Itau Unibanco Holding SA ADR (ITUB) Q2 Results Impress on Loan Growth

Itaú Unibanco Holding S.A. (NYSE:ITUB) is one of the best low-priced stocks to buy right now. On August 6, the company delivered strong second-quarter results, benefiting from loan growth despite high interest rates in Brazil.

Revenue in the quarter was up 9.4% year over year to BRL45.7 billion. Net income increased to BRL11.5 billion, resulting in earnings per share of BRL 1.050, better than the analyst estimate of BRL 0.186. Operating revenues for the first half of the year increased 1% to BRL88.1 billion.

The efficiency ratio in the quarter totaled 38.4%, down 10 basis points from the first half of 2014. Cost of credit charges rose 5.3% to R$17.4 billion. The Managerial financial margin increased 12.75 year over year to R$61.5 billion.

Itaú Unibanco Holding S.A. (NYSE:ITUB) is a Brazilian financial conglomerate that provides a wide range of banking and financial services. It is one of the largest financial institutions in Latin America and offers services such as retail banking, corporate and investment banking, asset management, and private banking.

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Disclosure: None. This article is originally published at Insider Monkey.