Net income at Brazilian midsize bank Banco Pine grew 4.3% in 1Q11 to 31.5mn reais (US$19.3mn) from the same quarter a year ago, on the back of solid loan portfolio and financial income growth, according to the bank's latest financial statements.
Pine's loan book hit 6.02bn reais at end-March, up 21.42% from 12 months prior, heavily concentrated in corporate lending with 5.79bn reais, up 29.8%.
Income from financial intermediation came to 268mn reais in the quarter, up 17% from the same period in 2010, while provision for loan losses grew considerably to 14.7mn reais in expenses, versus 1.30mn reais in 1Q10.
Pine's 90-day non-performing loan (NPL) ratio stood at 0.3% at end-1Q11, compared to 0.5% at end-1Q10. Its capital adequacy BIS ratio was 17.1%, compared to 17.4% three months before and 14.9% a year prior.
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To read the full statements in Portuguese, go to this link