SAO PAULO – Itau Unibanco Holding SA, Brazil's second-largest bank by assets, said Wednesday it posted an increase in net profit in the first quarter after reducing operational and loan-loss provisions expenses.
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Recurring net profit, which excludes one-time items, was up 6.2% from the previous quarter and up 19.6% from a year ago, to 6.2 billion reais ($1.96 billion) in the first three months of 2017, the bank said.
Itau's expenses with loan loss provisions were cut 7.4% in the quarter, mainly in the retail segment. Non-interest expenses fell 7.8% from the fourth quarter of 2016, with lower personnel and administrative expenses due to reduced costs for profit sharing and on third-party services and facilities, mainly rent, renovations and maintenance costs, which were negative highlights in the previous quarter, the bank said.
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(END) Dow Jones Newswires
May 03, 2017 08:18 ET (12:18 GMT)