Banco BTG Pactual (BPAC11) Q1 2026 earnings summary

Executive summary

• Achieved record revenues of BRL 10 billion (R$9,968 million) and net income of BRL 4.8 billion (R$4,808 million), up 34% and 42% year-over-year, with ROE/ROAE at 26.6% despite challenging macroeconomic and geopolitical conditions.

• Diversified business model enabled resilience, with strong performances across Investment Banking, Corporate Lending, Sales & Trading, Asset and Wealth Management.

• Maintained strong profitability and expanded client base, resulting in R$83 billion net inflows and R$2.6 trillion in combined Asset and Wealth Management assets.

• Full consolidation of Banco Pan following acquisition of remaining minority interest, boosting Consumer Finance & Banking revenues.

Financial highlights

• Revenues grew 34% year-over-year to BRL 10 billion; adjusted net income was BRL 4.8 billion, up 42% year-over-year; net income per unit was BRL 1.24.

• Cost-income ratio remained stable at 38% (improved to 38.1% from 41.3% year-over-year); compensation ratio at 20%.

• Total assets reached BRL 846 billion; equity at BRL 75 billion; capital ratio at 15.9%.

• Unsecured funding grew 31% year-over-year to BRL 379 billion; net new money of R$82.8 billion in 1Q26.

• Liquidity coverage ratio at 161% (160.9%); coverage ratio at 136%.

Outlook and guidance

• DCM expected to remain weak in Q2, with potential recovery in Q3; ECM trends are encouraging with recent IPO activity.

• Efficiency gains anticipated from core banking system unification, with cost-income improvements expected from late 2026.

• Continued focus on disciplined underwriting, diversified funding, and expansion into new products and markets.

• Banco Pan's ROE expected to converge with group levels by mid-2028.

• Commitment to sustainability and ESG integration, with recognition for leadership in sustainable finance.