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Itau Unibanco 1Q Net Income Rises to BRL6.9 Billion From BRL6.2 Billion

By Jeffrey T. Lewis

 

Sao PAULO--Brazilian lender Itau Unibanco Holding SA reported a rise in first-quarter earnings from a year earlier, boosted by a jump in lending to individuals.

The bank posted net income of 6.9 billion reais, the equivalent of $1.4 billion, for the quarter against 6.2 billion reais a year earlier, and net income attributable to its controlling shareholders of 6.7 billion reais from 5.7 billion reais in the first quarter of 2021. .

Itau reported operating revenue of 34.9 billion reais, up from 30.7 billion reais in the year-earlier period, and the lender posted net interest income of 21 billion reais, compared with 19.5 billion reais a year earlier.

Itau's total credit portfolio grew about 14% in the period, with an increase of 33% in lending to individuals and growth of 22% in credit to very small, small and medium sized businesses. The credit portfolio for large companies rose 17%, Itau said.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 

(END) Dow Jones Newswires

May 09, 2022 08:08 ET (12:08 GMT)

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