Financial Data and Key Metrics Changes - The company reported a strong net income of BRL 11.9 billion, reflecting a growth of 3.2% compared to Q2 2025 and 11.3% year over year [3] - The consolidated Return on Equity (ROE) reached 23.3%, with Brazil's ROE at 24.2%, indicating profitability expansion [3][4] - The Common Equity Tier 1 (CET1) capital ratio increased to 13.5%, with a profitability level of nearly 27% in Brazil [4][29] Business Line Data and Key Metrics Changes - The loan portfolio grew to BRL 1.4 trillion, up 0.9% from Q2 and 6.4% year over year, with a 1.7% growth excluding foreign exchange impact [5] - Mortgage loans increased by 2.0% quarter over quarter and 15.2% year over year, with a market share of 47% among private banks [6] - The SME loan portfolio rose by 1.1% in the quarter and 7.5% year over year, with government programs showing a growth of 10.9% in the quarter [11][12] Market Data and Key Metrics Changes - The company reported a total transaction volume of BRL 258 billion, an increase of 6.6% in the quarter and 12.8% year over year [17] - The revenue from advisory services and brokerage grew by 33.7% in the quarter, although it declined for the nine-month period due to last year's exceptional performance [18] Company Strategy and Development Direction - The company aims to maintain a balanced portfolio with solid results in both wholesale and retail businesses, focusing on long-term value creation [31] - The management emphasized the importance of capital discipline and efficient growth, particularly in a mixed macroeconomic scenario [35][39] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by high interest rates and a selective credit market but expressed confidence in finding growth opportunities [35] - The company is committed to a proactive approach in managing its portfolio and capital allocation, ensuring a robust capacity to react to market changes [36] Other Important Information - The efficiency ratio for the nine-month period was reported at 36.9% in Brazil, the lowest in the industry compared to peers [27] - The company updated its guidance for market NII, narrowing the range to between BRL 3 billion and BRL 3.5 billion for the year [30] Q&A Session Summary Question: How does the current macroeconomic scenario affect strategic decisions for 2026? - The management highlighted the importance of maintaining a strong discipline in capital allocation and emphasized the existence of growth opportunities despite uncertainties [35] Question: What is the trajectory for the SME segment, particularly regarding government programs? - The management expressed confidence in the growth of the SME segment, citing effective management of government programs and a commitment to quality client selection [40][41] Question: Can you elaborate on client margins and the dynamics affecting them? - The management explained that recent fluctuations in margins were influenced by seasonal factors and the performance of structured operations, indicating a return to stability moving forward [44][46]

Financial Performance - Recurring Managerial Result reached R$119 billion in 3Q25, a 32% increase compared to 2Q25 and an 113% increase compared to 3Q24[3] - ROE (Recurring Managerial) in Brazil was 242% in 3Q25, a 02 percentage point increase compared to 2Q25 and a 04 percentage point increase compared to 3Q24[3] - Commissions and insurance totaled R$147 billion in 3Q25, up 40% from 2Q25 and 71% from 3Q24[3] - The company's 9M25 operating revenues reached R$136832 billion, a 96% increase compared to R$124858 billion in 9M24[37] - The financial margin with clients increased by 134% from 9M24 to 9M25, reaching R$90198 billion[37] Credit Portfolio - The consolidated credit portfolio reached R$14020 billion in Sep-25, a 09% increase compared to Jun-25 and a 64% increase compared to Sep-24[4,6] - Excluding FX variations, the consolidated credit portfolio increased by 17% compared to Jun-25 and 75% compared to Sep-24[4,6] - The 90-day NPL (Non-Performing Loan) ratio remained stable at 19% for the consolidated portfolio and 20% for Brazil in Sep-25 compared to Jun-25[5] Expenses and Efficiency - Non-interest expenses totaled R$172 billion in 3Q25, a 40% increase compared to 2Q25 and a 76% increase compared to 3Q24[29] - The efficiency ratio for Brazil improved from 445% in 9M24 to 425% in 9M25[28,29] Capital Adequacy - The Common Equity Tier I (CET I) ratio stood at 135% in Sep-25, a 04 percentage point increase compared to Jun-25 and a 02 percentage point increase compared to Sep-24, totaling R$13371 billion[3]

Core Insights - Itaú Unibanco Holding S.A. has announced the availability of its Condensed Financial Statements for the fiscal year ending September 30, 2025, along with the Management Discussion and Analysis for the third quarter of 2025 [1][2]. Financial Results Announcement - An interactive meeting to discuss the 3Q25 results will take place on November 5, 2025, at 8:00 a.m. (EST) [2][4]. - The meeting will be conducted in both Portuguese and English, allowing for broader accessibility to stakeholders [4]. Investor Relations - Shareholders and the market can access detailed financial information through the Investor Relations website [1][2]. - Registration for the interactive meeting can be completed via a provided link [2].

