Itaúsa posts record 1H26 profit, 22% growth despite headwinds

Itaúsa, Brazil’s largest non-bank financial conglomerate, reported record net income of 12.4 billion reais ($2.3 billion) for the first half of 2026, a 22% increase from the same period last year. The results, disclosed in its 1H26 earnings presentation, reflected resilience amid macroeconomic headwinds, including elevated interest rates and a volatile local currency.

Revenue rose 15% year-over-year to 34.2 billion reais, supported by robust performance in its financial services division, which includes stakes in Itaú Unibanco and XP Inc. The segment’s net income contribution grew 18%, outpacing broader market challenges. Itaúsa’s insurance and real estate units also posted gains, though at a slower pace, as higher claims and regulatory pressures weighed on profitability.

Operating expenses were contained at 11.8 billion reais, a 5% decline from 1H25, reflecting disciplined cost management. The company’s net interest margin expanded to 6.2%, up from 5.8% in the prior-year period, benefiting from tighter credit spreads and improved asset quality. Non-performing loan ratios remained stable at 3.1%, unchanged from December 2025.

Itaúsa’s liquidity position strengthened, with cash and cash equivalents totaling 28.7 billion reais, up 8% from year-end 2025. The conglomerate’s total assets grew 7% to 312 billion reais, driven by organic growth in its core businesses and strategic investments. Shareholders’ equity increased 9% to 104 billion reais, supporting a 1.8% dividend yield for the period.

The company reaffirmed its guidance for 2026, targeting net income growth of 15-20% and a return on equity of 14-16%. Analysts noted the results underscored Itaúsa’s ability to navigate Brazil’s challenging economic environment while maintaining shareholder returns.