Brazil's Pension and Political Situation Makes Us Uneasy Regarding Itau Unibanco
No-moat Itau Unibanco released fourth-quarter earnings roughly in line with third-quarter results, exceeding our expectations for full-year 2018. Sequential recurring net income growth was up 0.4% with year-over-year growth of 3.1%. Though cost of credit increased moderately, up 4.7%, it remained stable at 2.1% as a percentage of the loan portfolio. Brazil’s 2018 GDP growth was lower than the bank had forecast, with growth in the first six months of just 0.8% annualized. Considering the economic...
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