Brazilian bank Itaú obtains a recurring net profit of 15% in the first quarter

SÃO PAULO (Reuters) – Brazilian bank Itaú Unibanco Holding SA reported on Monday recurring net profit in the first quarter of 7.36 billion reais ($1.45 billion), 15.1% more than in the same period last year. previous year, driven by a higher volume of credit thanks to the acceleration of the growth of its loan portfolio.

The figures for the country’s largest bank are in line with the 7.35 billion reais net profit expected by analysts surveyed by Refinitiv.

The growth in results came despite provisions for loan losses rising 57.8% to 6.998 billion reais, Itau said in a filing sent to the stock market supervisor.

“Our first quarter results show the consistency and sustainability of our performance, even in a difficult scenario. (…) We have all the necessary conditions to maintain an extremely robust balance sheet in 2022,” said CFO Alexsandro Broedel.

(1 US dollar = 5.0776 reais)

(Reporting by Gabriel Araújo; edited in Spanish by Benjamín Mejías Valencia)

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