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Itau Unibanco
(NYSE:ITUB)
Itau Unibanco (ITUB) vs. SPDR S&P 500 ETF (SPY)
Itau Unibanco Business Overview & Revenue Model
Itau Unibanco Earnings Call Summary
Itau Unibanco Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 315.91B | 325.85B | 306.63B | 253.12B | 191.49B | 173.58B |
| Gross Profit | 126.81B | 129.10B | 116.82B | 108.23B | 108.18B | 75.57B |
| EBITDA | 57.18B | 54.00B | 45.35B | 41.49B | 46.46B | 8.96B |
| Net Income | 44.35B | 41.09B | 33.10B | 29.21B | 26.76B | 18.90B |
Balance Sheet | ||||||
| Total Assets | 2.97T | 2.85T | 2.54T | 2.32T | 2.07T | 2.02T |
| Cash, Cash Equivalents and Short-Term Investments | 343.56B | 637.43B | 615.43B | 577.22B | 517.40B | 570.11B |
| Total Debt | 981.74B | 905.63B | 814.62B | 721.40B | 574.07B | 577.99B |
| Total Liabilities | 2.74T | 2.63T | 2.34T | 2.14T | 1.90T | 1.86T |
| Stockholders Equity | 214.92B | 211.09B | 190.18B | 167.72B | 152.86B | 142.99B |
Cash Flow | ||||||
| Free Cash Flow | 3.79B | -98.15B | 68.30B | 121.14B | 51.02B | 54.18B |
| Operating Cash Flow | 7.50B | -96.32B | 77.49B | 129.63B | 60.11B | 59.49B |
| Investing Cash Flow | 21.84B | 6.97B | -31.23B | -73.27B | -4.84B | 753.00M |
| Financing Cash Flow | -12.03B | 81.69B | -22.45B | -31.71B | -31.46B | -13.55B |
Itau Unibanco Technical Analysis
Itau Unibanco Risk Analysis
Itau Unibanco Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $74.83B | 10.18 | 19.90% | 5.91% | 11.82% | 3.41% | |
72 Outperform | $35.64B | 10.39 | 11.78% | 1.80% | 5.89% | 34.68% | |
71 Outperform | $18.83B | 14.76 | 21.29% | 5.63% | -11.64% | -8.75% | |
69 Neutral | $13.55B | 12.10 | 24.13% | 4.44% | 12.43% | 56.30% | |
69 Neutral | $35.64B | 8.94 | 11.78% | 0.83% | 5.89% | 34.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $24.04B | 22.92 | 9.34% | 4.74% | 1.13% | -11.93% |
Itau Unibanco Corporate Events
On November 12, 2025, Itaú Unibanco announced its updated Environmental, Social, and Climate Responsibility Policy, which outlines the principles and guidelines for its operations and stakeholder relationships. This policy emphasizes the bank’s commitment to sustainable development, human rights, and climate change mitigation, aiming to integrate these aspects into its business strategies. The policy is part of Itaú Unibanco’s broader ESG strategy, which includes sustainable finance, climate transition, and diversity and development initiatives. This move is expected to enhance the company’s industry positioning by aligning its operations with global sustainability standards and addressing the expectations of stakeholders.
On November 11, 2025, Itaú Unibanco announced its decision to repurchase all of its Tier 2 Subordinated Financial Bills, which were initially issued between November 12 and December 2, 2020, and are set to mature in 2030. This repurchase, totaling R$3.6 billion, is expected to impact the company’s Tier 2 capital ratio by approximately 20 basis points, reflecting a strategic move to optimize its capital structure.
On November 4, 2025, Itaú Unibanco released its condensed financial statements for the first nine months of 2025, highlighting a recurring result of R$33.1 billion and a credit portfolio expansion in Brazil. The bank also introduced new features for business clients, such as a crypto fund management structure and enhanced security measures against fraud, demonstrating its commitment to innovation and client service. Additionally, Itaú Unibanco exercised call options on Tier 1 Subordinated Notes and issued Perpetual Subordinated Financial Bills, impacting its capital structure. The bank received multiple awards, including recognition as the Best Cash Management Bank in Brazil by Euromoney.
