Brazil’s Itau Reports Q4 Profit Down 26% on Higher Provisions

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.

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 . . .

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