São Paulo – The Brazilian Development Bank (BNDES, in the Portuguese acronym) has announced this Friday (22nd) that it posted a net income of R$ 5.471 billion (US$ 2.41 billion) in H1 this year. According to the bank, it is the best result ever for the period, up 67.8% from H1 2013.
According to the bank, the results were influenced by the bank’s equity arm BNDESPAR, whose net income stood at R$ 2.148 billion (US$ 948 million), up 236% from H1 2013.
The BNDES has also reported that return on net equity averaged at 8.53% in H1 2014, as against 6.73% in H1 2013. The Basel index, i.e. loans-to-equity ratio, scored 18.4% in June, exceeding the 11% rate required by the Central Bank, and higher than March 2014’s 17.1% and June 2013’s 15.8%.
The bank’s standalone net income, BNDESPAR not included, was R$ 2.994 billion (US$ 1.321 billion), up 52% from H1 2013. Finame, the bank’s capital goods financing program, posted R$ 330.9 million in net income, down 25.5% H1 on H1. These two results plus BNDESPAR figures comprise the BNDES system’s global net income.
According to the bank, consolidated net income was mostly fuelled by a 108.2% increase in returns on partnership interests, which exceeded R$ 3.7 billion (US$ 1.6 billion). Financial intermediation results were up 19.3% to R$ 5.994 billion (US$ 2.646 billion).
The bank’s reference equity was R$ 110.458 billion (US$ 48.7 billion) as of June, up 1.65% from December 2013 and up 15% from June 2013. This figure concerns the bank’s financing capacity.
*Translated by Gabriel Pomerancblum