Itau's Credit Losses Remain Well Below Historical Norms; How Long Can This Last?
Brazilian bank Itau Unibanco finished the third quarter closely matching our expectations as calm has returned to the Brazilian market. The company posted recurring net income of BRL 6.3 billion, representing year-over-year growth of 11.8%. During the quarter, the Brazil’s CDI rate did decline sharply to 9.2% from 10.9% in the previous quarter. This pressured net interest income with financial margin declining 3.5% sequentially. The two bright spots during the quarter came from fee income and lo...
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