Itau Unibanco Starts 2019 on the Right Foot; Muted Loan Growth Offset by Higher Profitability
Itau Unibanco reported a 7.1% increase in year-over-year recurring net income, with lower operating income mitigated by a seasonal decrease in non-interest expense. Credit provisions as a percentage of total loans ticked up to 3.1% from 2.9% the prior quarter, though provisions remained below historical levels. Cost of credit, which represents the sum of net loan provisions and impairments, also increased up to 2.4% from 2.1%. We think that the bank’s cost of credit could continue to increase in...
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