Itau's Full-Year Results in Line With Our Long-Term Expectations
No-moat-rated Itau Unibanco’s full-year results fell largely in line with our expectations, and nothing in the fourth-quarter earnings release alters our long-term view of the company. Net income rose to BRL 24.3 billion for the full year, a 2.9% increase from 2016. As a result, return on equity net of nonrecurring events rose 160 basis points from 2016 to 21.8% for 2017, and 30 basis points from the previous quarter to 21.9%. The 90-day consolidated nonperforming loan ratio fell 40 basis points...
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