Itaú se afasta de concorrentes com ROE de 23,6% e carteira saudável
O Itaú ampliou ainda mais o gap em relação aos concorrentes com o resultado do terceiro trimestre reportado agora à noite. A carteira de crédito cresceu de forma saudável apesar da piora macro, o ROE caiu mas segue acima de 23%, e o balanço patrimonial continuou sólido, com o índice de capital principal aumentando 40 basis points para 12,7%.
Itaú has widened its gap from competitors with a Return on Equity (ROE) of 23.6% and a healthy portfolio, according to its third quarter results released tonight. Despite a worsening macro environment, the credit portfolio grew positively, and the ROE remained above 23%. The balance sheet continued to be solid, with the common equity ratio increasing 40 basis points to 12.7%.
For Citi, led by Milton Maluhy, the bank demonstrated strength stronger than the economic cycle. Analysts noted the bank grew less, but the balance sheet shows Itaú is prepared to face a worsening scenario and even capitalize on opportunities to gain market share. The profit was R$ 12.6 billion in the quarter, expanding 1.7% compared to the previous trimester and 6.7% year-on-year.
The number was within consensus. Excluding tax impacts from the retail operations sale in Colombia in July, the profit would have grown 2.5% trimester-over-trimester. The consolidated ROE stood at 23.6%, a 0.7 percentage point decline from the previous trimester but still above the 23.3% from a year ago. The Brazilian operation generated a ROE of 24.5%.
The credit portfolio expanded 1.4% consolidated and 2.4% in Brazil for the trimester, reaching R$ 1.5 trillion. Year-on-year, the expansion was 10.2% and 10.9%, respectively. The client margin grew 2.2% in the quarter and 6.6% year-on-year. The overall non-performing index closed the quarter at 2%, down from 1.9% in June and also in September.
In Brazil, this indicator stayed at 2.1%, stable compared to the previous trimester and 0.1 percentage point higher than the audited figure for the same period in 2025. However, provisions increased 2.3% in the quarter and 9.6% year-on-year. A negative point was the revenues from payment and insurance services, which fell 0.2% trimester-over-trimester and rose 0.2% year-on-year.
Struggling with competition, Itaú has been reducing or eliminating fees for individual current accounts, further reducing these revenues: the decline was 2.2% trimester-over-trimester and 16.9% year-on-year. The quarter was also weaker for the investment bank, a reflection of a less active capital market, said CFO Gabriel Moura in a video shortly after the balance sheet release.
Financial advisory and brokerage revenues fell 26.3% in the quarter and 26.6% year-on-year. Itaú had already revised the guidance for total revenues last quarter to a 2%-5% expansion for the year, and analysts now believe the bank should deliver the floor of the projection. The Itaú stock fell 1.7% year-on-year, less than Bradesco and Banco do Brasil (both down 25%) and Santander (-27%). The bank is valued at R$ 449 billion on the stock exchange.
Written by urgent.news from Brazil Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
