By Jeffrey T. Lewis
SÃO PAULO--Brazilian holding company Itaúsa SA said Monday its recurring profit rose in the first quarter from a year earlier as the performance of lender Itaú Unibanco SA improved in the period.
São Paulo-based Itaúsa said net income rose in the first quarter to 2.2 billion reais, the equivalent of $421 million, from BRL1.0 billion in the same quarter a year earlier. Recurring net income, which excludes one-time items, rose to BRL2.4 billion from BRL1.1 billion 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 reported last week that its profit jumped in the first quarter from a year earlier as the bank reduced the amount of money it set aside as provisions for bad loans.
Write to Jeffrey T. Lewis at firstname.lastname@example.org
(END) Dow Jones Newswires