Itaú Unibanco released this Tuesday (7) a profit of R$ 30.8 billion in 2022, which represents an increase of 14.5% compared to the previous year, and an annualized average recurring return on equity (ROE) of 20.3%.
According to the document, the increase in revenues from services and insurance, due to the higher billing in the card activity, contributed to the results — both in issuing and acquiring — and to the greater gains in asset management.
Another influence was the growth in the financial margin with customers, driven by portfolio growth associated with the gradual change in the mix to loans related to the retail segment.
The balance sheet also highlights the “impacts caused by a specific case of a large company that went into judicial recovery”, without mentioning the name of the company.
According to the data, there was reinforcement in the Provision for Loan Losses to cover 100% of the exposure, generating an impact of R$ 719 million in the managerial recurring result.
The report emphasized services provided by digital means in attracting the bank’s customers. “In 2022, 70% of product purchases by individuals were carried out digitally, a growth of 14 percentage points compared to 2021. Still on the digital transformation front, we ended the year with 50% of our platform modernized and running in the public cloud ”.
The total credit portfolio recorded growth of 11.1% compared to 2021, reaching R$ 1.14 trillion in December 2022. In the portfolio of individuals, the increase is related to the volumes of lines associated with guaranteed credit, such as real estate (23 .8%), and also other lines, such as credit card (20.5%) and personal credit (26.8%).
The cost of credit, which includes the allowance for loan losses (PDD), totaled R$ 32.3 billion in 2022, up 59.6% when compared to 2021. According to a note from Itaú, growth was due to the higher provision for loan losses in retail businesses in Brazil.
The growth in the cost of credit in the last quarter of 2022 took place in wholesale businesses in the country. This growth, according to the document, occurred
due to a subsequent event related to a specific case in the large companies segment, which had an impact of R$1.3 billion in the quarter on the cost of credit.
Source: CNN Brasil
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.