Itaú Unibanco recorded a recurring net profit of R$ 12.4 billion in the second quarter, a 7.8 percent increase compared to the same period last year, according to financial statements published by the bank on Tuesday. Compared to the first quarter of the year, profit grew by 1 percent. Analyst estimates compiled by LSEG had projected a net profit of R$ 12.5 billion.
The credit portfolio of Itaú totaled R$ 1.5 trillion at the end of June, representing a 9.6 percent rise on an annual basis and a 2.7 percent increase from the previous quarter. Default rates for loans over 90 days remained stable at 1.9 percent. The bank reported a credit cost of R$ 10.1 billion, which grew 7.4 percent year-on-year and 1.9 percent compared to the prior three months.
Financial Returns and Guidance
The bank recorded an annualized recurring return on average equity of 24.3 percent for the three months ending in June, up from 23.3 percent a year earlier and down from 24.8 percent in the first quarter of 2026. LSEG compiled projections had anticipated a return of 24.14 percent.
Itaú reiterated nearly all of its annual projections for the year, maintaining expected credit portfolio growth between 5.5 percent and 9.5 percent and credit costs between R$ 38.5 billion and R$ 43.5 billion. The bank revised its forecast for service fee and insurance revenue, now expecting growth between 2 percent and 5 percent, down from the previous target of 5 percent to 9 percent.
