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MeneameBrazil's biggest private sector banking group Itaú Unibanco (NYSE: ITUB) had 3Q09 net income of 2.27bn reais (US$1.31bn), down 11.1% from 3Q08, as payments to supermarket Group Pão de Açúcar and its holding company CBD to end an exclusivity clause nipped away at profits.
Itaú Unibanco's recurring net income was basically flat at 2.69bn reais from 3Q08, but the bank paid 363mn reais this quarter to get out of its side of the arrangement while extending the supermarket's side of the deal, and also made 56mn reais in provisions for lawsuits stemming from the government's economic plans in 1987-91.
ROAE was 18.9% in the third quarter, down from 23.3% in 3Q08, while the capital adequacy BIS ratio was 16.3%, compared to 14.7%.
The bank's total loan book climbed to 269bn reais, up 1.0% from the previous quarter and 5.5% from end-3Q08.
The 90-day non-performing loan (NPL) ratios hit new highs, coming in at 5.9% for end-September, up from 5.4% three months earlier and 3.8% from the year-ago period.
Itaú Unibanco's total assets were 612bn reais at the end of the quarter, up 5.96% from end-September 2008.
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