By Jeffrey T. Lewis


SÃO PAULO--Itaú Unibanco Holding's profit rose in the first quarter after the Brazilian lender boosted lending and income from commissions and fees.

The bank reported net income of 7.4 billion reais, equivalent to $1.5 billion, from BRL6.7 billion a year earlier, while its recurring result, which leaves out one-time items rose to BRL7.5 billion from BRL7.2 billion.

Itaú reported operating revenues of BRL37.3 billion, up from BRL34.5 billion in the year-earlier period, and net interest income of BRL23.3 billion from BRL21.2 billion. Commissions, fees and income from insurance and private pension contracts increased to BRL12.8 billion from BRL11.9 billion.

Itaú said its credit portfolio grew 11.6% in the quarter from a year earlier, while the expected loss from financial assets rose 31.5% in the same period because more credit came from the consumer segment and the overdue portfolio increased.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


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(END) Dow Jones Newswires

05-08-23 0745ET