Itaú Unibanco Holding S.A. Announces Earnings Results for First Quarter Ended March 31, 2016; Revises Tax Rate Guidance for the Year 2016
Itaú Unibanco Holding S.A. reported earnings results for the first quarter ended March 31, 2016. For the period, the company's operating revenues of BRL 25,867 million against BRL 24,946 million a year ago. Income before tax and minority interest was BRL 7,145 million against BRL 8,520 million a year ago. Recurring net income was BRL 5,235 million against BRL 5,808 million a year ago. The annualized recurring return on average equity reached 19.9%. Annualized recurring return on average assets reached 1.6% in the first quarter of 2016, decreasing 10 basis points from the previous quarter. Return on equity was 20%.
The company revised tax rate guidance for the year 2016. The company had indicated in previous call an implicit tax rate of 33% and revising this, indicates 29%.