By Jeffrey T. Lewis
SAO PAULO--Brazilian holding company Itausa SA said Monday its recurring profit rose in the second quarter from a year earlier as profit at its main investment, Itau Unibanco SA, increased.
Sao Paulo-based Itausa said net income rose in the second quarter to 3.5 billion reais, the equivalent of $669 million, from 598 million reais in the same quarter a year earlier. Recurring net income, which excludes one-time items, rose to 2.9 billion reais from 1.4 billion reais a year earlier.
Itausa is a holding company that owns stakes in Itau 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.
Itau Unibanco last week reported its profit increased in the second quarter from a year earlier after the bank set aside less for provisions for bad loans.
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(END) Dow Jones Newswires