BPAC11 after 2Q26: record R$10.4bn revenues as corporate lending offsets a cyclical IB slump — and adjusted ROAE holds at 26.7%

On 11 August 2026, Banco BTG Pactual S.A. (B3: BPAC11) published 2Q26 results for the period ended 30 June 2026. Total revenues reached R$ 10.37 billion (+15.9% year on year, +4.0% quarter on quarter). Adjusted net income was R$ 5.14 billion (+22.6% YoY); accounting net income was R$ 4.90 billion (+22.2%). Annualized adjusted ROAE was 26.7%, with an adjusted cost-to-income ratio of 37.1% (−1.4 percentage points vs 2Q25).

The educational frame is how to read an investment-bank P&L listed in Brazil. Unlike a commercial bank where client margin and credit cost dominate the story (see ITUB4’s 2Q26 package), BTG reports revenues by business line — investment banking, corporate lending, markets, asset and wealth management, consumer finance, plus a large Interest & Others bucket tied to funding and treasury. Headline profit also comes in adjusted and accounting versions; the usual gap is goodwill amortization from acquisitions (Banco Pan, Órama, wealth platforms, and others). Treat adjusted ROAE as the metric management emphasizes for operating performance, but keep the statutory line when comparing to IFRS-only peers.

Consolidated snapshot

1H26 revenues were R$ 20.34 billion (+24.2% YoY). Adjusted net income in 1H26 was R$ 9.95 billion on the release’s 6M 2026 table — the company described the period as its strongest first half on record.

Revenue mix: when investment banking cools, lending and consumer carry the quarter

BTG’s 2Q26 revenue bridge is a lesson in cycle diversification:

Corporate lending posted record quarterly revenue of R$ 2.5 billion, with the corporate credit book at R$ 288.5 billion (+21.3% YoY, +2.6% QoQ). Management highlighted healthy spreads and disciplined origination — the line that often stabilizes Brazilian investment banks when capital-markets fees fade.

Investment banking revenue fell to R$ 421 million (−46.1% YoY, −32.9% QoQ), mainly on lower DCM volumes as debt issuance moderated. Rankings and league tables in the release still show BTG #1 in several M&A and ECM share metrics in Brazil/LatAm for the quarter; the P&L nonetheless reflects a softer fee environment, not absent franchise relevance. The company also cited role as the sole Latin American underwriter in SpaceX’s IPO (described in the release as the largest equity offering in history) — a headline mandate that does not fully offset weak local DCM in the same quarter.

Sales & trading was roughly flat sequentially (R$ 1.86 billion, −2.9% YoY) in a backdrop of moderate client activity and higher volatility that management referenced in the letter. Asset management revenue rose 1.3% QoQ to R$ 794 million, with R$ 29.4 billion of net inflows and AuM/AuA near R$ 1.4 trillion (+3.5% vs 1Q26).

Wealth management & personal banking delivered R$ 1.45 billion (+16.8% YoY, −4.5% QoQ). WuM reached R$ 1.31 trillion on R$ 29.1 billion of quarterly net inflows — the recurring fee engine that scales with client assets rather than trading volumes.

Consumer finance & banking jumped 37.4% QoQ to R$ 1.55 billion (+74% YoY), driven by portfolio growth, spread improvement, and contribution from MeuTudo after BTG completed the partnership integration. The consumer loan book was R$ 78.2 billion (+6.2% in the quarter), with emphasis on private payroll origination. Readers should expect revenue and expense to move together here: salaries and administrative costs rose partly on MeuTudo-related lines, in line with the revenue step-up.

Interest & others at R$ 1.80 billion is not “another fee business” — it reflects funding, treasury, and balance-sheet economics. Do not sum segment revenues and assume they equal economic fee income without reading the footnotes.

Adjusted vs accounting profit — the goodwill amortization bridge

BTG publishes a standard reconciliation:

Annualized accounting ROAE was 25.4% versus 26.7% on the adjusted definition. For quarter-to-quarter operating comparisons among serial acquirers, the adjusted line is usually the cleaner read; for dividend and regulatory capital discussions, stay on accounting equity and BIS metrics.

Balance sheet scale, credit, and capital

Total assets of R$ 925.2 billion (+9.4% vs 31 March 2026) underscore BTG’s evolution from pure IB toward a full-platform model (lending, consumer, WM, AM). The credit portfolio at R$ 366.6 billion is split roughly R$ 288.5 billion corporate and R$ 78.2 billion consumer in the release’s KPI box.

Shareholders’ equity ended June at R$ 79.6 billion (+6.8% QoQ, +24.9% YoY). Book value per unit was R$ 20.6 (release table). Basel ratio 16.0% and LCR 160.3% frame capital and liquidity as comfortable — not the binding constraint in 2Q26 narrative, unlike years when markets businesses consumed balance sheet.

Subsequent events noted in the release (after the balance-sheet date) include completion of the MeuTudo partnership (July 2026) and acquisition of HSBC Uruguay operations (10 July 2026) — relevant for 3Q26 segment mix, not embedded in 2Q26 revenue lines.

Efficiency and expenses

Operating expenses were R$ 4.28 billion (+1.2% QoQ). Bonuses, salaries, and administrative costs rose modestly; tax charges (non-income-tax) fell 12.9% on a more favorable revenue mix. The result was a 37.1% adjusted cost-to-income versus 38.5% a year earlier, with compensation ratio 19.5% — the pairing investors watch when revenues are volatile but headcount and bonus pools are sticky.

How this compares to a commercial-bank read

Neither table is a quality ranking — BTG and Itaú serve different client mixes. The point is which line items you must open when the headline says “record profit.”

Where to see this on the explorer

• BPAC11 company page
• ITUB4 company page — commercial-bank peer from the same earnings season
• ITSA4 after 2Q26 — holding exposure to Itaú Unibanco
• Blog index

Sources

• Banco BTG Pactual S.A. — 2Q26 earnings release (English), 11 August 2026 — revenues by segment, adjusted vs accounting income, ROAE, cost-to-income, AuM/WuM, credit portfolio, capital and liquidity ratios, MeuTudo and HSBC Uruguay subsequent events
• Contemporaneous press on 2Q26 results (InfoMoney, August 2026)
• BPAC11 on the explorer

Disclaimer

This article is for informational and educational purposes only. It is not investment advice. Adjusted versus accounting figures, segment revenue definitions, and capital ratios follow BTG Pactual’s earnings release and may differ from statutory IFRS presentations in CVM filings. Investment-banking and markets revenues can be volatile quarter to quarter. Refer to official documents and, if needed, a licensed professional.