THE Itaúsa (ITSA4), holding company that controls Itaú Unibanco (ITUB4), announced this Monday (15) that it had a net profit of R$ 3 billion, down 12.5% compared to the same period last year.
The company informs that the net income was affected by non-recurring events, which totaled a negative effect of R$ 58 million.
On the other hand, recurring net income rose 5.5% to R$3 billion.
The advance mainly reflected the increase in Itaú Unibanco’s profit, in which Itaúsa has a 37% share.
Itaúsa warned that around 300 million reais of the proceeds from the sale of 1.26% of XP’s capital, for 665 million, will be posted on the balance sheet for the third quarter.
The average return on equity (ROE) of the Itaúsa fell 5 percentage points in the quarter.
According to the company’s president, the “environment should remain challenging in the short term, requiring resilience and business discipline”.
Shareholders’ equity expanded by 10.4% to R$67 billion.
The financial result was negative by R$ 138 million in the second quarter, compared to negative R$ 19 million last year.
According to the company, the R$ 120 million increase was mainly due to an increase in interest expenses due to the higher base rate in the period, in addition to interest expenses on the 4th issue of debentures.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
