UPDATE 1-BTG Pactual profit declines as operating costs surge

January 19, 2016 11:19 AM

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SAO PAULO Jan 19 Grupo BTG Pactual SA posted a decline in fourth-quarter unaudited net income as provisions, charges and operating expenses surged in the wake of the arrest of founder Andre Esteves in November.

Sao Paulo-based BTG Pactual posted net income of 1.23 billion reais ($304 million), down from 1.51 billion reais in the third quarter, it said in a statement on Tuesday.

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