Itaú Bank Doubles Reserves to Cover Default, as Quarterly Profit Slumps 43.1 Percent

The bank has increased provisions to mitigate the potential impacts of the economic crisis caused by the coronavirus.

RIO DE JANEIRO, BRAZIL - Itaú Unibanco doubled its reserves to R$10.4 billion (US$2 billion) to cover potential default in the first quarter this year.

This increase in reserves - which reached 147.2 percent in the annual comparison - was also behind the pressure on the bank's profit, which dropped 43.1 percent in the quarterly period to R$3.9 billion.

The bank increased its resources to mitigate the potential economic impacts of the coronavirus crisis. Major banks, which ultimately adopted part of the emergency lines announced by the government to inject money into the economy, had . . .

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