By Jeffrey T. Lewis
SÃO PAULO--Brazilian lender Itaú Unibanco Holding SA reported profit declined in the fourth quarter from the same quarter a year ago after capital gains a year earlier weren't repeated in 2021.
The bank posted net income of 6.2 billion reais, the equivalent of $1.2 billion, from 7.6 billion reais a year earlier. Itaú's recurring managerial result, a measure of profit that excludes one-time items, rose to 7.2 billion reais from 5.4 billion reais in the year-earlier period.
Itaú reported managerial operating revenue, which adjusts for one-time items and the tax effect of hedges, of 33.4 billion reais, up from 29.2 billion reais a year earlier.
Itau booked a one-time capital gain of 3.2 billion reais in the fourth quarter of 2020 on the partial sale of its stake in online broker XP Inc.
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(END) Dow Jones Newswires
February 10, 2022 18:32 ET (23:32 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.