Itau Unibanco's recurring net income totals R$ 10.5 billion in the first nine months of 2012 and delinquency decreases

Itau Unibanco's recurring net income totals R$ 10.5 billion in the first nine months of 2012 and delinquency decreases PR Newswire SAO PAULO, Oct. 23, 2012 SAO PAULO, Oct. 23, 2012 /PRNewswire/ -- In the first nine months of 2012, recurring net income totaled R$10.5 billion, a decrease of 3.2% in relation to the same period of 2011. The annualized return on average equity was 19.0%. The efficiency ratio reached 45.0% in the nine months to September, down from 47.4% in the same period of 2011, keeping Itau Unibanco as the most efficient bank in Brazil. Total assets grew 14.7% year-on-year and reached R$960.2 billion on September 30, 2012. The total adjusted credit portfolio (including endorsements, sureties and private securities) increased 10.0% year- on-year and totaled R$437.6 billion. Excluding the vehicle portfolio, the growth was 13.6% year-on-year. The NPL ratio for operations overdue for more than 90 days dropped to 5.1% in September 2012, with perspective of improvement in the coming periods. Total funds (free, raised and managed assets) amounted to R$1.26 trillion. In September, Itau Unibanco announced investments of R$ 10.4 billion in technology, innovation and services between 2012 and 2015. On September 24, and in subsequent trading sessions, Itau Unibanco acquired 48.0% of Redecard by means of a Tender Offer, for a total value of $ 11.3 billion. Itau Unibanco's stake on Redecard reached 98.0%.