São Paulo – The ABC Brasil bank, controlled by the Arab Banking Corporation, posted a net profit of 55 million reals (US$ 27.1 million) in the second quarter of this year, according to information issued by the institution this Tuesday (31st). The result is down 8.6% from the same period of last year, which the bank ascribed to a variation in the line of spending on provision for doubtful debtors.
The annualized return on net equity was 14.2% in the second quarter, down three percentage points from the same period of 2011, when the rate was 17.2%. According to the bank, fundraising remains its strong point, and was up 26.7% in the last 12 months, the highlight being local operations.
The bank’s expanded portfolio showed a 14.9 billion real (US$ 7.3 billion) surplus by the end of the second quarter, up 8.9%. According to the institution, the highlight was the “corporate” segment, which comprises companies with annual revenues higher than 250 million reals. The portfolio includes loans, guarantees provided, and private bonds.
The ABC Brasil bank is a financial institution specializing in medium-to-large businesses. Its controller, the Arab Banking Corporation, is a listed company based in Bahrain. It is active in 21 countries, and is focused on Arab international relations, especially investment projects originating in or targeting the region.
*Translated by Gabriel Pomerancblum
