Q3 2024 Itau Unibanco Holding SA Earnings Call (English, Portuguese) Transcript
Key Points
- Itau Unibanco Holding SA (ITUB) reported strong quarterly managerial recurring results of 10.7 billion reais, marking a 6% growth quarter over quarter and nearly 20% year over year.
- The company achieved a consolidated return on equity (ROE) of 22.7% and a ROE in Brazil of 23.8%, indicating robust profitability.
- The financial margin with clients grew by 4.5% quarter over quarter and 8.2% year over year, showcasing solid revenue generation capacity.
- The loan portfolio saw significant growth, with a 1.9% increase quarter over quarter and nearly 10% growth year over year.
- Itau Unibanco Holding SA (ITUB) surpassed its sustainable finance goal of 400 billion reais a year and a half early, setting a new target of 1 trillion reais by 2030.
- The efficiency ratio worsened from 45% to 47%, indicating a need for structural changes to improve operational efficiency.
- The cost of credit, although improved, still poses a challenge, with a nominal cost of 8.2 billion reais this quarter.
- The bank's coverage ratio fell in the large corporate segment due to specific provisioning adjustments.
- There is a potential impact from exchange rate volatility, which necessitated an adjustment in the guidance for credit portfolio growth.
- The acquiring business showed a deceleration in growth, with a total payment volume (TPV) increase of only 4% year over year, the lowest since 2020.
Hello, good morning everyone. And thank you very much for taking part in another quarterly earnings conference. This time to talk about the third quarter of 2024 which we are broadcasting as always from our office in Avenida, Faria, Lima in Sao Paulo.
The event will be divided into two parts in the first part, Milton will take you through our performance and earnings for the third quarter of 2024. And then we will have a Q&A session during which analysts and investors will be able to interact with us directly.
I would like to provide some guidance to help you make the most of our meeting today.
For those viewing this through our website, there are three audio options on the screen. You can choose to listen to the entire content in Portuguese, the entire content in English or just the original audio.
For the first two options, we will have simultaneous translation to choose your preferred option. Just click on the flag at the top of
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