Itaú keeps strong growth and credit quality, with 22% upside potential after Q3 results

Itaú maintained strong operational momentum and disciplined credit quality in Q3, supporting a reiterated buy rating. The bank's selective credit growth, focus on collateralized products, and robust provisioning helped sustain profitability and risk management. Despite weaker non-financial revenues, expense control, stable credit costs, and improved tax outlook support a steady return on equity. Valued at 8.2 times earnings, Itaú offers a 22% upside to a 10 times earnings target, reflecting its strong fundamentals amid Brazil's volatile macroeconomic environment.

Itaú Unibanco's resilience in Q3 is mirrored in its steady trading on Pluang, where its American Depositary Shares are priced at USD 7.30 as of Nov 06, 2026 17:51 WIB. The stock shows a modest 1-day gain of 0.14% and carries a dividend yield of 2.35%. Despite a 65% sell order activity, the market cap remains strong at $84.73 billion, reflecting ongoing investor interest.