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January 25, 2008 |
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ITAU URUGUAY: Profit Increases 43.1% to UYU167 Million in 2007 Banco Itau Uruguay's profit increased 43.1% to UYU167 million in 2007, from 2006, Business News Americas reports, citing Uruguayan central bank figures. BNamericas relates that Banco Itau Uruguay's net interest income grew 28.3% to UYU804 million in 2007, compared to 2006. Its fee income increased almost fourfold to UYU261 million. Banco Itau Uruguay's loans rose 1.22% to UYU17.6 billion in December 2007, compared to December 2006, with peso-denominated loans rising 50.3% to UYU2.71 billion, BNamericas notes. The bank's past-due loan ratio improved to 0.68% as of December 2007, from 1.06% December 2006. Banco Itau Uruguay S.A. is a multi-product commercial bank, with a branch network throughout the country. As of June 2007 the bank had UYU21.1 billion of assets and UYU1.9 billion of equity. As of Jan. 4, 2008, Moody's said that Banco Itau Uruguay's B2 foreign currency deposit rating is constrained by Uruguay's foreign currrency country ceiling for deposits. Banco Itau Uruguay's Aa2.uy local currency national scale deposit rating is directly linked to the local currency deposit rating of Ba1. As reported in the Troubled Company Reporter-Latin America on Sept. 25, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 the long-term global local currency deposit ratings of Banco Itau Uruguay S.A., and the local-currency national scale deposit ratings to Aa2.uy from Aa3.uy. These ratings were upgraded: -- Long Term Global Local Currency Deposits: to Ba1 from Ba2 -- National Scale Rating for Local Currency Deposits: to Aa2.uy Aa3.uy |
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