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2h ago

Brazil’s Q3 Earnings Split: Itaú Sets Profit Record as Miners Surge, Oil Names Stumble

Fresh filings underscore sector divergence driven by commodity moves, operational disruptions, one‑off tax or accounting items.

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Overview

  • Itaú Unibanco posted a record quarterly profit of R$ 11.8 billion, lifted by loan growth and stronger fees and insurance, with ROE at 23.3% and stable delinquency.
  • CSN Mineração’s net income rose 56% to R$ 696 million on higher iron‑ore prices and record operations, while parent CSN returned to profit with R$ 76 million on operational gains and FX effects.
  • GPA swung to a R$ 133 million profit largely after recognizing R$ 418 million in tax credits enabled by recent federal rules expanding the use of loss carryforwards.
  • Oil producers lagged as Prio’s net income fell 44% on a Peregrino field stoppage and Brava’s profit dropped 76% due to a non‑cash expense tied to early receivables for the Atlanta FPSO.
  • Retailers and services showed mixed resilience as C&A, Guararapes (Riachuelo) and Petz improved profits and margins, Engie’s adjusted earnings rose 9.8%, Axia Energia reported an IFRS loss with adjusted profit down 68%, and Rede D’Or’s profit grew 19.8%.