Itau Unibanco Reports Downbeat Q4 Profit

Itau Unibanco Holding SA (NYSE: ITUB) reported downbeat fourth-quarter profit.

Itau Unibanco's quarterly earnings dropped to 3.681 billion reais ($2.13 billion), from 3.890 billion reais, in the year-ago period. However, analsyst were expecting profit of 3.773 billion reais. Excluding one-time items, Itau Unibanco's quarterly profit came in at 3.746 billion reais. However, analysts were expecting a recurring profit of 3.773 billion reais.

ITUB's loan book surged 19.1% to 397.012 billion reais at the end of the fourth quarter.

Itau Unibanco's shares closed at $20.89 yesterday.