Lender Itau Unibanco reports higher profit, beats estimates
Adds earnings details in paragraphs 5-9
SAO PAULO, Aug 6 (Reuters) -Brazil's Itau Unibanco ITUB4.SA, Latin America's largest private lender, onTuesday posted second-quarter profit that was up 15.2% from a year earlier, just beating estimates, boosted by higher revenues and lower cost of credit.
Itau posted a 10.07 billion reais net recurring profit ($1.8 billion) for the quarter ended in June, beating the 9.99 billion reais estimated by analysts polled by LSEG.
Return on equity, a gauge for profitability, stood at 22.4%, up from the 20.9% a year earlier.
Itau main rivals Bradesco BBDC4.SA and Santander Brasil SANB11.SA have already published results, both with net income above market expectations.
Itau's net recurring profit increase was helped by an 6.4% annual rise in its net interest income, a measure of loans minus deposit costs and its largest source of revenue.
That performance was boosted by a nearly 6% rise in its credit portoflio from the previous quarter to 1.25 trillion reais, with Itau accelerating credit growth following recent mild quarters.
The bank has in the last two years implemented a strategy to revise the credit given to highly indebted customers, which slowed its portfolio growth, but executives had said Itau would now start to accelerate credit again to reach its 2024 guidance.
Meanwhile, Itau'sover 90 days' delinquency rate came at 2.7%, in line with the previous quarter and 0.3 percentage points down year-on-year.
Itau's net recurring profit also benefited from its cost of credit, which fell almost 7% from a year earlier to 8.8 billion reais.
Itau maintained its 2024 guidance.
($1 = 5.6572 reais)
Reporting by Andre Romani; Editing by Kylie Madry, Sarah Morland and David Gregorio
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