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    Marcelo Mischari

    Research Analyst at Bradesco

    Marcelo Mischari is an Equity Research Analyst at Bradesco BBI, specializing in the coverage of the financial sector with a concentrated focus on Brazilian banking institutions such as Itaú Unibanco, Banco do Brasil, and Bradesco itself. Known for his rigorous analysis and industry insight, Mischari’s research and investment calls have consistently aligned with market trends, contributing actionable recommendations for both buy-side and sell-side clients, with a documented track record of timely reports highly regarded by institutional investors. He started his career in financial analysis in the early 2010s, previously holding analytical roles at Itaú BBA before joining Bradesco BBI, where he brought his expertise in Latin American markets and macroeconomic evaluation. Marcelo holds an advanced degree in Economics and is recognized for his industry certifications in securities analysis, although there is no evidence of FINRA registration due to his Brazil-based activities.

    Marcelo Mischari's questions to Itau Unibanco Holding (ITUB) leadership

    Marcelo Mischari's questions to Itau Unibanco Holding (ITUB) leadership • Q2 2025

    Question

    Marcelo Mischari from Bradesco pointed out that the credit portfolio growth guidance seems to be the most at risk and asked for the drivers that give management confidence in meeting it. He also inquired if a higher dividend payout could be expected for the year.

    Answer

    President & CEO Milton Maluhy Filho acknowledged the challenge but reaffirmed the guidance, stating it remains the bank's best estimate, though it depends on macro factors and demand. On dividends, he said it's too early to commit but highlighted the very solid pace of capital generation. He indicated that an additional payment is likely, following the same logic as the previous year, after assessing growth needs and regulatory impacts.

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