Itaú Unibanco profits fall in third quarter

Itáu Unibanco recorded a net profit of US$1.73 billion in the third quarter of 2016, the company announced on 31 October 2016 (Valor, InfoMoney). Although beating estimates, the mark reflected an 8.9 percent decrease compared to the same period in 2015. Amidst Brazil’s current economic crisis, the bank has noted increases in delinquency. However, Investor Relations Director Marcelo Kopel notes that the rate of delinquency has remained stable, save for one specific client. Valor believes it is Sete Brasil, an embattled energy company that is one of Itaú's largest clients. Itaú Unibanco is Brazil’s largest private bank, with US$175 billion in deposits.