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    ITUB4   BRITUBACNPR1

ITA┌ UNIBANCO HOLDING S.A.

(ITUB4)
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Ita˙ Unibanco S A : Brazil's Itau lures 10 million clients to its digital bank

10/13/2021 | 04:07pm EDT
A logo of Itau bank is seen in a branch at Vina del Mar

SAO PAULO (Reuters) - Brazil's biggest lender Itau Unibanco Holding SA has lured 10 million consumers to its digital bank iti, tripling its client base since January, a bank executive said in an interview on Wednesday.

Itau's push to gain clients comes as fintechs such as Berkshire Hathaway Inc-backed Nubank and General Atlantic's Neon have been adding millions of clients from traditional banks, as well as the unbanked population.

iti's director Joao Araujo said it has targeted clients in regions where Itau has fewer customers, such as states in Brazil's North and Northeast.

"We're perfectly in the game," said Araujo, citing competition with newcomers.

The digital bank, which had some 3 million customers at the start of the year, is mainly focused on people in low income brackets who are mostly shunned by traditional lenders in Brazil, which has a population of 213.7 million people.

Roughly 80% of iti's clients are new to Itau, indicating that the digital bank is not cannibalizing the lender's clientele. More than half of iti's consumers are also below 30 years old.

iti launched a physical free-of-charge credit card in March, an item offered by all neobanks in Brazil.

(Reporting by Aluisio Alves; writing by Carolina Mandl; editing by Philippa Fletcher)

By Aluisio Alves


ę Reuters 2021
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Financials
Sales 2021 117 B 21 216 M 21 216 M
Net income 2021 25 744 M 4 650 M 4 650 M
Net Debt 2021 - - -
P/E ratio 2021 9,35x
Yield 2021 3,99%
Capitalization 231 B 41 629 M 41 699 M
Capi. / Sales 2021 1,97x
Capi. / Sales 2022 1,83x
Nbr of Employees 98 300
Free-Float 53,8%
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Number of Analysts 14
Last Close Price 24,90 BRL
Average target price 33,12 BRL
Spread / Average Target 33,0%
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Managers and Directors
Milton Maluhy Filho Chief Executive Officer
Alexsandro Broedel Lopes Chief Financial Officer
Roberto Egydio Set˙bal Co-Chairman
Pedro Moreira Salles Co-Chairman
Gustavo Jorge LaboissiŔre Loyola Independent Director
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