for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Bonds News

Brazil's Itaú misses profit estimates as provisions soar

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

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up