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Itausa 4Q Recurring Net Income Rose to BRL4.1 Billion

   By Jeffrey T. Lewis 
 

SÃO PAULO--Brazilian holding company Itaúsa SA said Monday its recurring profit rose in the fourth quarter from a year earlier as profit at its main investment, Itaú Unibanco SA, increased.

São Paulo-based Itaúsa said net income increased in the fourth quarter to 4.1 billion reais, the equivalent of $786 million, from 3.7 billion reais in the same quarter a year earlier. Recurring net income rose to 4.2 billion reais from 2.7 billion reais a year earlier.

Itaúsa is a holding company that owns stakes in Itaú Unibanco, Brazil's biggest bank by assets, Alpargatas SA, the maker of the Havaianas brand of flip-flops, and building supply maker Duratex SA, among others.

Itaú Unibanco last week its profit declined in the fourth quarter from the same period in 2020 after capital gains a year earlier weren't repeated in 2021. The bank posted net income of 6.2 billion reais, from 7.6 billion reais a year earlier.

 

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

 

(END) Dow Jones Newswires

February 14, 2022 18:20 ET (23:20 GMT)

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