MADRID, 8 Ago. (EUROPA PRESS) -

Itaú Unibanco, one of the main private banking entities in Brazil, recorded a net profit of 16,657 million Brazilian reais (3,096 million euros), in the first half of the year, which is almost 17.5% more than in the same period of the previous year.

According to its results report, the Brazilian bank invoiced 11.7% more from January to June of this year compared to the first half of 2022, reaching 76,277 million reais (14,181 million euros). The entity's financial margin climbed to 50,689 million reais (9,424 million euros), 16% more.

Meanwhile, income derived from the provision of services and associated with insurance, plus other extraordinary elements, reached 4,878 million reais (906.9 million euros), 12.7% more.

On its side, the cost of credit increased by 27.8% in the period until June, raising the figure to 18,529 million reais (3,444 million euros).

This increase was mainly driven by higher earned premiums, larger life, personal accident and credit life insurance portfolios and higher commissions and rates in line with an increase in insurance sales.

By region, revenues in Brazil (which represents 91.2% of the bank's market) increased by 12.3%, to 68,400 million reais (12,717 million euros), while business in Latin America grew by 6 .7%