Lender Itau Unibanco reports higher profit, credit acceleration

Brazil’s Itau Unibanco (ITUB4.SA), opens new tab, Latin America’s largest private lender, on Tuesday posted second-quarter profit that was up 15.2% from a year earlier, boosted by higher revenues and lower cost of credit.

Itau posted a 10.07 billion real net recurring profit ($1.8 billion) for the quarter ended in June, slightly more than the 9.99 billion reais estimated by analysts polled by LSEG.

Return on equity, a gauge of profitability, stood at 22.4%, up from 20.9% a year earlier.

Source: REUTER