September 22, 2023

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Profit jumps 68.5% in Q1 22 to R$ 3.7 billion – Money Times

Average return on equity increased 7.4 percentage points in the quarter (Image: Disclosure)

The Itaisa (ITSA4), the holding company that controls Itaú Unibanco (ITUB4), Monday (16), reported a net profit of R$ 3.7 billion in the first quarter of 2022, an increase of 68.5% compared to the same period in 2021.

Average return on equity rose 7.4 percentage points in the first quarter to 22.6%.

The company stated that the sale of 2.14% of the company’s capital XP (12 million Class A shares) in the quarter “affected the result” by 1.1 billion riyals, after tax, and the property’s cash flow increased by 1.8 billion riyals. ETASA still has 11.51% of XP.

Itisa is in addition to Itaú Unibanco Shares in companies like Dexco (DXCO3) And espadrilles (ALPA4), depending on market conditions, could sell another 24 million XP by the end of the year in 2022.

“Our results for the first quarter of 2022 not only reflect the strength of our investment portfolio, but are also a direct result of our strategy for efficient capital allocation, our influence in our investing companies and the improvement of our corporate governance structure. Our numbers demonstrate our ability to continue our business plan, both in the short and long term.” , says Alfredo Setubal, CEO of the holding company.

“However, the short-term scenario remains challenging and suggests caution and discipline on the part of the holding company and its investments in running the business,” the executive adds.

Financial sector holding consisting of Itaú Unibanco And XPwith a recurring result of 2.78 billion riyals in the quarter, an increase of 15% over the previous year.

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The rest of the holding company’s investments showed a 52% increase in the consolidated recurring result, reaching OMR 173 million.

“Copa Energia’s LPG distribution segment also recorded an increase in results as a result of restoring margins, and the Natural Gas Transportation (NTS) segment also delivered an increase in revenue due to contractual modifications submitted,” he said.

with Reuters

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