Itaú Unibanco has the 2nd highest quarterly profit in the history of banks in the country, behind only BB

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The bank’s 1st quarter result was the highest profit ever recorded for the period among publicly traded banks listed on the B3. Itaú Unibanco branch façade Disclosure With the result for the first quarter of 2023, Itaú Unibanco recorded the second highest quarterly profit in the history of Brazilian banks, with the amount of R$ 8.17 billion disclosed this Monday (8). The survey was carried out by Einar Rivero, from TradeMap. The leader of the list is Banco do Brasil, with BRL 8.62 billion in the fourth quarter of 2022. Among the 10 highest historical profits, Itaú Unibanco and Banco do Brasil dominate the list, with four and six records, respectively . Itaú Unibanco’s 1st quarter result was the highest profit ever recorded for the period among publicly traded banks listed on B3. 1st quarter results Itaú Unibanco released this morning recurring net income for the first quarter, up 14.6% over the same period last year, to R$ 8.435 billion, in a result in line with market expectations and marked by cost control and stable default compared to the end of last year. The largest bank in the country ended the first quarter with 4,173 branches and service points, a reduction of 42 units compared to the end of March last year and a decrease compared to December, when the base was 4,231 branches. The ATM base shrank by 1,141 points. Despite the downsizing of Itaú Unibanco’s physical presence, the bank increased the number of employees by 862 employees in the first quarter in the annual comparison, with the line other operating expenses growing 9.3% in the period, to R$ 16.16 billion. Itaú Unibanco ended March with a default rate on operations overdue for more than 90 days of 2.9%, stable over the end of 2022, but above the 2.6% recorded a year earlier. But the credit portfolio rose 11.7% in the period, to R$ 1.153 trillion. The so-called antecedent default index, of operations overdue between 15 and 90 days, went from 2.3% at the end of last year to 2.5% in March, which, according to Itaú, marks the lowest increase for a first quarter since 2018. The so-called “cost of credit” soared 30.4% in the annual comparison, to R$ 9.1 billion, in the first quarter, with discounts granted growing 56.1%, to R$ 868 million. “This variation (in the cost of credit) occurred mainly in retail businesses in Brazil, with an increase of R$ 1.625 billion in the expense of provision for loan losses, due to the greater origination in consumer credit products and without guarantee” , stated Itaú Unibanco in the balance sheet. Itaú ended March with a managerial financial margin of R$24.7 billion, up 17.3% year-on-year. Recurring return on consolidated equity increased in the period from 20.4% to 20.7%.

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