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    ITUB4   BRITUBACNPR1

ITAÚ UNIBANCO HOLDING S.A.

(ITUB4)
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Itau Unibanco Holding 1Q Net Income of BR5.4 Billion vs Year Earlier BRL3.4 Billion

05/03/2021 | 04:55pm EDT

By Jeffrey T. Lewis

SAO PAULO--Brazilian lender Itau Unibanco Holding SA reported profit jumped in the first quarter from a year earlier as the bank reduced the amount of money it set aside as provisions for bad loans.

The company's net income rose 59.2% to 5.4 billion reais, the equivalent of $993 million, Itau said Monday. Net income per share rose to 0.55 real from 0.35 real. Operating revenue was little changed, rising to 30 billion reais from 29.2 billion reais a year earlier. The bank reduced its allowance for loan losses to 3.1 billion reais in the first quarter of this year from 10.9 billion reais in the same period a year earlier.

Itau and other Brazilian banks made large provisions starting in the first quarter of last year to prepare for an increase in delinquent loans arising from the coronavirus pandemic. So far, the country's banks are in a good position to deal with any rise in bad loans over the course of this year, according to Leo Monteiro, an analyst at Ativa Investimentos.

"Provisions are at high levels, so during this year we should expect to see better results than last year, because of all the uncertainty we saw from the pandemic last year," Mr. Monteiro said.

Many Brazilian banks, including Itau, are working to cut costs by closing branches and reducing staff. Itau said its general and administrative expenses increased 27.5% in the first quarter from a year earlier, mainly because of one-time expenses related to closing branches and returning administrative buildings.

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

(END) Dow Jones Newswires

05-03-21 1855ET

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Financials
Sales 2021 116 B 22 180 M 22 180 M
Net income 2021 25 074 M 4 792 M 4 792 M
Net Debt 2021 - - -
P/E ratio 2021 11,2x
Yield 2021 4,13%
Capitalization 254 B 48 788 M 48 591 M
Capi. / Sales 2021 2,19x
Capi. / Sales 2022 1,98x
Nbr of Employees 96 500
Free-Float 53,6%
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Technical analysis trends ITAÚ UNIBANCO HOLDING S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 34,43 BRL
Last Close Price 27,63 BRL
Spread / Highest target 41,2%
Spread / Average Target 24,6%
Spread / Lowest Target -2,28%
EPS Revisions
Managers and Directors
NameTitle
Milton Maluhy Filho Chief Executive Officer
Alexsandro Broedel Lopes Chief Financial Officer
Roberto Egydio Setúbal Co-Chairman
Pedro Moreira Salles Co-Chairman
Gustavo Jorge Laboissière Loyola Independent Director
Sector and Competitors