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SAO PAULO, April 29 (Reuters) - Itaú Unibanco Holding SA , Brazil's largest bank by market value, posted first-quarter recurring net income of 4.529 billion reais ($2.02 billion), slightly below expectations, as interest income fell for the first quarter in four quarters.
The São Paulo-based bank was expected to post recurring profit, or profit excluding one-time items, of 4.544 billion reais, according to the average estimate of seven analysts in a Reuters poll. Recurring return on equity, or a gauge of profitability in the banking industry, reached 22.6 pct, the bank said in a securities filing. The number was above the poll's 21.8 percent estimate.
$1 = 2.24 Brazilian reais Reporting by Guillermo Parra-Bernal