Brazilian lender Itau Unibanco reported a 15% YoY jump in its quarterly net income to BRL 7.36bn ($1.45bn). Operating revenues picked up by 12% to BRL 33bn ($6.4bn) with an improvements across all of its segments. Its margins improving during the quarter to 21% from 12.9% in Q1 2021. The growth in net profits comes despite a jump in its loan-loss provisions by 58% to BRL 6.99bn ($1.4bn). The lender’s loan book rose 14% to BRL 1.03tn ($200mn) and expects it to grow between 9% and 12% in 2022. Its CET1 ratio stood at 11.1%, down 20bp QoQ.
Itau Unibanco’s USD 6.125% Perp was flat at 96.75, yielding 12.04%.
