ITUB4 · B3 · Banks
Itaú Unibanco
We own 72 shares · in the portfolio for 5 days
- Since we bought
- −6.4%
- Ibovespa, same period
- −4.4%
At the close of 30 Oct 2026. Includes dividends declared since purchase.
Why we own it
Brazil’s largest private bank, with a conservative loan book and no government control. It earns about 22% on equity and pays out a large share of profit as dividends.
After the 26 October sell-off it traded below 10 times earnings, a price that already assumes trouble. Higher rates usually widen a large bank’s margin on deposits; the real risk is borrowers who stop paying.
How it makes money
- Lending
- The gap between what it pays on deposits and what it charges on loans.
- Fees
- Cards, accounts, payments and asset management.
- Insurance and other
- Insurance, pensions and its investment bank.
What could go right
- Higher rates widen its deposit margin.
- A credible economic team brings foreign money back to Brazilian banks.
- A dividend near 8% pays us while we wait.
What could go wrong
- A slowdown turns into rising loan defaults.
- New taxes on banks or on dividends.
- Digital banks take share in cards and payments.
What would make us sell
Written before we bought. A falling price is not on this list.
- Loans more than 90 days overdue rise above 2.5%.
- The core capital ratio (CET1) falls below 11%.
Twelve months against the Ibovespa
| Date | Itaú Unibanco | Ibovespa |
|---|---|---|
| 31 Oct 2025 | 0.0% | 0.0% |
| 5 Nov 2025 | +1.8% | +2.5% |
| 10 Nov 2025 | +2.6% | +3.8% |
| 13 Nov 2025 | +2.6% | +5.1% |
| 18 Nov 2025 | +1.7% | +4.7% |
| 24 Nov 2025 | +1.0% | +3.8% |
| 27 Nov 2025 | +3.3% | +5.9% |
| 2 Dec 2025 | +7.1% | +7.7% |
| 5 Dec 2025 | +4.7% | +5.2% |
| 10 Dec 2025 | +5.6% | +6.4% |
| 15 Dec 2025 | +8.1% | +8.7% |
| 18 Dec 2025 | +4.9% | +5.6% |
| 23 Dec 2025 | +7.8% | +7.3% |
| 30 Dec 2025 | +8.2% | +7.7% |
| 6 Jan 2026 | +10.3% | +9.4% |
| 9 Jan 2026 | +10.0% | +9.2% |
| 14 Jan 2026 | +9.3% | +10.4% |
| 19 Jan 2026 | +9.1% | +10.2% |
| 22 Jan 2026 | +18.9% | +17.4% |
| 27 Jan 2026 | +25.1% | +21.7% |
| 30 Jan 2026 | +25.6% | +21.3% |
| 4 Feb 2026 | +23.2% | +21.5% |
| 9 Feb 2026 | +33.4% | +24.5% |
| 12 Feb 2026 | +33.2% | +25.6% |
| 19 Feb 2026 | +34.0% | +26.1% |
| 24 Feb 2026 | +33.0% | +28.1% |
| 27 Feb 2026 | +29.1% | +26.2% |
| 4 Mar 2026 | +24.3% | +24.0% |
| 9 Mar 2026 | +19.2% | +21.0% |
| 12 Mar 2026 | +17.9% | +19.9% |
| 17 Mar 2026 | +17.9% | +20.6% |
| 20 Mar 2026 | +15.5% | +17.8% |
| 25 Mar 2026 | +19.8% | +24.0% |
| 30 Mar 2026 | +15.6% | +22.1% |
| 2 Apr 2026 | +20.4% | +25.8% |
| 8 Apr 2026 | +25.1% | +28.5% |
| 13 Apr 2026 | +27.5% | +32.4% |
| 16 Apr 2026 | +30.6% | +31.6% |
| 22 Apr 2026 | +25.2% | +29.0% |
| 27 Apr 2026 | +22.3% | +26.8% |
| 30 Apr 2026 | +20.1% | +25.3% |
| 6 May 2026 | +16.2% | +25.5% |
| 11 May 2026 | +12.2% | +21.6% |
| 14 May 2026 | +12.4% | +19.3% |
| 19 May 2026 | +7.9% | +16.5% |
| 22 May 2026 | +9.7% | +17.8% |
| 27 May 2026 | +12.2% | +17.5% |
