(Reuters) – Brazil’s Banco BTG Pactual’s third-quarter adjusted net income jumped 15% from the same period last year supported by higher revenues and improved operational leverage.
Adjusted net income for the quarter came at 3.21 billion reais ($557.83 million), the bank said in a securities filing.
Revenue for the largest investment bank in Latin America grew 14% to total 6.45 billion reais.
“Client franchises continued to expand, posting record revenues in Wealth, Asset, and Corporate Lending businesses,” BTG said.
Despite Brazil’s central bank raising interest rates to 11.25% and analysts anticipating a slowdown in BTG’s earnings growth in the coming quarters, citing potential impacts on corporate credit and capital markets operations.
The return on average equity (ROAE), a gauge of profitability, hit 23.5% in the quarter.
Last month the bank received preliminary approval from the country’s antitrust regulator to buy the hotel operations of AccorInvest in Brazil for 1.7 billion reais.
BTG funds have $5.5 billion in assets under management in the real estate sector, most of it in Brazil.
($1 = 5.7544 reais)
(Reporting by Natalia Siniawski, Editing by Louise Heavens)
Comments