São Paulo – The profits of ABC Brazil (a subsidiary of the Arab Banking Corporation) in the first quarter of this year was R$ 60.1 million (US$ 30 million).The value is 0.8% higher than obtained in the fourth quarter of 2012 (R$ 59.6 million – US$ 29.8 million) and 5.6% over the result for the first three months of last year (R$ 56.9 million – US$ 28.5 million).The information was disclosed by the bank on Thursday (2).
According to ABC Brazil, the growth in profit occurred due to lower provision for loan losses, reduction in personnel and other administrative expenses as well as a lower contribution for commissioning income and placement of papers.
The expanded loan portfolio, which includes loans, guarantees and bonds, ended the first quarter of 2013 at R$ 15.81 million (US$ 7.9 million), with growth of 15.3% over the past 12 months and 3.3% in the quarter. In the corporate segment, the increase was 16.7% in the last 12 months, and 4.6% in the quarter; in the middle sector, the portfolio grew 7.1% in the last 12 months and decreased by 4.9% in the quarter.
According to a press statement by the bank, fundraising remains as the institution’s strong point, with access to local and external markets at competitive rates and comfortable maturities in the profile of its assets. This quarter ABC Brazil held public offerings abroad amounting to R$ 250 million (US$ 125 million), maturing in three years.
*Translated by Mark Ament