Itau Unibanco reported a net income increase of 55.6% to BRL 6.54bn ($1.26bn) in Q2, boosted by a sharp drop in provisions for pandemic-related bad loans, roughly in-line with forecasts of BRL 6.42bn ($1.24bn), according to Refinitiv. Itau’s provision for loan losses fell 36.1% to BRL 4.8bn ($927mn) from BRL 7.56bn ($1.4bn) in the previous quarter. Its 90-day NPL ratio fell 40bp YoY to 2.3% 2Q2021 with its corporate loan book seeing the lowest defaults since 2012. Revenues increased 9.3% YoY to BRL 30.6mn ($5.9mn). The bank’s CET1 ratio stood at 11.9% vs. 11.3% in Q1.
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