Itaú Unibanco: Execution Still Justifies The Premium

Itaú Unibanco continues to deliver 20%+ ROE through disciplined credit growth and superior execution, widening the gap to domestic incumbent peers. FY25 reinforced the story, with higher profitability, improving efficiency, and stable credit metrics despite a still restrictive macro. FY26 guidance appears conservative, but underlying trends suggest earnings growth can remain resilient even with a higher base.