑of‑interest standards, and the Audit Committee’s oversight of financial reporting, internal controls, risk management and independent auditors.

Itaú Unibanco Holding S.A. reported a recurring managerial result of R$46.8 billion in 2025, up 13.1% from 2024, with return on equity of 23.4%, an increase of 120 basis points. The total adjusted loan portfolio reached R$1.49 trillion, growing 6.0% and helping expand the financial margin with clients by 12.1%.

Asset quality remained strong, with the 90-day non-performing loan ratio at 1.9%, improving 10 basis points versus 2024 and at the best historical level for individuals in Brazil. The bank operated an investment ecosystem administering, managing, or holding in custody around R$4.1 trillion in assets and saw insurance results advance 17.0%.

Non-interest expenses rose 7.5% to R$66.8 billion, reflecting technology investments and wage negotiations, while the efficiency ratio in Brazil improved to 36.9% in the fourth quarter. Tier I capital (CET I) ended at 12.3%. The company distributed R$33.7 billion in dividends and interest on capital in 2025, corresponding to a 72.0% payout.