May 5, 2020 / 12:50 PM / 3 months ago

Brazil's Itau Unibanco to focus on further cutting operating expenses

SAO PAULO, May 5 (Reuters) - Brazil's largest lender Itau Unibanco Holding SA will focus on further reducing operating expenses to help weather the impacts of the crisis stemming from the coronavirus pandemic, Chief Financial Officer told journalists on Tuesday.

CFO Milton Maluhy Filho said he said the bank may further increase loan-loss provisions in the coming quarter to adjust to the economic scenario, after already having set aside 4.5 billion reais for potential client defaults. Fee income is also likely to continue under pressure in 2020. (Reporting by Carolina Mandl Editing by Chizu Nomiyama)

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