SAO PAULO, Itau Unibanco Holding SA, a Brazilian bank, said on Monday that its recurring net income for the first quarter was 7.36 billion reais ($1.45 billion), up 15.1% from the same time last year. This was due to an increase in credit volume as loan book growth sped up.
The analysts surveyed by Refinitiv anticipated a net income of 7.35 billion reals for the country’s biggest bank, so the actual results were in line with their projections.
Even though net income went up, Itau said in a securities filing that loan loss provisions went up by 57.8 percent to 6.998 billion reais.
“Even in a trying environment, our first-quarter results demonstrate the consistency and longevity of our performance… In 2022, we have all the circumstances necessary to maintain an incredibly solid balance sheet. “According to Chief Financial Officer Alex Broedel.
$1 equals 5.0776 reals.
