S\u00e3o Paulo \u2013 The Brazilian Development Bank (BNDES, in the Portuguese acronym) announced this Monday (21st) that it posted a net profit of 9.9 billion reals (US$ 5.9 billion) in 2010, an all-time high. The figure represents an increase of 47.2% compared with the result in 2009, according to the institution.<\/p>\n
The bank informed that the performance was mostly driven by revenues obtained as a result of credit risk reversal, which reached 2.9 billion reals (US$ 1.7 billion); increased revenues from equity stakes, which reached 2.2 billion reals (US$ , 1.3 billion, an increase of 54.4%); and an increase in gross income on financial intermediation, which totalled 1.2 billion reals (US$ 717 million). <\/p>\n
With regard to the credit risk, according to the BNDES, the result was enabled by the recovery of credits worth 2.3 billion reals (US$ 1.3 billion), whereas in 2009, the bank had spent 6 million reals (US$ 3.5 million) in provisions for credit risk.<\/p>\n
In the case of equity stakes, the institution highlighted a 179.5% increase in transfer of majority shareholding, obtained through the sale of stock in companies sold by the bank’s BNDESPAR subsidiary. It also emphasized the improvement of market conditions from 2009 to 2010 as a contributing factor to its performance.<\/p>\n
With regard to financial intermediation, among other factors, the BNDES highlighted the growth of its credit portfolio, which reached 362 billion reals (US$ 216 billion), 27.5% more than in 2009. The insolvency rate dropped from 0.2% to 0.15%.<\/p>\n
*Translated by Gabriel Pomerancblum<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
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