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Itau Unibanco Holding SA ADR ITUB Stock Quote

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Morningstar‘s Stock Analysis ITUB

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Economic Moat


Itau Unibanco Reports Solid Third-Quarter Earnings as Loan Growth Remains Strong

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

No-moat-rated Itau Unibanco reported solid third-quarter results as the bank saw good loan growth, particularly in its consumer lending products, and credit results that came in better than we had anticipated. The bank reported operating revenue of BRL 36.6 billion, 3.7% higher than last quarter and 16.1% higher than last year. Net income was 19.2% higher than last year at BRL 8.1 billion, which translates to a return on equity of 21%. As we incorporate these results, we are raising our fair value estimate for Itau Unibanco to $4.80 per ADR share from $4.60. Around $0.10 of the increase is from earnings and exchange rate movements since our last update while the other $0.10 is from higher loan growth projections.

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Key Statistics ITUB

Company Profile ITUB

Business Description

Itaú Unibanco is the largest privately held bank in Brazil, the result of the 2008 merger between Banco Itaú and Unibanco. In addition to Brazil, the bank has significant operations in Chile, Colombia, Argentina, Uruguay, and Paraguay. Its commercial and consumer loans account for 36% of the bank’s total loans each, while foreign loans now account for 28% of the bank’s portfolio. Itaú also operates the fifth-largest insurer in Brazil and is the second-largest asset manager in the country, giving it broad reach over the Brazilian financial system.

Praca Alfredo Egydio de Souza Aranha, 6th Floor, 100-Torre Conceicao
Sao Paulo, SP, 4344902, Brazil
T +55 1127943547
Industry Banks - Regional
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 100,361

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