Core Insights - Brazilian lender Itau Unibanco reported third-quarter net recurring profit that met analysts' estimates [1] - The company raised its projection for 2025 net interest income in line with market expectations [1] Financial Performance - The third-quarter net recurring profit was consistent with analysts' forecasts, indicating stable financial performance [1] - The increase in the projection for net interest income suggests a positive outlook for future earnings [1]

Core Viewpoint - The article compares NatWest Group (NWG) and Banco Itau (ITUB) to determine which stock is more attractive for value investors [1] Valuation Metrics - Both NWG and ITUB currently have a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3] - NWG has a forward P/E ratio of 8.87, while ITUB has a forward P/E of 9.34, suggesting NWG is relatively cheaper [5] - NWG's PEG ratio is 0.73, compared to ITUB's PEG ratio of 1.05, indicating NWG may offer better value considering expected earnings growth [5] - NWG has a P/B ratio of 1.11, while ITUB's P/B ratio is 1.98, further supporting NWG's position as the more undervalued stock [6] - Based on these valuation metrics, NWG holds a Value grade of A, while ITUB has a Value grade of D, indicating NWG is the superior value option [6]

Core Viewpoint - Banco Itau (ITUB) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years, highlighting the importance of earnings revisions in stock price movements [1][4]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, with institutional investors using these estimates to determine fair value [4][6]. Recent Developments for Banco Itau - Banco Itau's earnings estimates have been rising, with a 3.7% increase in the Zacks Consensus Estimate over the past three months, projecting earnings of $0.76 per share for the fiscal year ending December 2025, indicating no year-over-year change [8][5]. - The upgrade to Zacks Rank 1 places Banco Itau in the top 5% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term due to improved earnings outlook [10][9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988, demonstrating the effectiveness of this rating system [7][9].

Core Viewpoint - The article compares Barclays (BCS) and Banco Itau (ITUB) to determine which stock presents a better undervalued investment opportunity for investors [1]. Group 1: Company Rankings - Barclays has a Zacks Rank of 1 (Strong Buy), indicating a stronger improvement in its earnings outlook compared to Banco Itau, which has a Zacks Rank of 2 (Buy) [3]. - The Zacks Rank emphasizes earnings estimates and revisions, which are critical for value investors [2]. Group 2: Valuation Metrics - Barclays has a forward P/E ratio of 9.17, while Banco Itau has a forward P/E of 9.50, suggesting that Barclays may be more undervalued [5]. - The PEG ratio for Barclays is 0.44, indicating a favorable valuation relative to its expected earnings growth, whereas Banco Itau has a PEG ratio of 1.07 [5]. - Barclays also has a P/B ratio of 0.71, compared to Banco Itau's P/B of 2.01, further supporting the notion that Barclays is undervalued [6]. Group 3: Overall Assessment - Based on the improving earnings outlook and favorable valuation metrics, Barclays is considered the superior value option at this time [7].

Labor Relations - A union representing Sao Paulo bank workers will file a collective action [1] - The action aims to reintegrate Itau Unibanco Holding SA employees dismissed for alleged low productivity while working remotely [1]

Core Insights - The article compares Woori Bank (WF) and Banco Itau (ITUB) to determine which stock offers better value for investors [1] - Both banks currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and an improving earnings outlook [3] Valuation Metrics - WF has a forward P/E ratio of 6.46, while ITUB has a forward P/E of 9.30, suggesting WF is more undervalued [5] - WF's PEG ratio is 1.01, compared to ITUB's PEG ratio of 1.04, indicating similar expected earnings growth rates [5] - WF's P/B ratio is 0.56, significantly lower than ITUB's P/B of 1.97, further supporting WF's valuation as more attractive [6] - Based on these valuation metrics, WF receives a Value grade of B, while ITUB is rated D, highlighting WF as the superior value option [6][7]

Group 1 - The article reiterates a buy recommendation on Itaú's (NYSE: ITUB) stocks following the Investor Day event [1] - The analysis is a continuation of previous coverage published on April 18, 2024, highlighting over 5 years of experience in equity analysis in Latin America [1] Group 2 - The company provides in-depth research and insights to assist clients in making informed investment decisions [1]