May 4, 2020 / 10:20 PM / a month ago

Brazil's Itau Unibanco profit dives as loan defaults loom

SAO PAULO, May 4 (Reuters) - Brazil’s largest lender, Itau Unibanco Holding SA, posted weaker-than-expected quarterly earnings on Monday after setting aside 10.1 billion reais ($1.82 billion) in reserves in anticipation of a potential wave of coronavirus-led loan defaults.

Itau Unibanco’s first-quarter recurring net income, which excludes one-off items, plunged 43.1% from a year earlier, to 3.912 billion reais, and below an estimate by Refinitiv of 6.242 billion reais. ($1 = 5.5421 reais) (Reporting by Carolina Mandl; Editing by Leslie Adler)

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