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BTG Pactual has a BRL 1.1 billion profit in the Q1 and hit fundraising record

The Brazilian investment bank expanded most part of its business units and had record inflows of funds

BTG Pactual compra Banco Pan
Photo: Rafapress/Shutterstock
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  • The bank’s total revenues grew 84% compared to the previous year, to BRL 2.796 billion;
  • Net fundraising reached a record BRL 76 billion in the first quarter.

Brazilian investment bank BTG Pactual announced a BRL 1.177 billion net profit in the first quarter – an increase of 51.7% year-over-year – driven by the expansion of most of its business units and the entry of record resources to its funds.

The bank’s total revenues grew 84% compared to the previous year, to BRL 2.796 billion, helped by increasing investment bank transactions, greater fundraising and intense asset trading. Net fundraising reached a record BRL 76 billion in the first quarter, BTG said.

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Among other items, bonus payments about five times higher than a year ago increased expenses by 41% compared to the same period last year, to BRL 1,199 billion.

BTG’s return on equity dropped 2.3% in relation to the previous quarter, to 16.8%.

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Also, BTG said it completed the sale of its 22.25% stake in Swiss private bank EFG International AG to its controlling shareholder BTG Pactual Holding for BRL 3.8 billion.

BTG’s shares have risen about 20% this year, and the analysts are optimistic about the bank’s entry into retail.

Translated by LABS.

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