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Mar 31, 2025
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Itau Unibanco Q1 2025 Earnings Report
Itaú Unibanco reported solid financial results with higher revenues and profitability in Q1 2025.
Key Takeaways
The bank posted R$44.5B in revenue and R$11.1B in net income, supported by growth in financial margins and improved efficiency.
Recurring managerial net income reached R$11.1B, up from R$9.8B in Q1 2024.
Operating revenues increased to R$44.5B, driven by a stronger financial margin with clients.
Efficiency ratio improved to 38.1%, reflecting better cost management.
Cost of credit rose to R$9.0B, reflecting higher loss provisions and lower recoveries.
Revenue by Geographic Location
Forward Guidance
Itaú reaffirmed its 2025 guidance across all metrics, projecting balanced growth in credit and revenue streams.
Positive Outlook
- Total credit portfolio expected to grow between 4.5% and 8.5%
- Financial margin with clients projected between 27.0% and 29.0%
- Stable financial margin with market guided at 4.0% to 7.0% growth
- Commissions and insurance operations expected between R$34.5B and R$38.5B
- Cost of credit guidance between 5.5% and 8.5% growth
Challenges Ahead
- Effective tax rate remains high at 7.5% to 11.5% expected growth
- Guidance implies modest growth in financial margin with the market
- Persistently elevated cost of credit may pressure bottom line
- Flat revenue from insurance operations in Q1 may signal slower growth
Historical Earnings Impact
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Avg. Return Before/After Earnings
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