On November 4, 2025, Itaú Unibanco released its updated financial projections for the fiscal year 2025, maintaining consistency with the previous year’s outlook. The projections include key indicators such as total loan portfolio, financial margins, and cost of credit. The company emphasizes that these projections are subject to market conditions and economic performance, both domestically and internationally. The announcement underscores Itaú Unibanco’s strategic focus on managing its capital efficiently, with a cost of capital around 15% per year, and highlights the potential impact of various risk factors on its operations.
On November 4, 2025, Itaú Unibanco released its Management Discussion & Analysis and Condensed Financial Statements for the third quarter of 2025. The financial results indicate a recurring managerial result of R$11,876 million, reflecting a 11.3% increase from the previous year. The company reported operating revenues of R$46,567 million, driven by strong performance in its financial margin and insurance operations. The nonperforming loans ratio remained stable at 1.9%, and the efficiency ratio improved to 39.5%. These results underscore Itaú Unibanco’s robust financial health and its ability to maintain strong profitability and operational efficiency, which are crucial for its stakeholders and market positioning.
On November 4, 2025, Itaú Unibanco released its financial results for the third quarter of 2025, highlighting a recurring managerial return on equity of 25.4% in Brazil. The bank reported a consolidated credit portfolio of R$1.402 trillion, marking a 6.4% increase compared to the previous year. The results indicate stable credit quality and a robust performance in services and insurance, reinforcing its market leadership in private mortgage credit with a 47% market share. The announcement underscores Itaú Unibanco’s commitment to transparency and its strategic focus on maintaining strong financial health and market leadership.
On November 4, 2025, Itaú Unibanco’s Fiscal Council convened to review the company’s financial statements for the period from January to September 2025. The council, chaired by Gilberto Frussa, unanimously concluded that the financial documents accurately represent the company’s capital structure, financial position, and activities, as confirmed by an unqualified report from PricewaterhouseCoopers. This resolution underscores the company’s stable financial health and transparency, reinforcing its robust position within the financial sector.
In the third quarter of 2025, Itaú Unibanco reported a significant profit of R$11.9 billion, marking an 11.3% increase from the previous year. The bank’s loan portfolio reached R$1.4 trillion, with low delinquency rates, underscoring its robust financial health and strategic growth. The adoption of artificial intelligence and digital personalization has enhanced customer experiences and operational efficiency. The bank’s financial margin with clients grew by 11.0% year-over-year, supported by a responsible expansion of the credit portfolio. Additionally, the bank revised its financial margin projection for 2025, anticipating growth due to favorable market dynamics.
On November 4, 2025, Itaú Unibanco announced a revised projection for the year 2025, highlighting a cost of capital of around 15.0% per year starting February 2025. The company emphasized that these projections are based on current market conditions and economic performance, indicating that actual results may vary. This announcement reflects Itaú Unibanco’s strategic planning and its adaptability to market dynamics, which is crucial for stakeholders to consider in their investment decisions.
On November 4, 2025, Itaú Unibanco’s Board of Directors convened to review the financial statements for the period from January to September 2025. The board unanimously approved the financial statements, which had received a favorable opinion from the Supervisory Council and an unqualified report from the Independent Auditors. This approval underscores the company’s financial transparency and commitment to regulatory compliance, as the documents will be submitted to relevant securities commissions and exchanges in Brazil and the U.S.
On November 4, 2025, Itaú Unibanco released its third-quarter 2025 Risk and Capital Management report, highlighting its robust risk management processes and capital adequacy. The report, aligned with the Central Bank of Brazil’s regulations, demonstrates Itaú Unibanco’s commitment to maintaining capital levels above minimum requirements, with a Total Capital Ratio of 16.4% as of September 30, 2025. This strategic focus on risk management and capital adequacy underscores the bank’s efforts to ensure financial stability and support business growth, reinforcing its position in the Brazilian financial market.
On October 30, 2025, Itaú Unibanco Holding S.A. held a Board of Directors meeting where significant changes in its executive team were announced. Thales Ferreira Silva and João Filipe Fernandes da Costa Araújo were removed from their positions as officers, with Albano Manoel Almeida and Flavio Ribeiro Iglesias elected as their successors. These changes are part of the company’s ongoing efforts to strengthen its leadership team, with the new officers’ appointments pending ratification by the Central Bank of Brazil.
