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Focused

Brazilian Banks: 3Q18 Review, Volatility Fades

Sector Analysis: 15 Nov 2018, 8:40 PM ET - We summarize key takeaways from Brazilian banks' 3Q18 results. The uncertainty and volatility leading up to the election had limited impact on commercial banks, but pressured BTG Pactual's revenues. 
Focused

Itau Unibanco: 3Q18, Things are Still Looking Up

Earnings Note: 30 Oct 2018, 9:32 PM ET - Itau reported 3Q18 recurring earnings of R6.5 bn, up 3% YoY. Loan growth continued to build up momentum led by consumer categories. Profitability remained stable (recurring ROE of 21.7% for 9M18) and credit continues to improve. 

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.
Focused

Brazilian Banks: 2Q18 Review, They're Used to This

Sector Analysis: 23 Aug 2018, 12:03 AM ET - We summarize key takeaways from Brazilian banks' 2Q18 results.  Despite a number of negative headlines in Brazil and emerging markets generally during 2Q18, profitability and asset quality remain largely in an improving trend.
Focused

Itau 2Q18: Manageable Impact from Macro Headwinds

Earnings Note: 01 Aug 2018, 8:30 PM ET - Itau reported 2Q18 recurring earnings of R6.4 bn, a decrease of 1% QoQ but an increase of 3% YoY. Loan growth continues to pick up, led by loans to individuals. Credit quality remains in an improving trend. 
Focused

Brazilian Banks: 1Q18 Review, Consumer-led Growth

Sector Analysis: 17 May 2018, 5:47 AM ET - In this note we summarize key takeaways from Brazilian banks' 1Q18 results. The sector is returning to loan growth, led by retail borrowers, after years of contraction. Credit provisions were down significantly.
Focused

Itau 1Q18: Lower Selic No Problem for ROE

Earnings Note: 02 May 2018, 10:09 PM ET - Itau Unibanco reported 1Q18 earnings of R$6.4 bn, up 4% YoY, as credit costs declined. Credit provisions were down 28% from 1Q17, and the YoY increase also reflected higher fee income, while net interest income was slightly lower. 
Focused

Brazilian Banks: Company Meetings & Sector Update

Sector Analysis: 16 Apr 2018, 9:56 AM ET - We recently met in Sao Paulo with the large Brazilian banks as well as bank regulators. Banks are returning to balance sheet growth in 2018 after several years of contraction, as the economy stabilizes. 
Focused

Itau: In the Market with NC5 AT1s

HY Note: 12 Mar 2018, 12:39 PM ET - Itau Unibanco is in the market with a perpetual NC5 US$ AT1 issuance, very similar to its December issuance of 6.125% NC5 AT1s. IPT for the new issue was in the mid-6% range, and we would buy the bonds at 6.45% or higher.
Focused

Brazilian Banks: Bradesco & Itau 4Q17 Results

Earnings Note: 07 Feb 2018, 11:55 PM ET - Results for Bradesco and Itau continued to benefit from improving credit quality and cost-cutting. Loan growth is moving towards positive territory but the significant decline in interest rates put a damper on net interest margin. 
Focused

Itau Unibanco: Buy the New US$ AT1s

HY Note: 05 Dec 2017, 6:02 AM ET - Itau Unibanco is in the market with a US$ AT1 perpetual NC5 issuance.  At IPT in the ~6.5% range we would buy the bonds. 
Focused

Brazilian Banks 3Q17 Review: Rising Capital Tide

Sector Analysis: 14 Nov 2017, 9:55 PM ET - Results were mostly positive for the Brazilian banks in 3Q17 as credit profiles are generally still improving.  Key themes across results for Banco do Brasil, Itau, and Bradesco were higher capital levels, lower provisions, and lower NII. 
Focused

Brazilian Banks: 2Q17 Review, Resilient Brazilians

Sector Analysis: 16 Aug 2017, 10:07 AM ET -  Brazilian banks' 2Q17 indicated that credit quality continues to stabilize despite the weak operating environment. The banks in our coverage universe largely revised FY17 profitability and loan growth guidance downwards.  

EM Weekly: Brazil Takes A Tumble

Emerging Markets Weekly: 21 May 2017, 3:24 PM ET - EM credit was weaker last week, particularly Brazilian debt, which was hit by corruption allegations against the President. Some of the losses were pared back on Friday, but Brazilian debt was still down across the board over the week
Focused

Brazilian Banks 1Q17: NII Pressure, Credit Stable

Sector Analysis: 15 May 2017, 6:08 AM ET - Brazilian banks' 1Q17 indicated that credit quality continues to stabilize despite the weak operating environment. Net interest income is under pressure from the banks' loan repositioning and declining rates. 

EM Weekly: Mexican Credits Push Forward

Emerging Markets Weekly: 26 Feb 2017, 5:54 PM ET - EM credit softened in excess return terms, but total returns were strong. Mexican credits and the peso outperformed sharply last week after the Banxico announced that it would start offering forwards in an effort to stem volatility.
Focused

Itau 4Q16: Recovery Story Continues, NPLs Decline

Earnings Note: 08 Feb 2017, 7:38 PM ET - Itau reported 4Q16 earnings which increased on both a QoQ and YoY basis. Provisions remain elevated, but have improved since 1Q16 peak levels. Asset quality improved reflecting the write off of the portfolio of one economic group.
Focused

Itau 3Q16: Continues to Shrink Balance Sheet

Earnings Note: 01 Nov 2016, 7:49 PM ET - Itau reported 3Q16 recurring earnings that were flat on a sequential basis but down YoY. Itau continued to reduce its balance sheet as it de-risks its loan portfolio. Profitability remained strong and capital is highest in the sector. 
Focused

Itau: 2Q16, Credit Profile Remains Best in Sector

Earnings Note: 03 Aug 2016, 3:43 PM ET - Itau Unibanco reported earnings of R5.6 bn, an increase from the prior quarter but down YoY.  Profitability remained strong, as ROE increased to 20.6%  and ROAA was 1.6%. We maintain our Outperform recommendation. 

July 2016 Company Coverage Initiated

Company Coverage Initiated: 31 Jul 2016, 8:02 PM ET - Our monthly report provides executive summaries for the nineteen company on which we launched coverage in the US, Europe, and Asia during the month of July.

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