Itaú’s Profit Rose 7.1 Percent in the First Quarter

By Newsfeed/Reuters

RIO DE JANEIRO, BRAZIL – Itaú Unibanco recorded a recurring profit (excluding extraordinary effects) of R$6.877 billion in the first quarter, 7.1 percent higher than the result in the same quarter in 2018.

The number was also above the average forecast of analysts consulted by Reuters, of R$6.814 billion.

Net taxable income was R$6.710 billion, an increase of 6.8 percent over the first quarter of last year. Return on shareholders’ equity reached 23.6 percent.

The provision for defaults expense amounted to R$4.206 billion in the quarter. The default rate above 90 days was 3 percent in the first quarter, a 0.1 percentage point higher than in December and a 0.1 percentage point below the rate registered in the first quarter of last year.

The expanded credit portfolio reached R$647,061 billion at the end of the quarter, a growth of 7.7 percent in 12 months.