According to a survey, Itaú's profit in 2018 is the largest in the history of banks, (05/02/2019)

The net profit reported by Itaú Unibanco in 2018, amounting to RB 24.977 billion, was the highest ever recorded by a bank whose shares are traded on the stock exchange, according to a survey conducted by the Economatica financial information company.

The value exceeded the previous record, which also belonged to Itaú. In 2017, the bank had a profit of 23.965 billion R $. Itaú, the largest private bank in the country, has recorded the highest annual profit among financial institutions since 2014. The last one to rake in more was the Banco do Brasil in 2013 (15.758 billion rubles).

For the survey, Economatica used official data provided by the banks to the Brazilian Securities and Exchange Commission (CVM). In press releases, banks eventually declare adjusted earnings, which can generate different amounts.

Shares exchange lower

Tuesday (5), at the first meeting following the publication of the results, the shares of Itaú Unibanco (ITUB4) were down on the Brazilian stock market. At 13:20, stocks fell 3.53% to R $ 38.29. According to XP Investimentos, the fourth quarter results were slightly below expectations, but the company said it optimistically saw the forecast for 2019.

Bradesco: Ambitious Goals

Bradesco (BBDC4), which has Also recorded a profit of 19.085 billion rubles in 2018, making it the sixth largest in the history of a bank whose shares are listed on the stock market, according to Economatica. Last week, the bank set more ambitious targets for 2019 and showed interest for companies that could be privatized.

The bank's general manager, Octavio de Lazari Junior, announced to the press that he planned to close a hundred agencies this year. the pace of last year, given expectations of increased demand for loans in a recovering economy. Lazari also said the bank would badyze state-owned financial services procurement opportunities that the Brazilian government intended to privatize.

Santander Brazil (SANB11) also released its results on Wednesday. The bank made 3,336 billion rand in the fourth quarter and closed the year 2018 with a profit of 12,166 billion rand. The Bank of Brazil (BBAS3) is expected to release its data next week.