Itaúsa Investimentos Itaú S A : 3Q Net Income Fell 8% to BRL1.78 Billion as Income From Lender Itaú Declined

By Jeffrey T. Lewis

SÃO PAULO--Brazilian holding company Itaúsa SA said profit fell in the third quarter from a year earlier as income from its main investment, lender Itaú Unibanco Holding SA, declined.

São Paulo-based Itausa said net income fell 8% in the third quarter from a year earlier to 1.78 billion reais, the equivalent of $330.5 million. Recurring net income, which excludes one-time items, fell 21% to 1.98 billion reais.

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.

Itausa's income from its stake in Itaú declined in the third quarter from a year earlier after the bank increased provisions for bad loans to prepare for the impact of the coronavirus on the lender's clients.

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

11-09-20 1729ET