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Itau-Unibanco profit falls 29 pct. in 1st quarter

Itau-Unibanco profit falls 29 pct. in 1st quarter

Brazil's Itau Unibanco bank says first-quarter profits slumped 29 percent as the global meltdown virtually froze demand for loans in Latin America's largest economy.
Itau Unibanco Banco Multiplo SA says profit for the January to March period was 2 billion reals ($952 million). That's down from 2.8 billion reals ($1.3 billion) during the same period last year.
The bank said in a statement Tuesday that the global financial crisis sharply reduced growth for its loan and financing portfolios. Revenue figures for the quarter were not immediately available.
Itau Unibanco is Brazil's largest private sector bank by assets. It was formed this year with the merger of Banco Itau Holdings Financeira SA and Unibanco-Uniao de Bancos Brasileiros SA.


Updated : 2021-10-23 14:20 GMT+08:00