BTG Pactual has reported a net income of BRL1.1bn ($317.6m) for the first quarter of 2016, an increase of 25.4% compared to BRL854m ($246.7m) in the year-ago quarter.
The bank’s revenues jumped 84.2% year-on-year to BRL3.6bn, the Brazilian lender said in its earnings statement.
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The bank’s total assets at the end of the first quarter of 2016 were BRL234.5bn, up 4.6% compared to BRL224.1bn in the first quarter of 2015.
Operating expenses increased to BRL1.81bn from BRL791m in the year ago quarter.
The wealth management arm of the bank posted revenues of BRL1.23bn for the first quarter of 2016, a 1,025% jump from BRL109.2m in the first quarter of 2015. The surge was driven by revenues from BSI, with its consolidation starting in September 2015.
The unit’s wealth under management reduced 13% to BRL369.1bn from BRL426.5bn in the fourth quarter of 2015.
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By GlobalDataRevenues at the bank’s asset management arm plunged 33% to BRL182.2m from BRL270.5m a year ago. The division’s assets under management and assets under administration dipped to BRL135.6bn in the first quarter from BRL192.5bn in the previous quarter.
BTG Pactual chairman Persio Arida said: "The performance in the first quarter demonstrates that we are on the right track. We have reorganized the business, preserved liquidity and achieved solid results."
