SAO PAULO, Nov 4 (Reuters) - Itaú Unibanco Holding SA , Latin America’s largest bank by market value, posted record profit in the third quarter on Tuesday, bteating estimates by a large margin after interest and fee income surged amid a jump in loan disbursements.
Recurring net income, or profit excluding one-time items, reached 5.457 billion reais ($2.2 billion) in the quarter, compared with the average estimate of 5.029 billion reais in a Reuters poll with six analysts. Profit rose 9.7 percent and 35.7 percent on a quarterly and annual basis, respectively.
Return on equity hit a quarterly 24.7 percent at the end of September, Itaú’s highest profitability since the last quarter of 2010, according to a securities filing. The bank’s loan book ended the quarter at 503.35 billion reais, up 3.2 percent from the prior quarter and above the poll’s estimate of 497.38 billion reais.
$1 = 2.4953 Brazilian reais Reporting by Guillermo Parra-Bernal