Natalia's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2025
Question
Natalia from an unidentified firm asked for clarification on the 1.5% limit for AT1 capital, questioning if it was a regulatory change or an optimal level chosen by the bank, as she understood it was possible to exceed this level.
Answer
President & CEO Milton Maluhy Filho clarified that while the bank can issue more, the Central Bank only allows 1.5% of AT1 to be counted towards the Basel capital index. He explained that any amount above that is inefficient. Given the bank's strong CET1 of 13.1%, there is no need to run at the 1.5% AT1 limit, making the decision to call the bonds an economic one based on price and capital efficiency, not a change in appetite or regulation.