Lender Itau Unibanco reports higher profit, credit acceleration
Adds analysts' comment in paragraphs 4-5, 10
SAO PAULO, Aug 6 (Reuters) -Brazil's Itau Unibanco ITUB4.SA, Latin America's largest private lender, on Tuesday posted second-quarter profit that was up 15.2% from a year earlier, boosted by higher revenues and lower cost of credit.
Itau posted a 10.07 billion real net recurring profit ($1.8 billion) for the quarter ended in June, slightly more than the9.99 billion reais estimated by analysts polled by LSEG.
Return on equity, a gauge of profitability, stood at 22.4%, up from 20.9% a year earlier.
Although net profit was mostly in line with estimates, analysts welcomed the results.
"An overall healthy print by Itau Unibanco," analysts at Citi said in a note. "The bank maintains strong momentum across the board and continues accumulating capital, which should bode well for investors' total returns in the mid-term."
Itau's main rivals Bradesco BBDC4.SA and Santander Brasil SANB11.SA have both reportednet income above market expectations.
Itau's net recurring profit increase was helped by a 6.4% annual rise in net interest income, a measure of loans minus deposit costs and its largest source of revenue.
Theperformance was boosted by a nearly 6% rise in the bank'scredit portfoliofrom the previous quarter to 1.25 trillion reais, with Itau accelerating credit growth following recent mild quarters.
The bank in the last two years hasimplemented a strategy to revise the credit given to highly indebted customers, which slowed its portfolio growth, but executives had said Itau would now start to accelerate credit again to reach its 2024 guidance.
Analysts at J.P. Morgan called it a "good" quarter, highlighting loan growth acceleration. "Consistency continues to summarize Itau with another good quality result," they wrote.
Itau's delinquency rate for loans more than 90 days overdue came in at2.7%, in line with the previous quarter and 0.3 percentage point down year-on-year.
Itau's net recurring profit also benefited from its cost of credit, which fell almost 7% from a year earlier to 8.8 billion reais.
Itau maintained its 2024 guidance.
($1 = 5.6572 reais)
Reporting by Andre Romani; Editing by Kylie Madry, Sarah Morland, David Gregorio and Leslie Adler
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
