Itau Produces Stable Results Despite Lower Interest Rates
No-moat-rated Itau Unibanco saw stable performance during the quarter, generating recurring net income of BRL 6.2 billion, comparable to the previous quarter. In the second quarter, Itau managed to shake off lower interest rates. We’ll remind investors that the Central Bank of Brazil lowered the benchmark interest rate twice, going from 12.25% to 10.25%. Itau’s BRL 17  billion in net interest income during the quarter was better than we had anticipated, and we’ll be increasing our near-term expe...
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