Itaú Unibanco reported first-quarter net income of BRL12.28bn ($2.49bn), broadly in line with market expectations, while maintaining its guidance for 2026 and signalling caution over the economic outlook.
Earnings fell 0.3% from the previous quarter but rose 10.4% from a year earlier. Analysts surveyed by Valor had expected profit of BRL12.29bn.
Return on average equity reached 24.8%, compared with 24.4% in the fourth quarter and 22.5% a year earlier. The bank’s loan portfolio totalled BRL1.48 trillion at the end of March, down 0.5% from December but 7.2% higher year-on-year.
Chief executive Milton Maluhy Filho said the lender would remain selective in extending credit.
“We maintained our strategy of growing responsibly, ensuring that the quality of our portfolio remains in line with the standards that have historically defined us,” he said. “In recent cycles, we anticipated adjustments to protect our clients in more complex moments.”
Credit costs reached BRL9.95bn during the quarter, while the delinquency ratio remained at 1.9%, unchanged from both the previous quarter and the same period last year.
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