ITUB

Itaú maintains strong operational momentum and disciplined credit quality, justifying my reiterated buy rating post-Q3 results. ITUB's selective credit growth, focus on collateralized products, and robust provisioning underpin resilient profitability and risk management. Despite weakness in non-financial revenues, ITUB's expense control, stable credit costs, and improved tax guidance support sustained ROE.

Itaú Unibanco Holding S.A. ( ITUB ) Q3 2026 Earnings Call November 4, 2026 8:00 AM EST Company Participants Gustavo Rodrigues - Director of Investor Relations Milton Maluhy Filho - CEO & Member of Executive Board Gabriel de Moura - CFO & Member of Executive Board Conference Call Participants Thiago Bovolenta Batista - UBS Investment Bank, Research Division Renato Meloni - Bernstein Autonomous LLP Eduardo Rosman - Banco BTG Pactual S.A.

Shares of Brazilian companies tumbled Monday following the unexpected re-election of President Luiz Inácio Lula da Silva.

Itaú's ADRs plunged 20% after Brazil's presidential election, making its valuation more attractive but also reflecting higher macroeconomic risks. Despite the selloff, Itaú's fundamentals remain strong, especially compared to incumbent peers, with recurring ROE above 24% and a 90-day delinquency rate of just 1.9%. Q3 earnings on November 3 will test whether Itaú can maintain its 2026 guidance, particularly on credit growth, profitability, and credit costs.

Shares of Brazilian companies tumbled Monday following the surprise re-election of President Luiz Inácio Lula da Silva.

Brazilian markets prepared for one outcome and received another. Luiz Inácio Lula da Silva won a fourth term in Sunday's runoff, beating Flávio Bolsonaro with 51.8% of valid votes to 48.2%, a margin of about 4.4 million ballots.

Banco Itau (ITUB) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.

Stocks priced under $10 get dismissed as risky bets, yet some of the biggest names in the market once traded there too.

Itaú Unibanco Holding S.A. consistently delivers 24%+ ROE, outperforming peers and maintaining a dominant credit portfolio in Brazil. Despite strong fundamentals, ITUB's current 2.1x P/B valuation exceeds a fair value estimate of 1.7x, given Brazil's high risk-free rate. Competitive pressures from digital banks and a challenging macroeconomic environment limit upside, even as ITUB invests in efficiency and digital transformation.

Itau Unibanco's U.S. bank charter approval is set to expand its Miami wealth franchise by broadening banking services for affluent Latin American clients.