Brazil markets react to earnings from Itaú, Prio, Copel

Global stock markets rose on Wednesday, and U.S. stock futures climbed after Axios reported that the White House believes it is close to reaching a memorandum of understanding with Iran to end the war in the Middle East. Brent crude fell 8.43% to $100.5 a barrel, while gold for February 2026 delivery rose 3.35% to $4,721 per troy ounce. The iron ore futures contract traded on the Dalian exchange in China closed up 2.84% at 816 yuan ($119.47). The price could affect shares of Brazilian mining companies Vale and CSN Mineração.

As of 7:36 a.m. on Wall Street, Dow Jones futures were up 0.95%, S&P 500 futures gained 0.84%, and Nasdaq futures rose 1.45%.

Markets are reacting to Itaú‘s results. Itaú reported recurring managerial net profit of R$12.3 billion in the first quarter of 2026, up 10.4% from the same period in 2025. Annualized return on equity (ROE) reached 24.8%, up 2.3 percentage points year over year. The bank’s credit portfolio, excluding currency effects, grew 9% year over year, driven by government program loans to companies and by growth in mortgage credit (+11.2%), credit cards (+8.2%), and payroll loans (+6.1%), with private payroll loans increasing 63%. The financial margin with clients rose 4.5% year over year. The nonperforming loan ratio above 90 days remained at 1.9%. Fee and insurance revenue increased 5.3%. Non-interest expenses totaled R$16.2 billion, up 4.8% year over year, mainly due to higher technology spending. The cost-income ratio in Brazil reached 34.9%, a historic best for a first quarter. The bank’s common equity tier 1 ratio stood at 12%.

Banco Pine reported net profit of R$149.9 million in the first quarter of 2026, up 104% from a year earlier. Return on average equity reached 37.9%, up 12.9 percentage points, driven by gross financial margin expansion. The financial margin totaled R$570 million, up 134%. Provisions and expected losses were R$209.6 million. Fee income rose 38% year over year to R$26.2 million.

Tenda reported net profit of R$183.4 million in the first quarter of 2026, up 114.5% year over year. Adjusted consolidated EBITDA was R$256.7 million, up 68%. Consolidated net revenue reached a record R$1.184 billion, up 36.9%.

TIM reported normalized net profit of R$821 million in the first quarter of 2026, up 1.3% year over year. Normalized EBITDA was R$3.28 billion, up 6.6%, with an EBITDA margin of 48.3%. Net revenue grew 6.5% to R$6.80 billion.

Banco Bmg reported recurring net profit of R$147 million in the first quarter of 2026, up 28% year over year. Return on average equity reached 15.3%, up from 12.1%. The nonperforming loan ratio above 90 days fell to 3.7%.

Iguatemi reported consolidated net profit of R$237.5 million in the first quarter of 2026, up 121.1% year over year. Adjusted EBITDA was R$405.2 million, up 65.9%. Total sales reached R$5.7 billion, up 12.8%.

C&A reported adjusted net profit of R$8 million in the first quarter of 2026, up 218.7% year over year. On an unadjusted basis, net profit was R$1.7 million, down 59.1%. Adjusted EBITDA was R$245 million, up 0.1%, with a margin of 15.1%. Net revenue edged up 0.5% to R$1.619 billion. The company also announced a share buyback program for up to 10 million ordinary shares, representing 4.9% of outstanding shares, to run through November 8, 2027.

Copel reported reported net profit of R$694 million in the first quarter of 2026, up 4.4% year over year, driven by better operational performance. Recurring net profit rose 10.7% to R$638.9 million.