- 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.
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%.
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.