Itau Unibanco Banco Holding SA (NYSE:ITUB) is one of the largest non-state owned financial institutions in Brazil along with a growing presence across Latin America. While Itau has faced a difficult operating environment over the past decade given the weak macro conditions in Brazil, we highlight stronger operational trends more recently supporting a positive outlook. The company just reported its latest quarterly results that showed continued growth and profitability. One of the favorable themes has been an ongoing digital transformation with more of the banking business moving online driving efficiency gains. We think