Brazil's Itaú expects stronger loan growth this year
Itaú Unibanco forecasts a major expansion of its loan portfolio this year due to the expected recovery of the Brazilian economy.
The local bank said lending could grow 11% in 2019. By comparison, its loan portfolio expanded 6.1% last year to 637bn reais (US$174bn).
After expanding an estimated 1.3% in 2018, Brazil's economy is expected to grow 2.5% this year, according to local economists.
Itaú said its loan loss provisions could reach 17.5bn reais in 2019. Last year, provisions dropped 21.9% to 14.1bn reais.
Itaú's non-performing loan ratio ended 2018 at 2.9%, down from 3.1% a year ago.
The bank reported a net profit of 25.7bn reais last year, up 3.4% from 2017, with its Q4 net income advancing 3.1% year-on-year to 6.48bn reais.
"The main positive highlight was the 6.5% growth in financial services mainly due to investment banking revenues, fund management and credit cards," the bank said in a statement.
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