Itaú Unibanco

Itaú Unibanco is a Brazilian bank. It gives loans and cards to individuals and companies, takes deposits, manages assets and sells insurance. It is the largest private bank in Brazil in mortgages and the leader in payroll loans by portfolio size.

It also has banks in Chile, Colombia, Paraguay and Uruguay. Brazil gave 93.8% of the recurring managerial result in Q3 2026. At September 30, 2026, the total credit portfolio was R$1,544.4 billion, total assets were R$3,347.8 billion and the bank had 89,610 employees.

Its controlling stockholders hold it through IUPAR and Itaúsa. Its preferred shares trade in São Paulo and as ADSs on the New York Stock Exchange, and one ADS represents one preferred share. Milton Maluhy Filho is its chief executive officer.

Itaú Unibanco trades close to its intrinsic value. Investors pay for high and steady returns, good credit quality and large dividends, but they also price the risks of Brazil's economy, high interest rates and currency. The annualized recurring return on equity was 23.6% in Q3 2026 and 24.1% in the first nine months of 2026, and the bank paid out 72.0% of 2025 profit as dividends and interest on capital.

For the stock to keep pace with its intrinsic value, three things must be true. The recurring return on equity must stay above 22% while the credit portfolio grows within the 2026 guidance of 5.5% to 9.5%. Credit quality must hold: the NPL ratio over 90 days was 2.0% at September 30, 2026, and the cost of credit must stay within the guidance of R$38.5 billion to R$43.5 billion.

Capital must stay strong enough for high payouts, with a CET1 ratio of 12.7% at September 30, 2026. The Q4 2026 report, expected in early February 2027 with the 2027 guidance, is the next test. If Brazil's economy slows, if defaults rise or if the real weakens, the stock can fall below its intrinsic value.

1. Nov 3, 2026Passed

   Q3 2026 results and 2026 guidanceA recurring return on equity above 22%, an NPL ratio near 2% and kept guidance pass; a lower return or weaker guidance fail.Outcome: The recurring return on equity was 23.6%, the NPL ratio over 90 days was 2.0%, and the bank kept every guidance line except the tax rate, which it lowered.
2. Feb 3, 2027 · est.Pending

   Q4 2026 results and 2027 guidanceA cost of credit within R$38.5 billion to R$43.5 billion for 2026, a return on equity above 22% and 2027 guidance for growth pass; higher credit costs or lower returns fail.
3. 2027 · est.Pending

   Approval of the NeoSpace purchaseApproval by CADE and the Central Bank of Brazil passes; a block or strict conditions fail.

Every passed and failed checkpoint across all picks

• November 3, 2026Itaú Unibanco reported Q3 2026 results. The recurring managerial result rose 6.2% from a year earlier to R$12.6 billion, and the annualized recurring return on equity was 23.6%. Without the retail portfolio in Colombia that it sold in July 2026, the credit portfolio grew 2.2% in the quarter and 10.9% in a year. The NPL ratio over 90 days was 2.0% and the CET1 ratio was 12.7%. The bank cut its 2026 guidance for the effective tax rate to 28.0% to 29.0% and kept the other guidance lines.
• October 26, 2026Itaú Unibanco agreed to buy NeoSpace, a Brazilian AI company that builds foundation models and that has worked for the bank for about two years. The price is R$2,925 million, paid partly at closing and the rest over five years. The deal needs approval from CADE and the Central Bank of Brazil.
• August 4, 2026Itaú Unibanco reported Q2 2026 results. The recurring managerial result was R$12.4 billion, and the annualized recurring return on equity was 24.3%. The bank lowered its 2026 growth guidance for commissions, fees and insurance results to 2.0% to 5.0%, because capital markets were more volatile than it expected. It also launched ia.i, an AI assistant in its app.

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Dec 31, 2025Filed April 30, 2026 · itub-20251231
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 28, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1132597)

• Brazil's interest rates and economy drive loan demand and defaults. A slowdown can raise the cost of credit, which was R$10.4 billion in Q3 2026, up 2.7% from the previous quarter.
• The ADS price is in U.S. dollars, but the bank earns mostly in reais. A weaker real lowers the dollar value of profit and dividends.
• Changes to taxes and rules in Brazil can change profit. The bank changed its 2026 tax rate guidance in November 2026 because of a change in the path of the long-term interest rate (TJLP).
• Digital banks and payment companies compete for cards, payments and deposits. Commissions and fees were flat in Q3 2026 from a year earlier, and investment banking income fell.
• The bank spends heavily on technology and AI, such as NeoSpace for R$2,925 million. If these investments do not lower costs or raise revenue, returns can fall.

Itaú Unibanco is a bank, so its balance sheet is mostly loans, securities and deposits, and not corporate debt. At September 30, 2026, total assets were R$3,347.8 billion and stockholders' equity was R$219.9 billion. Read more

Dividend yield

7.5% (last 12 months, at today’s price of $7.56)

Paid per share

$0.5691 in the last 12 months (15 payments)

Current annual rate

$0.036 ($0.003 × 12 a year)

Latest ex-dividend date

November 4, 2026, $0.003 per share

Dividends per share by year

Over the last 10 years, the dividend grew by about 12.6% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.