Itaú Unibanco Lowers Fee Income Growth Target, Holds Other 2026 Guidance Steady

summarizeSummary

Itaú Unibanco revised its 2026 guidance, cutting the growth range for fee and insurance income to 2.0%–5.0% from 5.0%–9.0%, while keeping all other targets unchanged. The update follows robust Q2 results and highlights a more cautious view on non-interest revenue.

check_boxKey Events · Earnings and Guidance · ITUB

• Fee Income Growth Outlook Cut

  The 2026 guidance for 'Commissions and fees and result from insurance operations' growth has been lowered to 2.0%–5.0% from the previous 5.0%–9.0%, indicating weaker non-interest revenue expectations.

• Core Lending Targets Unchanged

  Total credit portfolio growth (5.5%–9.5%), financial margin with clients (5.0%–9.0%), and cost of credit (R$38.5–R$43.5 billion) are all maintained, signaling stability in the bank's primary operations.

• Cost of Capital Disclosed

  As of August 2026, the company stated it is using a cost of capital of approximately 14.75% p.a. for managing its businesses, providing a benchmark for return expectations.

• Guidance Update Follows Strong Q2

  The revision comes two days after Itaú reported Q2 2026 net income of R$12.4 billion with a 24.3% ROE, suggesting the fee outlook cut is driven not by current earnings weakness but by forward-looking caution.

auto_awesomeAnalysis · ITUB · Finance

Itaú Unibanco has trimmed its 2026 growth forecast for commissions, fees, and insurance results to 2.0%–5.0%, down from the prior 5.0%–9.0%, signaling emerging pressure on non-interest revenue. All other guidance items—including loan growth, net interest margin, and cost of credit—remain unchanged, suggesting the core lending business is still on track. The revision arrives just days after the bank posted strong Q2 earnings, and the narrower fee outlook may temper full-year expectations.