Latin America's largest bank reported a third-quarter recurring net income of 8.08 billion reais ($1.51 billion), landing just below the 8.11 billion reais estimate of analysts polled by Refinitiv. Itau hiked its provisions for bad loans by nearly 50% to 8.27 billion reais, though unlike its peers, it did not raise its 2022 forecast for loan-loss provisions. The size of its loan book surged 15.5% year-on-year to reach 1.11 trillion reais, fueled by more personal loans. The company also reported higher income from interest it earned on customer debt. Its customer net interest income (NII) jumped 33% from a year earlier to reach 23.38 billion reais.

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