Itaú Unibanco Holding S.A.

Recurring net income was BRL 12.4 billion, up 7.8% year over year and 1% versus the prior quarter. Consolidated ROE was 24.3% and Brazil ROE was 25.7%; on a CET1-adjusted basis, consolidated ROE would have been 25.1% and Brazil ROE 26.7%. The loan portfolio reached BRL 1.522 trillion, up 2.7% quarter over quarter and nearly 10% year over year. NII with clients was BRL 32.6 billion, up 3.3% quarter over quarter and 5% year over year. Risk-adjusted NIM was 6.2% consolidated and 6.7% in Brazil. NII with the market was BRL 900 million. CET1 was 12.3%, up 30 bps versus March, and efficiency ratio was 35.5% in Brazil and 37.4% consolidated. Cost of credit was BRL 10.1 billion and the cost of credit ratio was 2.7% of the portfolio. Management maintained guidance for loan growth, NII with clients, NII with the market, cost of credit and noninterest expenses, but revised commissions/fees and insurance growth to 2% to 5% from an earlier 5% to 9% range.

Milton Maluhy Filho’s message was that the bank is delivering disciplined growth without sacrificing credit quality or returns. He emphasized that the strategy is to grow in resilient segments, deepen client relationships, and keep capital allocation strict, even if that means giving up some market share when pricing is unattractive. His tone was confident but measured, repeatedly framing the quarter as evidence of consistency rather than one-off strength.

Milton highlighted that the bank generated BRL 12.4 billion of recurring net income with strong returns, while CET1 improved to 12.3% after 0.8% capital generation from earnings retention and only modest reductions from dividends and risk-weighted assets. He pointed to BRL 1.1 billion of total NII growth in the quarter, including BRL 3.9 billion in working capital, and said risk-adjusted NIM reached 6.2%, up 10 bps sequentially. On expenses, he cited 3.1% year-over-year growth, a 35.5% efficiency ratio in Brazil, and said the bank remains comfortable with its capital position and even expects the usual discussion on additional dividends at the start of next year.

Analysts pressed on why NII with clients was running below the low end of guidance and what could drive acceleration in the second half; management said portfolio growth, liability margin dynamics, working capital, and structured operations could create more volatility but still support the range. Questions also focused on the sustainability of growth in SMEs, private payroll loans, and mortgages; management said these businesses remain attractive, but growth will depend on disciplined pricing, funding, and macro conditions. On fees and insurance, management explained the guidance cut was tied to lower-than-expected economic activity and moderation in some lines, while stressing that the bank is still prioritizing higher-quality, more sustainable revenue mix.