Matheus Guimarães

Matheus Guimarães asked about the SME portfolio, its market share, historical strength, new competitors, and expectations for 2026 portfolio growth and its relevance for future growth.

Answer

CEO Marcelo de Araújo Noronha expressed satisfaction with their SME position, defined by the central bank (companies up to BRL 300 million/year). He acknowledged fierce competition but highlighted their distribution strength, digital channels for government programs, and continuous investment in the segment. He mentioned levers like government lines and funding for company vehicles, along with a new internet app migrating over 500,000 clients, supported by GenAI, Salesforce, and 5,000+ managers. He affirmed their commitment to growing market share, reducing risk, and increasing penetration through new tools, segmentation, and AI-driven portfolio management.

Matheus Guimarães from XP asked about the bank's expectations for the SME portfolio in 2026, considering its significant relevance and the intensifying competition from new market entrants.

Answer

CEO Marcelo de Araújo Noronha expressed satisfaction with the bank's SME position, highlighting strong distribution, efficient digital channels for government programs, and continuous investment. He mentioned growth levers like government lines, vehicle funding, and supplier prepayments, supported by new internet/mobile apps, Salesforce deployment, GenAI, and over 5,000 managers, aiming to reduce risk and increase penetration.

Matheus Guimarães asked for an update on the expectations regarding the replenishment of the Credit Guarantee Fund (FGC) in 2026, particularly in light of the Banco Master event.

Answer

CEO Mario Roberto Opice Leão stated that the replenishment of the FGC is being designed in coordination with the Central Bank and National Monetary Council, with banks providing input. He anticipates a short-term replenishment, possibly in February, to cover the volume that exited due to the Banco Master event and its derivatives. He expects a linear replenishment respecting banks' deposit proportions, potentially involving an anticipation of future flow or marginal contributions. He emphasized the critical need to improve FGC rules to prevent similar cases in the future.

Matheus Guimarães asked about expectations regarding the replenishment of the Credit Guarantee Fund (FGC) in 2026, especially following the Banco Master event, and potential improvements to FGC rules.

Answer

CEO Mario Roberto Opice Leão stated that while the banks provide input, the FGC replenishment design is coordinated with the Central Bank and National Monetary Council. He anticipated a short-term replenishment, possibly in February, likely a linear, one-to-one approach respecting deposit proportions. He emphasized the critical need to improve FGC rules to prevent similar future events, a topic actively discussed with regulators.

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.