The company reported recurring net profit, which excludes exceptional items, of 4.185 billion reais ($802.51 million) in the last quarter of 2021. Net profit was 4.117 billion reais, up 12% than the same period of 2020.
The performance was “primarily driven by Itau Unibanco’s improved results, due to growth in its loan book,” Itausa said in a filing.
Recurring results attributed to Itausa’s holdings in the financial sector amounted to 2.725 billion reais, up 15% year-on-year. Last week, Itau and XP Inc both reported higher fourth-quarter profits.
Although representing a smaller share of Itausa’s bottom line, the company’s investments in the non-financial sector, which include stakes in shoemaker Alpargatas and wood-panel manufacturer Dexco SA, also saw growth. significant improvement.
They were the source of 859 million reais of recurring revenue in the fourth quarter, a jump of 55% on an annual basis.
Itausa’s net asset value decreased by 21% from the previous year to reach 100.4 billion reais, while its equity discount reached 21.5% at the end of 2021, i.e. 1. 2 percentage point less than the previous year.
The company’s management believes that “the current level of the discount is exaggerated and does not reflect the appropriate level of the indicator”, she said.
($1 = 5.2149 reais)