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BSBR - Itaú Unibanco: Q1 2024 Good And Promising Results
Banco Santander Brasil SA American Depositary Shares each representing one unit
2024-05-11 08:20:32 ET
Summary
Itaú achieved a net income of almost $2 billion in the quarter with an ROE of 21.9%.
The bank is achieving good revenue expansion, while keeping costs and expenses under control.
Extraordinary dividends and a P/E below historical levels give even more confidence in the thesis.
Investment Thesis
I recommend buying Itaú shares (NYSE: ITUB ). In 1Q24 , the company achieved a good combination of increased revenue with a very controlled credit cost. As a result, Itaú obtained a net income of $1.95 billion (+34.8% y/y and +8.2% q/q) and an ROE of 21.9%....