In the credit portfolio, I'd like to highlight BRL 1,084 billion, a growth of 5% and consolidated 5.5% in Brazil, I'll give you more flavor to that briefly. The annualized average margin achieved 8.4%, a growth of 0.5 percentage points in the quarter and 9.2% in Brazil growth of 0.3 percentage points.
Higher revenues support Itau Unibanco's (ITUB) Q2 earnings. However, increase in non-interest expenses hurt the result to some extent.
SAO PAULO (Reuters) -Itau Unibanco on Monday beat profit expectations and substantially raised its loan growth forecast for this year even as it boosted provisioning for bad credits, reflecting higher Brazilian interest rates. Brazil's largest lender said second-quarter recurring net profit rose 17.4% from the previous year to 7.67 billion reais ($1.50 billion), beating analyst expectations of 7.48 billion reais, as compiled by Refinitiv. The bank also said its loan book is likely to grow between 15.5% and 17.5% this year, above a previous estimate of 9%-12%.