Brazil Diversified Banks: 2Q26 Playbook: Heterogeneous quarter; prefer ITUB, BBDC, NU

研报英文原文证据摘录

Brazil Diversified Banks: 2Q26 Playbook: Heterogeneous quarter; prefer ITUB, BBDC, NU

Brazil Diversified Banks

15 July 2026 Citi Research

Our outlook for our coverage ahead of 2Q26

We anticipate a heterogenous earnings season where resiliency could be the main

highlight on the positive side. Given the tougher macro environment, we believe

risk aversion is higher, with any potential deviation in narrative potentially spurring

concerns from investors. We anticipate a solid 2Q26 for ITUB, BBDC, and NU, while

we expect some sequential weakness for SANB, BBAS, and AGBK.

Figure 1. 2Q26 coverage outlook

2Q26 View Bank Comments

Itaú Unibanco Reslient, stable quarter; stronger revenue catalysts expected in 2H26.

Bradesco Step-by-step plan working, modest earnings growth supported by loan expansion and stable credit quality.

Positive

Nubank Desenrola boosts earnings and could create momentum, although sustainability of asset quality remains key concern.

BTG Pactual Challenging quarter with capital markets softer and net icnome stable sequentially

Banco Inter Strong loan growth offset by elevated cost of risk and execution challenges.

Mixed

Banco ABC Sequential earnings improvement with resilient asset quality and normalized expenses.

BR Partners Strong pipeline and execution, though weak deal conversion limits revenue growth.

Santander Brasil Higher provisions and weak revenue trends should drive sequential earnings decline.

Banco do Brasil Asset quality deterioration raises risk of guidance revision.

Negative

Agibank Near-term provisioning and NII pressures despite positive long-term growth outlook.

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Source: Citi Research

Earnings calendar and 2026 estimates vs.

consensus