*Brazilian private bank Itaú Unibanco has released its earnings report for the third quarter, which showed a net profit of R$10.7bn (US$1.8bn). This is up 6% from the previous quarter and up 18% compared to the same quarter last year. The bank’s net profits in the first three quarters of 2024 came to R$30.5bn, up 16% from January-September 2023. In its report, Itaú noted that all its products in its individual client portfolio registered quarterly increases, mainly driven by a rise in loans for vehicles, real estate, and personal credit. The banking giant also highlighted an expansion in its credit portfolio for small and medium-sized businesses, as well as slight reductions in the rates of delinquency and defaults on loans.
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LatinNews Daily - 5 November 2024
In brief: Brazil’s Itaú posts higher profits in Q3
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