São Paulo – The net profit of the Brazilian Development Bank (BNDES) reached BRL 3.124 billion (USD 812 million) in Q3 of this year, an increase of 62% over the same period of last year. The bank attributed this result to financial intermediation, which is the fee charged to lend money to other banks. These, in their turn, use the resources to grant other loans.
According to information released by the bank this Friday (13th), the profit year-to-date until September reached BRL 6.639 billion (USD 1.726 billion) and was 10.3% less than the same period of last year. “The decline was influenced by the results with equity holdings, which declined in BRL 5.4 billion (USD 1.40 billion) in the comparison between the periods, a consequence, mainly, of the strong devaluation of the capital market”, said BNDES in a statement.
*Translated by Sérgio Kakitani
