Itaú (ITUB4) excites with results and rises strong; Action is still worth it?

THE Itaú (Itub4) It did not disappoint and once again showed why it is considered one of the best banks to have in your wallet. On the night of last Thursday, the bank released a profit of $ 11 billion, in line with the expectation.

However, the credit and margin portfolio with a client grew more than the bank’s own projection, although the CEOMilton Maluhy kept caution with the macro scenario for the next quarters.

With this, the actions went strong in the bag. Itub4 It ended the session with a 5.41%increase, renewing its historical maxim. In the year, the high amounts to 39.70%.

See below the main points:

Financial margin

Among the main highlights is the strong expansion of margin with customerswhich rose 14%to R $ 29.4 billion, due to a better mix of products and larger spread, even in a scenario of fewer calendar days.

During the teleconference with journalists, Gabriel Amado de Moura, CFO, said the quarter takes $ 500 million of revenue without business days.

THE Harvest points out that the spread (net financial margin or NIM) finally showed an increase of 40 base points after four consecutive quarters of 10-base contraction, driven by a solid result in working capital.

Already the JPMORGAN Elects the total financial margin As the main positive highlight, which grew 13% in the annual comparison and 3% in the quarter.

“This is all despite the typical negative seasonality. This seems to have been driven mainly by the margin with retail customers,” he says.

Margin liquid financial It was also 2.9% better than expected by BRADESCO BBIwith a strong expansion of the margin with clients, of 0.40 percentage point in the quarter, while the margin With the market also surprised positively.

Controlled default

Another point of the balance, Itaú managed to grow and keep default under controlwith the index Above 90 days falling 0.1 percentage point in the quarter, 2.3%, and 0.4 percentage point in the year.

“Provisions expenses were slightly above expected, with default loans (under the old rule for comparability) showing very positive trends, while operating expenses were within expectations,” says Bradesco BBI.

Provisions increased 3%, mainly pulled by retail, which registered a higher formation in stage 2, but with seasonal impact, according to the Goldman Sachs.

This, according to the bank, was partially offset by wholesale smaller provisions.

Administrative expenses

The bank also managed to hold the expenses, according to analysts.

Operating expenses fell 6% in the quarter, but up 10% in the year. On the one hand, there was a drop in personnel and transactional expenses. But investments in technology, one of Itaú’s main focuses, rose 24%.

For the BTGthe number was 2.5% below the projection, which reflects seasonally weaker trimester.

“The fall came mainly from lower personnel expenses, variable bonuses, marketing, advisory and consultancies, as well as reducing expenses with physical agencies. The efficiency ratio remained healthy by 38.1% in the consolidated (and 36% in Brazil),” says the bank.

What to do with Itaú?

After accumulating discharge from more than 30%, did the paper be expensive? For analysts, the action still holds potential.

BTG says that despite the expectations already high, Itaú exceeded the projections.

“The cost/revenue reason in Brazil has reached 36%, the best level ever registered, which – combined with all factors – leads us to conclude that the bank is at its best … Really the best in the industry.”

Although the action has already risen and is negotiating nearly 2 times the equity value, the BTG says the quarter adds positive risks to the 2025 consensus.

“The solid capacity to generate results, the quality of the assets and the balance continues to make Itaú an attractive option from peers, even with its“ premium ”appreciation”.

For the BB Investmentsthe result of the first quarter represents nothing more than the continuity of the good moment of the bank, with profit expansion, high profitability maintenance and improvement of efficiency, “a crack whose bar Itaú raises quarter to quarter, with virtually no slip.”

“Itaú continues to consolidate itself as the bank with greater profitability among the large banks in the country, even in an increasingly challenging environment for credit in the face of the context of monetary contraction,” he says.

In the view of analysts, even with all the mishaps on the table, including regulatory adaptations such as Resolution 4,966, the bank demonstrates resilience and adaptation capacity, as well as high operational efficiency and solid quality of assets.

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