Banco Pan's Q1 profits rise
Brazilian lender Banco Pan reported higher first quarter earnings due to lower loan loss provisions and taxes.
Net earnings totaled 56.6mn reais (US$16.2mn) in the three months, up from 3.7mn reais in the year-ago period, the bank said in a results statement.
Expenses from loan loss provisions fell to 294mn reais in the first quarter from 328mn a year earlier.
The tax bill was 45mn reais in January-March compared to 70mn in 1Q16.
The mid-sized bank, which is controlled by state-owned Caixa Econômica Federal and investment bank BTG Pactual, saw its loan portfolio contract 5% year-on-year to 19.1bn reais.
Pan's main lines of business are vehicle financing, payroll-linked consumer loans and corporate lending.
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