Itaú Unibanco (ITUB4) Q4 2024 earnings summary

Executive summary

• Recurring managerial result for 2024 reached R$41.4 billion, up 16.2% year-over-year, with consolidated ROE at 22.2% and strong recognition for innovation, sustainability, and client centricity.

• Credit portfolio expanded 15.5% to R$1.4 trillion, with notable growth in corporate (+21.0%) and small/mid-market loans (+17.7%).

• Major progress in technology and digital transformation, with over 1,300 AI models in use and millions of clients migrated to new platforms.

• Employee and client satisfaction reached new highs, with NPS in the excellence zone and 75% of business areas at all-time highs.

• Continued investment in ESG and sustainable finance, targeting R$1 trillion in positive-impact loans and financing by 2030.

Financial highlights

• Operating revenues for 2024 were R$174.7 billion, up 9.2% year-over-year; net income reached R$42.1 billion, up 24.4%.

• Financial margin with clients totaled R$110.5 billion, up 7.6% year-over-year.

• Commissions and fees rose to R$54.1 billion, up 3.3% year-over-year.

• Cost of credit for 2024 was R$34.5 billion, down 6.6% year-over-year.

• Efficiency ratio improved to 39.5% (down 0.4 p.p. year-over-year).

Outlook and guidance

• 2025 guidance: credit portfolio growth between 4.5% and 8.5%; financial margin with clients expected to grow 7.5% to 11.5%.

• Cost of credit projected between R$34.5 billion and R$38.5 billion; non-interest expenses to grow 4.0%-8.5%.

• Effective tax rate expected between 27.0% and 29.0%; macro assumptions include GDP growth of 2.2% and SELIC at 15.75%.

• Targeting 15 million clients on unified digital platforms by 2025.

• Committed to R$1 trillion in sustainable finance by 2030.