Itaú Unibanco (ITUB4) revised its projection for the effective IR/CS (Income Tax and Social Contribution) rate for 2026, which went from between 29.5% and 32.5% to between 28.0% and 29.0%. The other projections for the year were maintained, according to a Material Fact notice released on November 3, 2026.
The projections remain unchanged for growth in the total credit portfolio, which includes financial guarantees provided and private securities, between 5.5% and 9.5%, and for the credit portfolio in Brazil, between 6.5% and 10.5%. Financial margin with clients is still projected to grow between 5.0% and 9.0%, and financial margin with the market between R$ 2.5 billion and R$ 5.5 billion.
The cost of credit, composed of expected loss expense, discounts granted and recovery of loans written off as losses, remains between R$ 38.5 billion and R$ 43.5 billion. Revenue from services and insurance results, which adds services, insurance results, pension plans and capitalization, and subtracts claims expenses, is projected to grow between 2.0% and 5.0%. Non-interest expenses remain projected to grow between 1.5% and 5.5%.
Itaú Unibanco also reported that, starting in November 2026, it began to consider a cost of capital of around 15.25% per year in managing its businesses. The company stresses that the projections are forecasts based on management's current expectations and depend on market and economic conditions, so actual results may differ.
