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Brazil's Itaú reduces loss provisions, slightly beats estimates
October 30, 2017 / 10:03 PM / 2 months ago

Brazil's Itaú reduces loss provisions, slightly beats estimates

SAO PAULO, Oct 30 (Reuters) - Itau Unibanco Holding SA , Brazil’s largest private bank, posted a 6.25 billion reais ($1.9 billion) profit in the third quarter, slightly beating analyst expectations as Brazil’s economic recovery allowed the reduction of provisions for credit losses.

Net profit rose 1.4 percent from the prior three months when adjusted for one-off items, slightly above a consensus estimate of 6.23 billion reais compiled by Thomson Reuters. Provisions for loan losses were 4.28 billion reais, below a consensus estimate of 4.83 billion reais.

Recurring return on equity (ROE), a gauge of profitability, totaled 21.6 percent for the quarter, above a consensus estimate of 20.86 percent. ($1 = 3.2888 reais) (Reporting by Tatiana Bautzer; Editing by Sandra Maler)

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