Itaú Unibanco vs Santander: Revenue, Profit and Business Model
Itaú Unibanco reported ~$25B of revenue in FY2025 and ~$8.1B of net income. Santander reported ~$52.9B of revenue in FY2025 and ~$15.2B of net income.
Latest financial snapshot
Itaú Unibanco
- Latest revenue
- ~$25B (FY2025)
- Net income
- ~$8.1B
- Net margin
- 32.3%
- Revenue growth
- +5.5% a year, FY2021–FY2025
Santander
- Latest revenue
- ~$52.9B (FY2025)
- Net income
- ~$15.2B
- Net margin
- 28.8%
- Revenue growth
- +4.7% a year, FY2021–FY2025
Financial summary
Itaú Unibanco
Itaú's earnings rose steadily after the pandemic: recurring managerial profit reached ~$8.42 billion (R$46.8 billion) in 2025 (+13.1%), with ROE around 24% and an efficiency ratio of 38.9%. The bank distributed ~$6.07 billion (R$33.7 billion) to shareholders in 2025, a 72% payout. Growth continued in 2026: 2Q26 recurring profit was ~$2.23 billion (R$12.4 billion) (+7.8% year on year), operating revenues were ~$8.64 billion (R$48.0 billion), the managerial financial margin was ~$6.03 billion (R$33.5 billion) and recurring ROE was 24.3% (25.7% in Brazil). Note that IFRS figures in the 20-F (~$8.07 billion (R$44.857 billion) net income for 2025) differ from the managerial figures used in quarterly releases.
Santander
Total income rose from about $64.4 billion (EUR 57 billion) in 2023 to ~$70.5 billion (EUR 62.4 billion) in 2025, and attributable profit grew from ~$12.5 billion (EUR 11.1 billion) to ~$15.9 billion (EUR 14.1 billion). Geographic spread smooths results: Europe, North America and South America each contribute a large share of profit. Capital is returned under a policy of distributing about 50% of profit, split between cash dividends and buybacks; the September 2026 interim cash dividend was 12.7 euro cents per share, up 10%. The 2028 plan targets RoTE above 20% and profit above ~$22.6 billion (EUR 20 billion).
Revenue and profit by year
Itaú Unibanco
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$25B | ~$8.1B | 32.3% | +2.4% | Source |
| FY2024 | ~$24.4B | ~$7.4B | 30.3% | +9.0% | Source |
| FY2023 | ~$22.4B | ~$6B | 26.6% | +8.7% | Source |
| FY2022 | ~$20.6B | ~$5.3B | 25.5% | +2.3% | Source |
| FY2021 | ~$20.2B | ~$4.8B | 23.9% | — | Source |
Santander
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$52.9B | ~$15.2B | 28.8% | -2.0% | Source |
| FY2024 | ~$54B | ~$13.5B | 25.0% | +10.5% | Source |
| FY2023 | ~$48.9B | ~$12B | 24.5% | +3.1% | Source |
| FY2022 | ~$47.4B | ~$10.3B | 21.6% | +7.5% | Source |
| FY2021 | ~$44.1B | ~$8.5B | 19.4% | — | Source |
Where the revenue comes from
Itaú Unibanco
- Retail Business
~61% of managerial operating revenue
Retail banking, cards, personal loans, payroll loans, vehicle finance, acquiring, insurance, pensions, and mass affluent banking generated ~$20.2 billion (R$112.204 billion) in FY2025 managerial operating revenues.
- Wholesale Business
~34% of managerial operating revenue
Corporate banking, investment banking, treasury, institutional relationships, and Latin American wholesale operations generated ~$11.3 billion (R$62.620 billion) in FY2025 managerial operating revenues.
- Activities with the Market and Corporation
~5% of managerial operating revenue
Market, treasury, capital allocation, and corporate activities generated ~$1.72 billion (R$9.569 billion) before IFRS consolidation adjustments.
