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Itau Unibanco Reports 4Q Net Income of BRL6.2 Billion vs Year-Earlier BRL7.6 Billion

   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.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 

(END) Dow Jones Newswires

February 10, 2022 18:32 ET (23:32 GMT)

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