São Paulo – The Brazilian Development Bank (BNDES) saw its net profit go up 453.4% year-on-year in Q1 to BRL 2.06 billion.
It said this Monday (14) that the result was driven by the positive effects of a reversal of expenditure on credit risk provisions and by improved equity holding results.
The former factor alone – last year the bank had to earmark credit risk provisions, which wasn’t the case this year – led to a BRL 2.2 billion cut in expenses.
BNDES held BRL 860 billion in assets by March 31, 2018, which meant a 0.9% and BRL 7.4 billion increase during Q1. The bank’s credit portfolio and loans reached BRL 527.9 billion. Delinquency saw a slight increment.
Translated by Gabriel Pomerancblum
PUBLICIDADE
