Itaú profits R$12.6 billion in 3Q26 with expanding credit and rising financial margin

Itaú Unibanco (ITUB4) presented, in the 3rd quarter of 2026, a recurring managerial profit of R$12.6 billion, according to InfoMoney. The balance sheet was released after the closing bell on Tuesday (3), and the result was close to what the market expected, although the analysis houses read the numbers a little differently.

According to InfoMoney, the median of analysts consulted by Reuters was the same, at R$12.6 billion, that is, a result in line with expectations. The Money Times, citing the Bloomberg consensus, recorded an estimated average profit of R$12.714 billion, which would leave the number slightly below. Before the disclosure, Bradesco BBI projected a profit of R$12.5 billion.

In the annual comparison, profit rose 6.2%, according to InfoMoney, while Money Times pointed to an increase of 6.7% and an increase of 2.5% compared to the second quarter. The managerial financial margin reached R$34.6 billion, with growth of 7.8% in twelve months. The margin with customers rose 6.6% and reached approximately R$33.3 billion. The market margin reached R$1.3 billion, growing 46.9%. Net extraordinary items were R$291 million, linked to the reorganization of Itaú's retail in Colombia, and R$133 million were goodwill amortization.

The credit side shows expansion with points of attention. The portfolio reached R$1.544 trillion, an increase of 10.2% in twelve months and 1.4% in the quarter, and the portfolio in Brazil grew 10.9% in the same annual period. The delay rate above 90 days was 2.0%, compared to 1.9% in both the third quarter of 2025 and the second of 2026. Credit expenses totaled R$10.4 billion, rising 2.7% compared to the previous quarter and 10.2% compared to a year before. Also according to InfoMoney, the annualized ROE was 23.6%, above Goldman Sachs' estimate of 23.3%, and the efficiency ratio fell to 37.5%, compared to 38.8% in 3Q25.

In service revenues, there was a decline of 0.1% in the annual comparison, to R$11 billion, while insurance revenue increased by 2%, reaching something close to R$3.5 billion. The physical network decreased: in September, the bank had 2,180 branches and posts, compared to 2,617 twelve months earlier and 2,210 at the end of June. The main capital index was 12.7%, against 13.5% a year before, and assets exceeded R$3.3 trillion.

Regarding targets, the bank maintained its forecasts: the credit portfolio should grow from 5.5% to 9.5%, and the cost of credit should be in the range of R$38.5 to 43.5 billion.

What changes for the investor

For those who follow ITUB4, the balance sheet shows a bank that is growing in portfolio and margin, with better efficiency, but with a rising cost of credit and lower principal capital than a year ago. As profit was close to estimates, market reading tends to focus on the quality of this growth, defaults and the consistency of projections. The investor can monitor whether efficiency and margin are sustained in the coming quarters and whether the cost of credit remains within the range projected by the bank. This article does not provide a purchase or sale recommendation.

Automatically translated from Portuguese.