Itau Unibanco Holding (ITUB) reported Q1 earnings late Thursday of 1.03 Brazilian reais ($0.18) per diluted share, up from 0.91 reais a year earlier.

Analysts polled by FactSet expected 1.03 reais.

Operating revenue for the quarter ended March 31 was 45.02 billion reais, compared with 42.06 billion reais a year earlier.

Three analysts polled by FactSet expected 42.51 billion reais.

The company's shares were down 2.1% in recent premarket activity Friday.