Marcelo Mizzachi

Marcelo Mizzachi from Bradesco inquired about Itaú Unibanco's delinquency outlook for 2026 across individuals and companies, considering the impact of potential reductions in government programs on SME delinquency. He also asked for a diagnosis of the bank's approach to write-offs and how it might affect reported delinquency rates.

Answer

Milton Maluhy Filho, CEO of Itaú Unibanco, stated that no material changes in delinquency indicators are expected for 2026, beyond typical Q1 seasonal increases. He noted that SME delinquency might see short-term pressure from the normalization of government program grace periods, but without significant impact on credit costs due to collateralization. He clarified that Itaú maintains consistent write-off deadlines, unlike some institutions that extend them, which can artificially lower reported delinquency but impact expected loss provisioning. He emphasized the bank's adequate provisioning and disciplined approach to risk management across all segments.

Marcelo Mizzachi from Banco Bradesco S.A. sought Itaú Unibanco's diagnosis on delinquency trends for 2026, focusing on individuals and companies. He asked about the impact of government programs, the bank's strong SME growth, and how tax reforms and payroll loans might affect individual liquidity and, consequently, delinquency.

Answer

Milton Maluhy Filho, CEO of Itaú Unibanco, stated that no material changes in delinquency indicators are expected for 2026, beyond typical seasonal increases in Q1. He noted that while SME short-term delays might be pressured by the normalization of government program grace periods, these portfolios are well-insured, mitigating credit cost impact. Maluhy Filho emphasized Itaú's disciplined provisioning, consistent write-off policies (unlike some market changes), and robust balance sheet with adequate provisions, particularly for large companies, ensuring profitability is never prioritized over sound risk management.