RIO DE JANEIRO, BRAZIL – Itau Unibanco Holding SA , Brazil’s largest bank, on Monday, February 1st, reported a 26% drop in fourth-quarter recurring net income from a year earlier, roughly in line with analysts’ estimates.
In a statement, Itau’s incoming CEO Milton Maluhy said that to weather a challenging 2021 the bank will seek to cut costs and accelerate growth.
Itau’s recurring net income totaled R$5.388 billion (US$991.9 million), roughly in line with a consensus estimate of R$5.440 billion compiled by Refinitiv.
The bank’s net interest income and provisions for bad loans remained under pressure, while fee income declined.
Return on equity, a gauge of profitability, rose 0.4 percentage points from the third quarter to 16.1%.
Itau’s loan book grew by 2.7% in the quarter, while its 90-day default ratio remained roughly stable at 2.3%.
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What Itau Unibanco Banco Holding does. Itaú Unibanco Holding S.A. provides various financial products and services to personal and corporate customers in Brazil and internationally. It operates through three segments: Retail Business, Wholesale Business and Activities with the Market + Corporation. The company offers current accounts; funds management; payments and collections; loans; credit and debit cards; investment and…
