Itau Unibanco第二季度电话会议要点

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

05 August 2026

Itau Unibanco

2Q26 Conference Call Highlights

Itau hosted its 2Q26 conference call this morning. See the main highlights below:

Asset Quality

Expect stable trends: mostly stable total NPLs and cost of risk at around 2.7%.

SMEs are the exception: they expect an additional ~10 bps deterioration next

quarter due to the end of government program grace periods, but they should

see it stabilizing at around 2.1%.

They are very comfortable with the asset quality of their own book, but they

recognize challenges for the industry.

Desenrola program: 12% market share, 371k clients, R$1.1bn in renegotiated

loans; it impacted provisions by R$60mn and 90-day NPLs by 2 bps.

Corporate Stage 2 coverage decreased this quarter due to a migration of clients

from Stage 2 to Stage 3.

The renegotiated portfolio increased due to Desenrola and legacy Chapter 11

cases that have now been approved.

Latin American Financials

Yuri R Fernandes AC

(1-212) 622-3400

J.P. Morgan Securities LLC

Guilherme Grespan

(55-11) 4950-3058

Banco J.P. Morgan S.A.

Fernanda Sayao

(55-11) 4950-6588

Banco J.P. Morgan S.A.

Diego Marquez Antonio

(52-55) 5339-94899

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Loans

ITUB4.SA, ITUB4 BZ

The pace of loan growth (~10% Y-o-Y) should decelerate slightly in 2H26 but

still remain above the mid-point of 5.5-9.5% guidance .

Overweight

Colombia retail sales should be a small headwind in July (~R$10bn portfolio).

Private payroll +14% Q-o-Q explaining the weakness in unsecured personal

lending (i.e. see better risk reward considering pricing + repayment priority,

with controlled NPLs – Itau is operating with 50% of industry NPLs.

Price (04 Aug 26): R$42.10

ITUB, ITUB US

Overweight

Price (04 Aug 26): $8.19

Mortgages surpassed credit cards, with R$36bn in originations LTM, ~55%

share among private banks.

Client NII

Client NII is running at the low end of the guidance (~5% in 1H26 Y-o-Y vs.

guidance at 5-9%), but they sounded optimistic for 2H26, as they expect

volumes and quasi-equity payments to normalize.

Reasons why client NII is lagging loan growth: (i) base effects of working

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