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Brazil's Itau sees profit plunge 40% as loan provisions soar

Credit: REUTERS/RODRIGO GARRIDO

August 03, 2020 — 06:05 pm EDT

Written by Reuters ->

SAO PAULO, Aug 3 (Reuters) - Brazil's largest lender Itau Unibanco Holding SA on Monday posted a 40% plunge in second-quarter profit, as provisions for loans almost doubled amid the economic crisis stemming from the coronavirus pandemic.

Itau Unibanco's recurring net income, which excludes one-off items, came in at 4.205 billion reais ($790.38 million), down from 7.034 billion reais a year earlier. ($1 = 5.3202 reais) (Reporting by Carolina Mandl; Editing by Christian Plumb) ((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;)) Keywords: ITAU UNIBANCO HLDG RESULTS/ (URGENT)

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