Santander
- Net interest income
- Net fee income
- Payments and cards
- Wealth management and insurance
- Consumer finance
- Corporate and investment banking
Business model and strategy
Itaú Unibanco
How it makes money
Itaú is a universal bank that makes money in three ways. First, net interest income: it lends to individuals (credit cards, payroll loans, mortgages, vehicle finance) and companies, funded largely by deposits, and earns the spread between lending and funding rates.
Growth strategy
Under CEO Milton Maluhy Filho, Itaú's strategy centers on client centricity, efficiency and technology. It is consolidating customer apps into one platform, modernizing legacy systems and moving workloads to the cloud, expanding the use of data and AI in credit and service, growing wealth management and investment distribution, and allocating capital selectively across its Latin American subsidiaries, while returning…
Competitive advantage
Itaú's advantages are scale, low-cost deposit funding, decades of credit data and a track record of underwriting through Brazilian rate cycles. Its 2025 efficiency ratio of 38.9% and ROE near 24% are high for a large universal bank, and its product shelf, from payroll loans to corporate debt underwriting, lets it serve customers and companies that digital-only rivals cannot fully cover.
Santander
How it makes money
Santander makes most of its money from net interest income: it gathers customer deposits (~$1.28 trillion (EUR 1.13 trillion) at June 2026) and lends them out as mortgages, consumer and auto loans, and business credit (~$1.3 trillion (EUR 1.15 trillion) of loans). In 2025 net interest income was ~$47.8 billion (EUR 42.3 billion) and net fee income ~$15.5 billion (EUR 13.7 billion).
Growth strategy
Growth in 2026 comes from three levers. First, M&A in markets where Santander already has scale: TSB adds over four million UK customers and at least ~$528 million (GBP 400 million) of expected cost synergies, and Webster Bank gives Santander US a larger deposit base, with a target of 18% US RoTE by 2028.
Competitive advantage
Santander's edge is scale in a few markets where it holds top positions, combined with a shared operating model. Retail franchises in Spain, the UK, Brazil and Mexico provide low-cost deposits, while ONE Transformation moves local banks onto common technology and products (including the Gravity cloud core-banking platform). The aim is to build features once and reuse them in every country.
Questions about Itaú Unibanco vs Santander
Which company has higher revenue — Itaú Unibanco Holding S.A. or Banco Santander, S.A.?
Itaú Unibanco Holding S.A. reported ~$25B (FY2025), while Banco Santander, S.A. reported ~$52.9B (FY2025). By last reported revenue, Banco Santander, S.A. is the larger business, with Itaú Unibanco Holding S.A. reporting a smaller revenue base.
What is the market cap of Itaú Unibanco Holding S.A. vs Banco Santander, S.A.?
Itaú Unibanco Holding S.A.'s market capitalisation stands at $94.0B, while Banco Santander, S.A.'s is $211.5B. Banco Santander, S.A. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Itaú Unibanco Holding S.A..
Which is more financially efficient — Itaú Unibanco Holding S.A. or Banco Santander, S.A.?
Itaú Unibanco Holding S.A. generates $270k / employee in revenue per employee, while Banco Santander, S.A. generates $286k / employee. Banco Santander, S.A. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Itaú Unibanco Holding S.A. and Banco Santander, S.A. make money?
Itaú Unibanco Holding S.A. and Banco Santander, S.A. generate revenue in fundamentally different ways. Itaú Unibanco Holding S.A.: Itaú is a universal bank that makes money in three ways. Banco Santander, S.A.: Santander makes most of its money from net interest income: it gathers customer deposits (~$1.
Which company is valued higher relative to revenue — Itaú Unibanco Holding S.A. or Banco Santander, S.A.?
On a price-to-sales (P/S) basis, Itaú Unibanco Holding S.A. trades at 3.8x P/S and Banco Santander, S.A. at 4.0x P/S. Banco Santander, S.A. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Itaú Unibanco Holding S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Itaú Unibanco Holding S.A. bigger than Banco Santander, S.A.?
By last reported revenue, Banco Santander, S.A. (~$52.9B (FY2025)) is the larger company compared to Itaú Unibanco Holding S.A. (~$25B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Itaú Unibanco vs Santander overview