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Brazil's Itau posts recurring net income up 15% in Q1

Other News Materials 9 May 2022 14:40 (UTC +04:00)
Brazil's Itau posts recurring net income up 15% in Q1

Brazilian lender Itau Unibanco Holding SA on Monday reported a first quarter recurring net income of 7.36 billion reais ($1.45 billion), up 15.1% year on year, driven by higher credit volume as growth in its loan book accelerated, Trend reports with reference to Reuters.

The figure for the country's largest bank were in line with an expected 7.35 billion-real net income from analysts polled by Refinitiv.

The bottom line growth came even as loan-loss provisions jumped by 57.8% to 6.998 billion reais, Itau said in a securities filing.

"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 said.

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