Shares of Itau Unibanco Holding SA (ITUB) surged 5.10% on November 5, 2024, following the release of the company's impressive third-quarter earnings results.
ITUB reported recurring managerial profits of R$10.7 billion ($1.93 billion) for Q3 2024, an 18.1% increase compared to the same period last year. This significant growth was driven by higher revenues and an increase in the managerial financial margin.
The Brazilian bank's operating revenues rose 8% year-over-year to R$42.7 billion ($7.7 billion), while the managerial financial margin increased by 6.4% to R$28.5 billion ($5.13 billion). Additionally, commissions and fees grew 5% to R$11.2 billion ($2 billion).
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