Profit at Brazil's BNDES unchanged despite jump in provisions

May 13, 2016 8:55 PM

24 0

SAO PAULO May 13 Brazil's state development bank BNDES posted net income of 1.598 billion reais ($453 million) in the first quarter, barely changed from a year earlier, even after provisions more than doubled in the face of a harsh recession and rising defaults.

Loans in arrears totaled the equivalent of 0.23 percent of BNDES's loan book at the end of March, according to a Friday statement. Loan-loss provisions jumped to 871 million reais, compared with 393 million reais a year earlier, the statement said.

Also read: Sources: Jeremy Hellickson joining Nationals on minor league contract

Read more

To category page