Itau Unibanco 3Q Net Income Fell After Loss From Sale of Argentine Unit

By Jeffrey T. Lewis

SÃO PAULO--Itaú Unibanco Holding's profit declined in the third quarter after the Brazilian lender reported a loss from the sale of its Argentine unit.

The bank reported net income of 7.5 billion reais, equivalent to $1.5 billion, from BRL7.9 billion a year earlier, while its recurring result, which leaves out one-time items, rose to BRL9.0 billion from BRL8.1 billion.

Itaú posted earnings per share of BRL.077, down from BRL0.80 a year earlier. Itaú reported operating revenues rose to BRL39.5 billion from BRL36.6 billion in the year-earlier period.

The bank said last week it closed the sale of its Argentine unit, Banco Itaú Argentina, and recorded a one-time loss of BRL1.2 billion in the third quarter.

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

11-06-23 1730ET