Itausa 1Q Recurring Net Income Rose to BRL3.8 Billion

By Jeffrey T. Lewis

SÃO PAULO--Itaúsa SA said Monday its recurring profit rose in the first quarter from a year earlier after profit from the Brazilian holding company's main investment, Itaú Unibanco Holding SA, increased.

São Paulo-based Itaúsa said net income rose in the first quarter to 3.7 billion reais, the equivalent of $731 million, from 2.2 billion reais in the same quarter a year earlier. Recurring net income rose to 3.8 billion reais from 2.4 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 Dexco SA, among others.

Itaú Unibanco said last week it posted net income of 6.9 billion reais in the first quarter, from 6.2 billion reais a year earlier, and net income attributable to its controlling shareholders of 6.7 billion reais from 5.7 billion reais in the first quarter of 2021.

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

(END) Dow Jones Newswires

05-16-22 1757ET