A Brazilian universal bank and one of Latin America's largest, Itaú Unibanco serves everyday consumers and big corporations alike with checking accounts, credit cards, loans, insurance, and wealth management. It was born in 2008 when two giants — Banco Itaú and Unibanco — merged, though its roots reach back to the 1920s, when Unibanco's forerunner grew out of a coffee business. The name "Itaú" comes from the Tupi-Guarani word for "black stone."
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Net income in reais rose 9.2% to R$44.9B as credit quality improved and loan growth lifted interest income, while dollar-reported net income fell 2.4% on currency effects.
Credit quality strengthened further, with the falling to 2.3%. in reais rose 9.2% to R$44.9B, driven by an 8.5% increase in and a 10.8% decline in credit loss provisions, though dollar-reported net income fell 2.4% to $6.8B on currency effects. The declined to 12.3% as capital returns and loan growth outpaced earnings.
Key takeaways
The 90-day non-performing loan ratio improved 30 to 2.3%, extending the recovery from the 3.3% peak in 2022, driven by a 60-basis-point improvement in the individuals portfolio.
rose 8.5% to R$112.7B as loan portfolio growth and income from financial assets at fair value more than offset a 31.1% increase in interest expenses on deposits and repos.
Non-interest income fell 14.2% to R$55.1B, mainly due to a R$10.8B drop in other income from a tax-settlement program that had boosted the prior year, while insurance and pension income rose 25.1%.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Itaú Unibanco's primary market risk is interest rate risk, with a consolidated average VaR of R$1,085 million in 2025.
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Interest rate risk dominates, with an average consolidated VaR of R$1,303 million and a VaR of R$111.6 million in 2025.
Total consolidated average VaR increased to R$1,085 million (0.5% of equity) in 2025 from R$939 million (0.4% of equity) in 2024.
decreased 10.8% to R$28.8B, as lower provisions on other financial assets more than offset higher provisions on loan and lease operations.
The Common Equity Tier 1 ratio declined to 12.3% from 13.7%, as dividends, share buybacks, and risk-weighted asset growth absorbed the year's .
Retail Banking rose 26.5% on higher interest margin and fee income, while Wholesale Banking net income grew 10.0% on higher liability margins and asset management fees.
What changed
The 92.8% drop in to $1.1B flagged in 2024 did not reverse: the 2025 filing reports the same $1.1B figure, suggesting the shift in asset and liability management positioning was structural rather than a one-off.
The continued to improve, falling to 2.3% from 2.6% in 2024 and 3.1% in 2023, settling the question of whether the ratio would stabilize or rise as the loan book seasoned.
growth accelerated to 8.5% from 6.3% in 2024, as loan growth continued to outpace higher funding costs, answering the prior year's question about margin trajectory.
The declined to 12.3% from 13.7%, as management deployed capital through dividends and buybacks rather than preserving the buffer, signaling confidence in the operating environment.
The tax-settlement program that boosted non-interest income in 2024 did not repeat, causing a R$10.8B drop in other income and a 14.2% decline in total non-interest income.
What to watch
trajectory: at 12.3%, the ratio is closer to regulatory minimums; whether it stabilizes or declines further will signal the pace of capital returns versus .
as Brazil's rate cycle evolves: the 8.5% growth was partly offset by a 31.1% rise in deposit and repo interest expenses; whether funding costs continue to rise faster than lending yields will determine margin direction.
Non-interest income recovery: the 14.2% decline was driven by a one-off tax-settlement comparison; whether fee and insurance income growth can offset the absence of that item will shape diversification.
Asset quality in the individuals portfolio: the 60-basis-point improvement in the is a clear inflection; whether it holds at 2.3% or begins to rise as the credit cycle matures will determine provisioning needs.
Currency, equity, and commodity risks are materially smaller, with average consolidated VaRs of R$40 million, R$45 million, and R$30 million, respectively.
The company uses as the primary instruments for hedging both client transactions and proprietary positions.
VaR is calculated using historical simulation with a 99% confidence interval and a minimum 10-day holding period, and showed no exceptions over the prior 250 business days.
Itaú Unibanco is a Brazilian universal bank operating through Retail, Wholesale, and Market/Corporation segments, serving individuals and corporate clients primarily in Brazil and Latin America.
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The Retail Business serves individuals (mass, mass-affluent, affluent) and SMEs, offering credit cards, loans, mortgages, and insurance, and held a 10.7% market share in individual loans.
The Wholesale Business includes Itaú BBA for large corporates and investment banking, asset management with R$1,236 billion in assets, and private banking with a 31.1% market share in Brazil.
The bank is the leader in the Brazilian credit card market by purchase volume (24%) and (22.7%), and ranks second in mortgage lending among private banks.
International operations are focused on Latin America, with a significant presence in Chile, Paraguay, and Uruguay, and the bank is pursuing a 'phygital' and 'omnichannel' strategy to integrate physical and digital services.
The bank's ESG strategy includes a commitment to allocate R$1 trillion in sustainable finance by 2030 and a goal to become a Net Zero Carbon bank by 2050.
Key recent acquisitions include a controlling 50.1% stake in Avenue, a U.S. digital brokerage, and Ideal, a Brazilian brokerage, with agreements to acquire full control of FIC and Investcred.
Net income rose 9.2% to R$44.9B on higher net interest income and lower credit loss provisions, partly offset by lower non-interest income.
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grew 8.5% to R$112.7B, driven by higher loan volumes and income from financial assets at fair value, partially offset by a 31.1% rise in interest expenses on deposits and repos.
Non-interest income fell 14.2% to R$55.1B, mainly due to a R$10.8B drop in other income from a tax-settlement program, while insurance and pension income rose 25.1%.
provisions decreased 10.8% to R$28.8B, as lower provisions on other financial assets more than offset higher provisions on loan and lease operations.
The 90-day NPL ratio improved 30 to 2.3%, driven by a 60 bps improvement in the individuals portfolio; the early-delinquency 15-90 day NPL ratio remained stable at 2.0%.
Retail Banking rose 26.5% on higher interest margin and fee income; Wholesale Banking net income grew 10.0% on higher liability margins and asset management fees.
The Common Equity Tier 1 ratio declined to 12.3% from 13.7%, mainly due to dividends, share buybacks, and RWA growth, partly offset by .