Itaú (ITUB4) reports a profit of R$ 11.9 billion in the 3rd quarter, up 11% and in line with expectations

The Itaú Unibanco (ITUB4) released its results for the third quarter of 2025 (3Q25) after the market closed this Tuesday (4), with a net recurring managerial profit of R$ 11.9 billion, a growth of 11.3% compared to the same period in 2024. The result was in line with expectations. The projection, according to a median compilation by analysts consulted by Reuters, was for a profit of R$ 11.87 billion. The return on average annualized equity (ROE) consolidated was 23.3%, up from 22.7% the previous year, according to the bank’s numbers. In Brazil alone, ROE increased from 23.8% to 24.2% year over year. The net interest margin with clients grew by 11.0% compared to the previous year, driven by an increase in the loan portfolio and higher profitability with liabilities. The delinquency rate over 90 days remained stable at 1.9% in the quarter. In Brazil, the indicator for individuals showed the best level in the historical series. The bank points out that the total credit portfolio with financial guarantees and private securities grew by 6.4% compared to 3Q24, reaching R$ 1.402 trillion. In the retail segment, the growth was 6.5%, with highlights in: real estate loans (+15.2%); credit cards (+6.7%); and personal loans (+3.8%). Revenues from services and insurance increased by 7.1% compared to 3Q24, driven by higher earnings from card issuance, as well as increased revenues from payments and receipts. In the insurance result, the advancement was 17.8%, related to higher premiums earned. Non-interest expenses totaled R$ 17.2 billion, a 7.6% increase from the same period the prior year. ‘The increase reflects ongoing investments in technology (staff and infrastructure), as well as the impact of negotiating the collective labor agreement on salaries and benefits starting in September 2025,’ the bank evaluates. The quarterly efficiency ratio reached 37.7% in Brazil, ‘the best level in the historical series for a third quarter, highlighting scale and productivity gains,’ according to Itaú. The bank also revised its projection for the net interest margin with the market for 2025, with expected growth between R$ 3.0 billion and R$ 3.5 billion. ‘This revision mainly reflects the more positive dynamics of the accumulated result from trading desk compared to the original expectations,’ it emphasized.