Itaú Unibanco Holding S.A.

What it is

Itaú Unibanco is Brazil’s biggest private bank and the largest financial group in Latin America by market value. It serves individuals, small businesses and large corporations with everything from current accounts and credit cards to investment banking, insurance and asset management.

The bank was formed in 2008 when Banco Itaú merged with Unibanco, a rival controlled by the Moreira Salles family. The combined group kept both names in the holding company but now uses only the Itaú brand.

Who owns it

Control sits with two Brazilian families through a joint holding structure: the Moreira Salles family and the Setubal/Villela family, heirs of Itaú’s founders. Together they hold the majority of voting shares, with insiders and controlling parties accounting for roughly 91% of the company per the structured data — a very high concentration typical of Brazilian banks.

The remaining free float is small, and institutional investors hold only about 1.8%. The bank’s preferred shares (ITUB4) trade more actively than the common shares (ITUB3), a common structure in Brazil where control is separated from liquidity.

Who runs it

Milton Maluhy Filho has been the chief executive officer since 2021, after holding senior roles across the bank’s retail and wholesale divisions. The chairman of the board is Pedro Moreira Salles, a member of the founding family of Unibanco and one of Brazil’s most influential bankers.

The leadership structure reflects the merger’s balance: the Moreira Salles family holds the chair, while executive management has rotated between professionals from both legacy banks. The CFO role is held by Alexsandro Broedel, who oversees the bank’s financial reporting and capital position.

The money, in plain words

Itaú keeps about 33 cents of profit from every real of revenue — a net profit margin of 32.6%, exceptionally high for any bank. For every real shareholders have invested, the bank earns about 21.5 cents a year — a return on equity of 21.5%, among the best in global banking.

The market values the bank at R$ 514.7 billion (US$ 99.9 billion), and the shares trade at about 11 times annual earnings. The dividend yield is 6.4%, meaning investors receive roughly R$ 6.40 (US$1)a year for every R$ 100 (US$19)of shares they own.

Revenue has grown from R$ 306.6 billion (US$59.5 bn) in 2023 to R$ 384.6 billion (US$74.7 bn) in 2025, a rise of about 25% over two years (our calculation). Net profit grew from R$ 33.1 billion (US$6.4 bn) to R$ 44.9 billion (US$8.7 bn) over the same period, up about 35%.

What it is doing now

The bank is pushing hard into digital banking through its Itaú app and the iti digital wallet, competing with fintechs like Nubank for younger customers. It has also been expanding its wholesale and investment banking operations across Latin America, particularly in Chile, Colombia and Uruguay.

In recent quarters, management has emphasised cost control and credit quality, keeping loan-loss provisions steady while growing fee income from asset management and insurance. The bank has also been returning capital to shareholders through buybacks and dividends.

What to watch

The main risk is Brazil’s interest-rate cycle: high rates boost lending margins but also raise default risk for borrowers. A sharp economic slowdown would pressure the bank’s loan book, especially in consumer credit.

Competition from digital banks is the structural challenge. Itaú’s response — building its own digital channels while defending its branch network — will determine whether it keeps its profitability edge or cedes ground to lower-cost rivals.

This is news, not investment advice.