Itau Unibanco Sees Increase in 1Q Profit

By Luciana MagalhaesFeaturesDow Jones Newswires

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.

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.

Continue Reading Below

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.

Write to Luciana Magalhaes at

(END) Dow Jones Newswires

May 03, 2017 08:18 ET (12:18 GMT)