Rio de Janeiro – The Brazilian Development Bank (BNDES) had net profit of R$ 9 billion (US$ 5.3 billion) in 2011, 8.7% lower than in 2010 (R$ 9.9 billion). The figures were disclosed on Monday (27). According to the institution, the result is mainly due to the high cost of credit recovery in 2010, R$ 2.3 billion.
According to the BNDES, the gross result (before tax and administrative expenses) was positive and fostered by the good performance of variable income credit portfolios, which contributed with 94% of profit formation. The treasury portfolio also had a positive impact, of 6% of the bank’s result in 2010.
The credit portfolio reached R$ 426 billion (US$ 249 billion) on December 31st, 2011, representing 20.8% of total credit offered by the National Financial System (SFN). Default grew to 0.14% of the total disbursed in 2011, below the average for the SFN, which reached 3.6% in the same period.
Net assets in the BNDES system totalled R$ 61 billion (US$ 36 billion), which corresponds to reference assets of R$ 99 billion (US$ 58 billion), more than the R$ 83.1 billion (US$ 48.5 billion) of December 31st, 2010.
Total assets in the BNDES system totalled R$ 625 billion on December 31st, 2011, presenting growth of R$ 75.8 billion (13.8%) as against December 31st, 2010.
*Translated by Mark Ament
