Brazil's Itau posts recurring net income up 15% in Q1 & More News Here

10 May 2022 08:30 (UTC+04:00)

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By Trend

Brazilian lender Itau Unibanco Holding SA on Monday reported a primary quarter recurring net income of seven.36 billion reais ($1.45 billion), up 15.1% yr on yr, pushed by increased credit score quantity as progress in its mortgage ebook accelerated, Trend experiences on the subject of Reuters.

The determine for the nation’s largest financial institution had been in line with an anticipated 7.35 billion-real net income from analysts polled by Refinitiv.

The backside line progress got here whilst loan-loss provisions jumped by 57.8% to six.998 billion reais, Itau stated in a securities submitting.

“Our first quarter results show the consistency and sustainability of our performance even in a challenging scenario … We have all the conditions needed to keep an extremely robust balance sheet in 2022,” Chief Financial Officer Alexsandro Broedel stated.

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