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.
13:48 Wells Fargo Profit Falls 5.4% as Mortgage Revenue Declines24
10:27 India's Tata Consultancy third-quarter net up 10.9 percent, beats estimates20
20:41 Jose Bautista to re-sign with Blue Jays with one-year deal5
19:08 U.S. indicts three Takata executives, fines company $1 billion in faulty air bag scandal16