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    Enrique Navarro • Santander

    Enrique Navarro's questions to Itau Unibanco Holding SA (ITUB) leadership

    Enrique Navarro's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2025

    Question

    Enrique Navarro from Santander Brasil asked about the drivers of the corporate portfolio's growth, given headwinds from the IOF tax and currency appreciation, and questioned if it stemmed from more aggressive policies.

    Answer

    President & CEO Milton Maluhy Filho clarified that the growth was diversified across segments like agribusiness and middle-market companies, and was achieved without changing the bank's risk appetite. He stressed that the bank maintains strong price discipline and would rather lose market share than profitability, attributing the performance to a consistent, long-term portfolio management strategy.

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    Enrique Navarro's questions to Banco Bradesco SA (BBD) leadership

    Enrique Navarro's questions to Banco Bradesco SA (BBD) leadership • Q2 2025

    Question

    Enrique Navarro from Santander asked about the potential for ROE expansion in 2026, questioning if it could return to 2017-2018 levels given improving market conditions and the bank's transformation.

    Answer

    CEO Marcelo Morojin declined to provide a specific ROE target, reiterating the bank's 'step-by-step' approach focused on consistent improvement in profitability, revenue, and portfolio quality. He noted that the operating result is the best snapshot of progress. Management added that the short-term goal is to reach the cost of capital, while long-term competitiveness requires continued investment in the bank's transformation.

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