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Matheus Guimarães

Matheus Guimarães

Research Analyst at XP Inc.

Brazil

Matheus Guimarães, CFA, is an Equity Research Analyst at XP Inc., specializing in the financial sector with a focus on banks and non-bank financial institutions in Brazil. He covers major publicly traded companies within this sector, leveraging in-depth market analysis and fundamental research to generate actionable investment recommendations, although specific performance metrics such as success rates or returns are not publicly disclosed. Matheus began his career in financial analysis and investment research, progressing to his current role at XP Inc., and has established expertise in coverage of Brazilian financial companies. He holds the Chartered Financial Analyst (CFA) credential, underscoring his technical proficiency and ethical standards in investment research.

Matheus Guimarães's questions to Itau Unibanco Holding (ITUB) leadership

Question · Q1 2025

Matheus Guimarães from XP inquired about Itaú's cost of funding strategy in a competitive environment and the potential subordination risk to the credit card business from the new private payroll loan product.

Answer

CEO Milton Maluhy Filho explained that the bank's primary focus is on strengthening the client franchise and lifetime value, not just optimizing funding costs in the short term. Regarding the second point, he views the private payroll loan as a superior and cheaper financing product for consumers, which should lead to a healthier credit dynamic and potentially lower delinquency compared to revolving credit card debt.

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