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Brazil's Itaú beats estimates, posts highest profit on record
August 5, 2014 / 10:25 AM / in 3 years

Brazil's Itaú beats estimates, posts highest profit on record

SAO PAULO, Aug 5 (Reuters) - Itaú Unibanco Holding SA , Brazil’s largest bank by market value, beat estimates for second-quarter profit, which rose to a record as interest income soared.

Recurring net income, or profit excluding one-time items, reached 4.973 billion reais ($2.2 billion) in the quarter, acording to a securities filing on Tuesday. The number came in well above the average estimate of 4.634 billion reais in a Reuters poll of seven analysts.

Recurring return on equity, or a profitability measure that gauges how well a bank spends shareholders’ money, reached 23.7 percent, compared with the poll’s estimate of 22 percent. The São Paulo-based Itaú Unibanco maintained forecasts for loan book growth and other key operational indicators for this year.

$1 = 2.26 Brazilian reais Reporting by Guillermo Parra-Bernal

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