BRAZIL · MARKETS
Key Facts
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
- What is happening Itaú Unibanco posted third-quarter recurring net income of 12.6 billion reais (about US$2.3 billion) on Tuesday, 3 November, up 6.2% from a year earlier.
- Why it matters Return on equity slipped to 23.6% from 24.3% in the second quarter, yet one of Brazil’s biggest banks still earns more than 23% on shareholder capital.
- The numbers Credit portfolio of 1.544 trillion reais (about US$281 billion), loans over 90 days overdue at 2.0%, and cost of credit of 10.4 billion reais (about US$1.9 billion).
- Who is who Itaú Unibanco is a São Paulo lender led by chief executive Milton Maluhy Filho; its American depositary receipts trade in New York as ITUB.
- What to watch Whether overdue loans, 2.0% of the portfolio against 1.9% in June, stay inside the 2026 cost-of-credit range of 38.5 billion to 43.5 billion reais (about US$7.0 billion to US$7.9 billion).
- What it means for you US holders of ITUB receipts see steady profit and mostly unchanged 2026 guidance; the real stood at 5.4935 per US dollar on 3 November, and the share price reaction is unconfirmed.
Itaú Unibanco earned 12.6 billion reais (about US$2.3 billion) in the third quarter. That is 6.2% more than a year earlier.
Itaú Unibanco, one of Brazil’s biggest private banks, posted recurring net income of 12.6 billion reais (about US$2.3 billion). The third-quarter result is 6.2% above 2025 and came out on Tuesday, 3 November.
Return on equity, which compares profit with shareholder capital, was 23.6%. The bank’s American depositary receipts trade in New York as ITUB, so the figures reach US investors directly.
What Itaú Reported
The profit figure Itaú headlines is recurring managerial net income, the measure it uses each quarter. It was 12.617 billion reais (about US$2.3 billion), against 11.9 billion reais (about US$2.2 billion) a year earlier.
That is about 1.7% above the second quarter, when Itaú earned 12.4 billion reais (about US$2.3 billion). Profit has risen every quarter this year, from 12.3 billion reais (about US$2.2 billion) in the first.
Return on equity has slipped over the same period, from 24.8% to 24.3% and now 23.6%. A year ago it stood at 23.3%.
The managerial financial margin was 34.6 billion reais (about US$6.3 billion), up 7.8% on a year earlier. It is roughly the gap between what the bank earns on loans and pays for funds.
Loans and Credit Quality
Itaú’s total credit portfolio stood at 1.544 trillion reais (about US$281 billion) at the end of September. In Brazil it grew 10.9% from a year earlier.
Loans more than 90 days overdue were 2.0% of the portfolio, up from 1.9% in June. The cost of credit, money set aside for loans that may go bad, was 10.4 billion reais (about US$1.9 billion).
That cost equals about 2.7% of the portfolio on an annual basis, unchanged from the previous quarter. The bank also booked a one-off charge of 291 million reais (about US$53 million) for restructuring in Colombia.
Guidance for 2026
Itaú kept its main 2026 ranges. It expects the total credit portfolio to grow between 5.5% and 9.5% this year.
It also expects the cost of credit to land between 38.5 billion and 43.5 billion reais (about US$7.0 billion to US$7.9 billion). Reports say the only change was a lower range for the effective tax rate.
What It Means for US Readers
US holders of the ITUB receipts see a bank that earns more than 23% on equity while keeping its guidance. Profit growth is steady rather than fast, at 6.2% over a year.
Dollar returns also depend on the real. The central bank’s Ptax rate was 5.4935 reais per US dollar on Tuesday, 3 November, and every US$ figure here uses it.
Related Rio Times coverage includes Itaú’s cut to its Brazil growth forecast and the central bank’s financial stability report. Background is in Brazil explained, Brazil’s economy explained, the São Paulo city guide and the Brazil hub.
What Is Not Known
Itaú’s share price reaction on Wednesday, 4 November is not confirmed from the exchange. Whether the quarter beat or missed market expectations is not established, because no consensus figure has two confirming sources.
No dividend or interest-on-capital payout for the quarter is confirmed here. Some other figures, such as the capital ratio, have only one source and are left out.
Frequently Asked Questions
How much did Itaú Unibanco earn in the third quarter?
Recurring net income was 12.6 billion reais (about US$2.3 billion), up 6.2% from a year earlier. It was released on Tuesday, 3 November.
What was Itaú’s return on equity?
Return on equity was 23.6%, down from 24.3% in the second quarter. It was 23.3% a year earlier.
Did Itaú change its 2026 guidance?
Mostly no, with credit growth still at 5.5% to 9.5%. Cost of credit stays at 38.5 billion to 43.5 billion reais (about US$7.0 billion to US$7.9 billion).
Can US investors buy Itaú shares?
Itaú’s American depositary receipts trade in New York as ITUB. This article is not investment advice.
Sources: Itaú Unibanco investor relations, results centre (third-quarter 2026 results, 3 November 2026); Itaú Unibanco, second-quarter 2026 results release; Itaú Unibanco, first-quarter 2026 results kit; Banco Central do Brasil, the central bank, Ptax rate of 5.4935 reais per US dollar on 3 November 2026 (accessed 4 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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