| 1 Jun 2026 | +9.5% | +15.2% |
| 5 Jun 2026 | +8.1% | +13.0% |
| 10 Jun 2026 | +9.5% | +12.8% |
| 15 Jun 2026 | +12.4% | +14.0% |
| 18 Jun 2026 | +12.7% | +12.5% |
| 23 Jun 2026 | +15.1% | +14.5% |
| 26 Jun 2026 | +18.4% | +15.9% |
| 1 Jul 2026 | +19.0% | +14.8% |
| 6 Jul 2026 | +19.4% | +15.3% |
| 9 Jul 2026 | +19.4% | +15.5% |
| 14 Jul 2026 | +22.4% | +18.1% |
| 17 Jul 2026 | +17.7% | +16.2% |
| 22 Jul 2026 | +20.3% | +18.7% |
| 27 Jul 2026 | +19.7% | +17.2% |
| 30 Jul 2026 | +19.9% | +18.5% |
| 4 Aug 2026 | +18.1% | +19.0% |
| 7 Aug 2026 | +14.3% | +15.4% |
| 12 Aug 2026 | +7.8% | +12.0% |
| 17 Aug 2026 | +7.7% | +11.5% |
| 20 Aug 2026 | +5.2% | +12.3% |
| 25 Aug 2026 | +10.7% | +16.7% |
| 28 Aug 2026 | +10.0% | +17.5% |
| 2 Sep 2026 | +16.2% | +23.8% |
| 8 Sep 2026 | +19.1% | +25.3% |
| 11 Sep 2026 | +19.9% | +25.2% |
| 16 Sep 2026 | +19.6% | +24.1% |
| 21 Sep 2026 | +20.9% | +24.8% |
| 24 Sep 2026 | +17.5% | +23.0% |
| 29 Sep 2026 | +18.7% | +22.9% |
| 2 Oct 2026 | +25.9% | +28.5% |
| 7 Oct 2026 | +37.9% | +36.6% |
| 13 Oct 2026 | +39.5% | +38.3% |
| 16 Oct 2026 | +35.0% | +37.4% |
| 21 Oct 2026 | +37.3% | +38.1% |
| 26 Oct 2026 | +17.1% | +18.1% |
| 29 Oct 2026 | +11.0% | +13.1% |
| 30 Oct 2026 | +8.6% | +12.3% |
Valuation
- Price to earningsPrice ÷ last 12 months’ earnings per share
- 9.3×
- Price to bookPrice ÷ equity per share
- 2.0×
- PEG ratio
- 1
- Dividend yieldLast 12 months
- 8.2%
- Market value
- R$ 436.0 bn
Profitability
- Return on equity
- 21.5%
- Return on assets
- 1.5%
- Gross margin
- 37.2%
- Net margin
- 12.4%
Growth
- Revenue, latest quarter vs a year ago
- +4.5%
- Earnings, latest quarter vs a year ago
- +9.3%
- Revenue, last full year
- +15.4%
- Earnings, last full year
- +9.2%
Risk, last 12 months
- Total returnIncluding dividends
- +8.6%
- VolatilityAnnualised, daily returns
- 31%
- Largest fall from a peak
- −23.3%
- Beta to the Ibovespa1.0 moves with the index
- 1.13
- Below its 12-month high
- −23.3%
Dividends
- Paid per share, last 12 months
- R$ 3.1659
- Interest on equity (JCP), ex-date 3 Nov 2026
- R$ 0.0182 per share
- Interest on equity (JCP), ex-date 1 Dec 2026
- R$ 0.0182 per share
Five years of results
| Year | Revenue | Net income | Earnings per share | Equity | Return on equity |
|---|---|---|---|---|---|
| 2025 | R$ 387.1 bn | R$ 45.8 bn | R$ 4.05 | R$ 215.1 bn | 21.3% |
| 2024 | R$ 335.3 bn | R$ 42.1 bn | R$ 4.20 | R$ 221.3 bn | 19.0% |
| 2023 | R$ 313.2 bn | R$ 33.9 bn | R$ 3.38 | R$ 199.1 bn | 17.0% |
| 2022 | R$ 283.4 bn | R$ 30.7 bn | R$ 3.03 | R$ 177.3 bn | 17.3% |
| 2021 | R$ 195.7 bn | R$ 28.4 bn | R$ 2.74 | R$ 164.5 bn | 17.3% |
Annual consolidated statements as reported to the CVM, via brapi.
Company profile
- Sector
- Serviços Financeiros
- Industry
- Bancos Diversificados
- Employees
- 96,219
- Website
- www.itau.com.br
Data as of the close of 30 Oct 2026. Market data from brapi.dev; financial statements as filed with the CVM. Ratios are provider estimates and may differ from company reports.