SAO PAULO, May 3 (Reuters) - Itaú Unibanco Holding SA missed first-quarter profit estimates on Tuesday after rising defaults forced Brazil’s most profitable bank to raise loan-loss provisions more than initially expected.
Recurring net income, a gauge of profit excluding one-time items, came in at 5.183 billion reais ($1.48 billion) last quarter, São Paulo-based Itaú said in a securities filing. The number came in below the average consensus estimate of 5.280 billion reais compiled by Thomson Reuters.
$1 = 3.5005 Brazilian reais Reporting by Guillermo Parra-Bernal, Editing by W Simon
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