Itau’s Profit Up

Banco Itaú, Brazil’s biggest bank by market value, said first-quarter profit rose 30% to $455 million. Net assets totaled $5.8 billion at the end of the quarter, up 17% year-on-year. In a separate filing, Itaú said it planned to buy back up to 4.13 million shares over the next year, including up to 679,000 ordinary shares and 3.45 million preferred, or non-voting shares. The company currently has 61.35 million outstanding ordinary and preferred shares.