On October 22, 2025, Itaú Unibanco Holding S.A. submitted a Form 6-K report to the United States Securities and Exchange Commission, detailing updates to its reference form. The updates include changes to various sections of the form, reflecting the company’s ongoing compliance with regulatory requirements. This submission underscores Itaú Unibanco’s commitment to transparency and adherence to international financial reporting standards, which is crucial for maintaining investor confidence and its competitive position in the global financial market.
On October 14, 2025, Itaú Unibanco announced an upcoming interactive meeting to present its third-quarter 2025 financial results. The meeting, scheduled for November 4th, will feature a Q&A session with key executives, including CEO Milton Maluhy and CFO Gabriel Amado de Moura. This event is expected to provide stakeholders with insights into the company’s financial performance and strategic direction, potentially impacting investor perceptions and market positioning.
On October 8, 2025, Itaú Unibanco announced the issuance of Perpetual Subordinated Financial Bills totaling R$3 billion, aimed at professional investors. These financial instruments will contribute to the company’s Additional Tier 1 capital, potentially enhancing its Tier 1 capital ratio by 20 basis points, subject to Central Bank of Brazil’s regulations.
On October 6, 2025, Itaú Unibanco announced its updated Social, Environmental, and Climate Risk Policy, which emphasizes the importance of managing these risks to ensure sustainable development and compliance with regulatory requirements. The policy aims to integrate these risks with traditional financial risks, ensuring that strategic decisions align with sustainability goals. The announcement highlights the bank’s commitment to engaging clients and suppliers in sustainable practices, thus contributing to a broader positive impact on society and the environment.
On September 24, 2025, Itaú Unibanco announced that its executives will participate in a live event organized by Itaúsa S.A. on September 30, 2025. The event, titled ‘Panorama Itaúsa,’ will feature discussions on Itaú Unibanco’s strategy and perspectives, led by CEO Milton Maluhy Filho. This announcement highlights the company’s ongoing efforts to engage with stakeholders and provide insights into its strategic direction.
On September 8, 2025, Itaú Unibanco announced a related-party transaction with the Instituto Itaú de Ciência, Tecnologia e Inovação (ICTi), a private association founded by Itaú Unibanco. The transaction involves a master agreement for ICTi to provide research, innovation, and technology development services to Itaú Unibanco. The agreement, initially disclosed in February 2025, has resulted in an additional billing of R$54.8 million. The transaction follows the company’s policy on related-party transactions and has been approved by the Related Parties Committee, ensuring it was conducted under fair conditions.
On September 3, 2025, Itaú Unibanco Holding S.A. submitted a Form 6-K to the United States Securities and Exchange Commission, detailing updates to its Reference Form. The updates include changes to committee compositions and roles within the company, reflecting ongoing adjustments in its governance structure. These updates are part of the company’s efforts to maintain transparency and compliance with regulatory requirements, which could impact its operational strategies and stakeholder relations.
On September 2, 2025, Itaú Unibanco hosted ‘Itaú Day 2025’, an online event where company executives discussed developments in their business and their impact on user experience. The event featured key members of the board and executive committee, highlighting the company’s strategic focus on improving UX, which is anticipated to strengthen its market position and stakeholder engagement.
On August 28, 2025, Itaú Unibanco’s Board of Directors held a meeting where they unanimously accepted the resignation of Ricardo Baldin from the Audit Committee and appointed Maria Elena Cardoso Figueira as his replacement. Figueira, recognized for her expertise in accounting and auditing, will serve until the next Board meeting following the 2026 Annual General Stockholders’ Meeting. This change is part of the company’s ongoing efforts to maintain strong governance and compliance with regulatory requirements, which is crucial for its operational integrity and stakeholder confidence.
On August 28, 2025, Itaú Unibanco announced the election of Maria Elena Cardoso Figueira as the new financial expert member of its Audit Committee, replacing Ricardo Baldin. Her appointment is pending ratification by the Central Bank of Brazil, with Baldin continuing in the role until then. This strategic move is expected to enhance the company’s audit capabilities, given Figueira’s extensive experience in financial and audit roles across various organizations.