Back in the Game

Back in the Game

Brazil

Unibanco, Brazil's third-largest private-sector banking group in terms of assets, has made a strong comeback in 2003, posting record first half pre-tax profits of $338.5 million. This was more than it earned in the whole of last year, when it announced just $314.8 million in pre-tax profits, its worst result since 1996. Return on equity rose to 15.3% in the first half of this year, thanks to a combination of increased lending, cost cutting and extracting above-average fees from its clients. Pedro Moreira Salles, chairman of Unibanco Holdings, says Unibanco is poised for even better results in coming quarters. "We are positioned for a rebound of the Brazilian economy. We are prepared for a

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