Rio de Janeiro – The Brazilian Development Bank (BNDES) ended September with a net profit of BRL 4.2 billion (USD 1.24 billion), with the result pushing Q3’s net profit to BRL 6.4 billion (USD 1.89 billion).
Data made public this Friday (18) by the bank shows that the result reversed the losses of the first six months, which had amounted to BRL 2.174 billion (USD 643 million). With these last results, the bank now has, in the first three quarters of the year (January to September), a net profit of BRL 4.2 billion (USD 1.24 billion).
In a statement, BNDES says that BRL 4.5 billion (USD 1.33 billion) in tax credits on the bank’s provision for credit risks, which totaled BRL 11.6 billion (USD 3.43 billion) in September, were a decisive factor for the Q3’s profit.
*Translated by Sérgio Kakitani
