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.
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(END) Dow Jones Newswires