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6 months ago
Brazil's Itaú sees sharp provision drop, scant loan book growth
February 7, 2017 / 9:35 AM / 6 months ago

Brazil's Itaú sees sharp provision drop, scant loan book growth

2 Min Read

SAO PAULO, Feb 7 (Reuters) - Itaú Unibanco Holding SA , Brazil's largest non-government bank, announced on Tuesday the following operating estimates for this year:

* Itaú targets consolidated loan book growth this year between zero and 4 percent, compared with a contraction of 11 percent in 2016.

* Itaú targets interest income, or revenue from lending-related transactions, to shrink by between minus 4 percent and minus 0.5 percent this year. Last year, the indicator contracted by 2.5 percent.

* Itaú forecasts fee income, or revenue from fees, financial services, commissions and insurance premium underwriting, to expand by between 0.5 percent and 4.5 percent this year. Last year, it rose 4.9 percent.

* Itaú forecasts non-interest expenses, or general and administrative expenditures, to rise by between 1.5 percent and 4.5 percent this year. Last year, they rose 4.9 percent.

* The bank expects to spend between 14.5 billion reais and 17 billion reais ($4.65 billion and $5.46 billion) in loan-loan provisions this year. Last year, provisions totaled 22.4 billion reais, slightly below guidance.

$1 = 3.1150 reais Reporting by Guillermo Parra-Bernal; editing by Jason Neely

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