Stable Credit Quality for Itau Unibanco, but Loan Growth Remains Challenged
Narrow-moat-rated Itau Unibanco reported first-quarter recurring net income of BRL 6.2 billion. This is a 6.2% quarter-over-quarter gain and an impressive 19.6% gain from last year’s first quarter. However, financial margin during the quarter declined 7.8% from the previous quarter. This was mostly driven by lower interest rates, which declined 20 basis point quarter over quarter. More than offsetting lower net interest income was the significant drop in loan losses and impairments, which declin...
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