Banco BTG Pactual (BPAC3, BPAC5, BPAC11) posted adjusted net income of R$ 5,327 mi in the third quarter of 2026 (3Q26), up 17% from 3Q25 (R$ 4,551 mi) and 3.6% from 2Q26. Total revenue was R$ 10,812.2 mi, an increase of 13.8% year over year and 4.3% quarter over quarter. Annualized adjusted ROAE (return on average equity) was 26.4%, and adjusted profit per unit (a security that bundles the bank's shares) came in at R$ 1.38.
Accounting net income totaled R$ 5,091.5 mi, up 3.9% from 2Q26 and 17.4% from 3Q25. The difference from adjusted profit comes mainly from goodwill amortization of R$ 428.2 mi, tied to acquisitions such as Banco Pan, Órama and Julius Baer Brasil. In the year to date through September 2026, revenue was R$ 31.2 bi (+20.4%) and adjusted profit was R$ 15.3 bi (+26.0%), with ROAE of 26.9%.
By business area, revenues for the quarter were: Corporate Lending & Business Banking, R$ 2,766.3 mi (+28.4% year over year); Sales & Trading, R$ 1,735.7 mi (-10.6%); Consumer Finance & Banking, R$ 1,599.4 mi (+63.5%); Wealth Management & Personal Banking, R$ 1,571.1 mi (+15.0%); Asset Management, R$ 808.3 mi (+8.1%); and Investment Banking, R$ 412.2 mi (-35.9%). Interest & Others totaled R$ 1,919.2 mi. Operating expenses totaled R$ 4,518.6 mi, up 5.5% from 2Q26, and the adjusted efficiency ratio was 37.8%.
The total loan portfolio reached R$ 386.0 bi, of which R$ 301.9 bi in Corporate and R$ 84.0 bi in Consumer. Total assets amounted to R$ 944.8 bi as of September 30, 2026, and shareholders' equity was R$ 81.7 bi, already accounting for R$ 3.0 bi distributed as JCP (interest on equity). The Basel ratio stood at 16.3%, and Unsecured Funding reached R$ 436.1 bi. Assets under management and administration totaled about R$ 2.8 tri, and net new money was R$ 58 bi in the quarter.
The bank completed the acquisition of HSBC Uruguay and obtained regulatory approval to operate as a bank in Peru.
Is BPAC11 worth investing in?
- Price
- R$ 55.95
- as of 11/11/2026
- Dividend yield
- 2.54 %
- P/L
- 11.79
- P/VPA
- 2.62
