Profit of Itaú, largest private bank in Latin America, rose 6.8% in the first quarter
The Brazilian bank Itaú, Latin America's largest private financial entity, recorded a net profit of 6.7 billion reals (about US $ 1.7 billion) in the first quarter of the year, representing an increase of 6.8% compared to the same last year's period.
Despite the benefit, Itaú revised the forecast of the financial margin with customers by 0.5 points, which went from 9.5% to 12.5%, to a projected increase of 9%. and 12%.
The change came after Itaú reduced its forecast on the basic interest rate, currently at 6.5% per annum. Due to the slow recovery of the Brazilian economy, the bank expects the interest rate to be reduced to 5.75% this year.
"The economy had a more moderate start to the year than expected, reflecting, in part, the uncertainty about the country's fiscal trajectory," Itaú president Candido Bracher said in the statement.
The financial margin represents an important part of the bank's economic performance. In the first quarter, Itaú pocketed 16,424 million reais (US $ 4 billion 160 million), 7.6% more than in the first three months of last year.
The loan portfolio reached 647 billion 061 million reais (US $ 163 billion 812 million) in the first quarter, 7.7% more than a year ago. The loan portfolio for individuals grew by 12.7%, while the micro, small and business segment increased by 17.6%.
The non-payment rate of more than 90 days was 3%, slightly lower than the 3.1% obtained in the first quarter of last year.
Itaú's result is currently the best among the big Brazilian banks in the first quarter, surpassing that of Bradesco (5 billion 820 million reais or US $ 1 billion 475 million), and that of Santander Brasil (3 billion 415 million reais or US $ 865 million). , awaiting the disclosure of the result of the state bank Banco do Brasil, the country's largest financial institution.