Key Highlights

  • Itau Unibanco (NYSE:ITUB) is listed on the Earnings calendar for Tuesday, November 3, 2026, with the call time not specified, consensus EPS of USD 0.22 per ADR and a Market Value near USD 79.47 billion.
  • Second quarter recurring managerial Net Income was BRL 12.4 billion, up 1.0 percent from the first quarter and 7.8 percent from a year earlier, with recurring Return on Equity of 24.3 percent, down 0.5 percentage points.
  • The Credit portfolio reached BRL 1,522.4 billion, up 2.7 percent in the quarter and 9.6 percent year over year, while the 90-day delinquency ratio was stable at 1.9 percent.
  • Cost of credit held steady at BRL 10.1 billion, or 2.7 percent of the average Loan portfolio. The 15 to 90 day delinquency ratio, however, edged up 0.1 percentage points to 1.8 percent.

What the Market Expects

The calendar shows EPS of USD 0.22 per ADR, an unverified figure that also depends on the real-to-dollar exchange rate. The company reports in Brazilian reais, so currency moves can change the dollar result without changing the underlying trend. The second quarter report, approved on August 4, 2026, showed steady recurring profit growth, with Itau Unibanco (NYSE:ITUB) delivering a 25.7 percent return on equity in Brazil and 24.3 percent consolidated. The credit portfolio grew faster than profit in the second quarter, 9.6 percent against 7.8 percent year over year, so loan growth outpaced profit growth, simple arithmetic on two published growth rates, a gap worth watching.

Credit Quality and the Bradesco Read-Through

Cost of credit is the line that moves bank earnings fastest, because provisions rise when borrowers fall behind, which cuts directly into profit. Early delinquency, the 15 to 90 day bucket, rose slightly, which analysts commonly treat as a leading indicator for later provisions. Bradesco (NYSE:BBD) reported on October 22, 2026 with recurring profit of BRL 7.11 billion, up 14.6 percent year over year and just below a BRL 7.14 billion poll, return on equity of 15.6 percent and slower growth in credit-related revenue. Its share reaction was not verified, so the read-through for Itau Unibanco (NYSE:ITUB) is limited to credit growth and funding costs.

Bull Case, Bear Case and Risks

A bull case is recurring return on equity holding near 24 percent, portfolio growth near the second quarter pace and stable delinquency. A bear case is slower loan growth, a higher cost of credit or a further decline in return on equity, which has already slipped 0.5 percentage points. Brazil also carries currency, Interest Rate and policy risks that can move bank shares, and the report will show how the second quarter trend carried into the third quarter. Management commentary on credit Demand and funding costs will likely drive the response. A 5 percent move either way would shift market value by about USD 4.0 billion, simple arithmetic and not an options-implied estimate.

Where Things Stand

The company is Itau Unibanco (NYSE:ITUB), and the answer to the headline question is that holding 24.3 percent is plausible but not assured. Recurring profit rose 7.8 percent year over year and delinquency was stable, but return on equity edged down and early delinquency rose slightly. Bradesco's in-line report suggests steady credit conditions. Cost of credit, loan growth and currency are the details to watch on November 3.