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%.