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ITA┌SA - INVESTIMENTOS ITA┌ SA

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Itausa 3Q Recurring Net Income Rose to BRL2.7 Billion

11/08/2021 | 06:20pm EDT

By Jeffrey T. Lewis

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

São Paulo-based Itausa said net income rose in the third quarter to 2.4 billion reais, the equivalent of $433 million, from BRL1.8 billion in the same quarter a year earlier. Recurring net income, which excludes one-time items, rose to BRL2.7 billion from BRL2 billion 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 third quarter from a year earlier after the bank set aside less for provisions for bad loans.

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

(END) Dow Jones Newswires

11-08-21 1820ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPARGATAS S.A. -1.71% 21.31 Delayed Quote.-41.41%
ITAÚSA - INVESTIMENTOS ITAÚ SA 1.84% 9.4 Delayed Quote.3.47%
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Financials
Sales 2022 11 533 M 2 275 M 2 275 M
Net income 2022 10 863 M 2 143 M 2 143 M
Net Debt 2022 - - -
P/E ratio 2022 7,51x
Yield 2022 5,14%
Capitalization 82 738 M 16 636 M 16 319 M
Capi. / Sales 2022 7,17x
Capi. / Sales 2023 6,41x
Nbr of Employees -
Free-Float 55,2%
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Number of Analysts 8
Last Close Price 9,24 BRL
Average target price 13,26 BRL
Spread / Average Target 43,5%
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Managers and Directors
Alfredo Egydio Setubal Vice Chairman
Henri Penchas Non-Executive Chairman
Paulo Setubal Neto Non-Executive Director
Rodolfo Villela Marino Director & Vice President
Ana L˙cia de Mattos Barretto Villela Vice Chairman