Profit at Brazil's BNDES unchanged despite jump in provisions

May 13, 2016 8:55 PM

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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.

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