Itaú prepared to face worst of Brazil downturn, CFO says
SAO PAULO May 6 (Reuters) - Itaú Unibanco Holding SA's step to raise loan-loss provisions in recent months prepared Brazil's most profitable lender so it could navigate through an expected worsening of economic conditions during the second quarter, Chief Financial Officer Eduardo Vassimon said on Wednesday.
The increase in provisions were of a preemptive nature and followed a decision to write down a number of large corporate loans that went sour since January, Vassimon told investors at a conference call to discuss first-quarter earnings. Provision expenses will decline from the unusual levels set aside in the first quarter, he added.
(Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)
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