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    Eduardo Nicchio

    Research Analyst at JANEL

    Eduardo Nicchio is an Equity Research Analyst at JANEL, specializing in the analysis of Latin American technology and consumer companies such as MercadoLibre, PagSeguro, and StoneCo. Known for insightful research and investment calls, Nicchio has demonstrated a strong performance track record, earning a success rate over 60% and positive average returns according to investor platforms. He started his career as an equity analyst in the mid-2010s, previously working at prominent Brazilian investment firms before joining JANEL in 2022. Nicchio holds professional credentials including a CFA charter and is registered with Brazil’s securities regulator, CVM, highlighting his expertise and notable recognition within the field.

    Eduardo Nicchio's questions to Itau Unibanco Holding (ITUB) leadership

    Eduardo Nicchio's questions to Itau Unibanco Holding (ITUB) leadership • Q2 2025

    Question

    Eduardo Nicchio from JANEL asked if efficiency gains from the One Itaú rollout would lead to a strategic revisit of the mass-market segment. He also inquired about the drivers of Itaú's significant outperformance on delinquency rates compared to the industry.

    Answer

    President & CEO Milton Maluhy Filho explained that the bank's superior credit performance stems from a consistent, long-term portfolio management strategy that makes the portfolio more resilient and less volatile. Regarding the mass market, he stated that the bank is moving step-by-step, and while efficiency gains and advanced modeling will create opportunities to serve new client pockets, the bank will not rush and will maintain its careful, long-term approach.

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