Brazil's Unibanco posts higher 3rd-qtr profit
Unibanco, Brazil's No. 3 private bank, on Thursday posted a 21 percent rise in third-quarter net profit, helped by increased lending as the country's economy strengthened.
Uniao de Bancos Brasileiros (Unibanco) said it had made a net profit of 327 million reais ($116 million), up from 270 million reais in the third quarter last year.
The result was in line with market expectations of a 324 million reais profit, according to a poll of three analysts by Thomson Financial Brasil. The bank made a net profit of 305 million reais in the second quarter of this year.
Unibanco, which is third in the market behind Bradesco and Banco Itau Holding Financeira , said its loan portfolio grew 2.1 percent during the third quarter to total 30.67 billion reais, or 15.2 percent higher than at the end of September last year.
Fee revenues in the first nine months of the year totaled 2.39 billion reais, a 16.2 percent improvement over the same period in 2003, Unibanco said in its earnings statement.($1 = 2.825 reais).
(From Reuters, November 11, 2004)
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