{"id":9988,"date":"2023-08-08T01:14:33","date_gmt":"2023-08-08T01:14:33","guid":{"rendered":"https:\/\/isafespend.com\/investing\/profits-for-brazils-itau-unibanco-up-14-beat-expectations\/"},"modified":"2023-08-08T01:14:33","modified_gmt":"2023-08-08T01:14:33","slug":"profits-for-brazils-itau-unibanco-up-14-beat-expectations","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9988","title":{"rendered":"Profits for Brazil’s Itau Unibanco up 14%, beat expectations"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A man is reflected in an Itau branch window in Rio de Janeiro, Brazil April 29, 2019. REUTERS\/Sergio Moraes\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Peter Frontini<\/p>\n

SAO PAULO (Reuters) -Brazilian lender Itau Unibanco reported a 14% increase in second-quarter net profit from a year earlier, beating expectations, while also keeping default rates stable, the bank said in a securities filing on Monday.<\/p>\n

Latin America’s biggest private sector lender posted recurring net profit of 8.74 billion reais ($151 million) during the April-to-June period, while analysts polled by Refinitiv expected 8.63 billion reais.<\/p>\n

Citi analysts described the result as strong and without major surprises, crediting Itau’s management with continuing to “navigate turbulent waters well,” according to a research report published later on Monday.<\/p>\n

“We think the combination of asset quality under control with capital boost should allow the bank to re-accelerate credit growth, while competitors have less room for that, or pay higher dividends down the road,” they added in the report.<\/p>\n

In its filing, Itau attributed the quarterly performance to higher income from interest it earned on customer debt, as net interest income from clients grew 13.4% to reach 24.9 billion reais.<\/p>\n

Chief Financial Alexsandro Broedel highlighted the gradual increase in profitability, in addition to “the stabilization of default rates and the continuous improvement of our efficiency ratio,” he said in a statement. <\/p>\n

Return on equity, a gauge for profitability, grew 0.2 percentage points from the previous quarter to settle at 20.9%.<\/p>\n

Delinquency, measured by a 90-day default ratio, came in at 3.0%, essentially flat compared to the first quarter.<\/p>\n

Credit costs during the quarter grew 25% from a year earlier to reach 9.44 billion reais, as the lender set aside more money for customers defaulting on loans.<\/p>\n

Itau’s loan portfolio, meanwhile, fell slightly from the previous three months, but grew 6.2% from the second quarter of last year, totaling 1.15 trillion reais. <\/p>\n

Competitors Santander (BME:) and Bradesco, had previously indicated a trend toward more selective granting of credit.<\/p>\n

($1 = 4.8999 reais)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A man is reflected in an Itau branch window in Rio de Janeiro, Brazil April 29, 2019. REUTERS\/Sergio Moraes\/File Photo By Peter Frontini SAO PAULO (Reuters) -Brazilian lender Itau Unibanco reported a 14% increase in second-quarter net profit from a year earlier, beating expectations, while also keeping default rates stable, the<\/p>\n","protected":false},"author":1,"featured_media":9989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-9988","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nProfits for Brazil's Itau Unibanco up 14%, beat expectations | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A man is reflected in an Itau branch window in Rio de Janeiro, Brazil April 29, 2019. 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