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Financial News: ITAÚ UNIBANCO: Net Income Rises 7.95% In 4Q17,

ITAÚ UNIBANCO: Net Income Rises 7.95% In 4Q17, To R$ 6.28 Billion

02/06/2018 - 18:15:00 (RTTNews)

(RTTNews) - The Brazilian bank Itaú Unibanco added R$ 6.28 billion (US$ 1.93 billion) in recurring net income during the fourth quarter of 2017, a 7.95% higher result than in the same period of 2016. Analysts expected a 7.1% increase in the recurring net profit. In 2017 as a whole, the bank's recurring net income rose 12.3% to R$ 24.8 billion.

Itaú Unibanco's return on equity (ROE) increased from 20.7% in the last quarter of 2016 to 21.9% in the same quarter of 2017.

Itaú Unibanco's expanded loan portfolio, excluding exchange rate variations and Citibank's portfolio in Brazil, fell 2.4% at the end of the fourth quarter of 2017, to R$ 593.7 billion. Adding Citibank's figures, the loan portfolio stood at R$ 600.1 million, up 0.3% from 2016.

In Brazil alone, the bank's credit portfolio fell 3.2% to R$ 448.1 billion. In 2017, credit for individuals rose 1%, while corporate credit fell 6.7%, driven by a 9.1% reduction in the portfolio of large companies.

Meanwhile, Itaú Unibanco's total 90-day delinquency rate, including the bank's operations in Brazil and Latin America, closed 2017 at 3%, a fall of 0.4 percentage point compared to the end of 2016. Counting only the delinquency of operations in Brazil, the indicator decreased to 3.7% in 2017, from 4.2% in December 2016.

At the end of the fourth quarter of 2017, Itaú Unibanco spent R$ 4.442 billion on Allowance for Loan Losses, down 23.7% compared to the same period in 2016. In 2017, the bank had a 27.1% drop in its Allowance for Loan Losses expense, to R$ 19.064 billion.

Itaú Unibanco's financial margin decreased 11.2% in the fourth quarter compared to the same period in 2016 and 5.3% in the year with customers decelerated by 9.2% and 4.7%, respectively. Revenue from services increased 8.3% in the fourth quarter and 6.2% in 2017.

Both the decline in the consolidated and the Brazilian credit portfolio were below the bank's forecast in the 2017 Guidance, when it was estimated between +4% and stable, and +2% and -2%, respectively. The deceleration of the financial margin with customers was also out of the expected range, of between -4.2% and -0.8%.

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