XP: Brazil bank earnings gap to widen; Itaú seen as sector benchmark

XP projects that Brazilian bank balance sheets will show a widening performance gap in Q3, with Itaú expected to lead on disciplined credit growth, resilient margins, and cost control. The report implies weaker peers may lag, but specifics on other banks are not provided. This matters as it signals divergent profitability trends within Brazil's banking sector, potentially affecting investor positioning.