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Itau Unibanco Holding SA ADR - Stock Quote ITUB

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Morningstar's Itau Unibanco Holding SA ADR Stock Analysis

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Disappointing Q1 for Itau as Strong Cost Management Is Offset by Revenue Decline

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

No-moat-rated Itau Unibanco's first-quarter results were a modest disappointment, as the bank showed a small sequential decline in operating revenue and a stagnant loan book, mostly due to weakness in its business outside Brazil. On the other hand, the bank showed strong cost management and is poised to benefit from rising interest rates in Brazil. Itau reported recurring net income of BRL 7.4 billion, 15% higher than the year-prior quarter, which translates to a return on equity of 20.4%. As we incorporate these results in our model, we are maintaining our fair value estimate of $5 per ADR share.

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Itau Unibanco Holding SA ADR's Company Profile

Business Description

Itaú Unibanco is the largest privately held bank in Brazil, the result of the 2008 merger between Banco Itaú and Unibanco. In addition to Brazil, the bank has significant operations in Chile, Colombia, Argentina, Uruguay, and Paraguay. Its commercial and consumer loans account for 36% of the bank's total loans each, while foreign loans now account for 28% of the bank's portfolio. Itaú also operates the fifth- largest insurer in Brazil and is the second- largest asset manager in the country, giving it broad reach over the Brazilian financial system.

Praca Alfredo Egydio de Souza Aranha, 6th Floor, 100-Torre Conceicao
Sao Paulo, SP, 4344902, Brazil
T +55 1127943547
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 100,553

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