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Brazilian private sector bank Banco Cruzeiro do Sul (BCSul) reported third quarter net income of 24.0mn reais (US$13.5mn), 47% lower than the 45.2mn reais in 3Q10, according to the bank's latest earnings release.
The bank's loan portfolio reached 8.09bn reais at end-September, divided between direct and credit card paycheck-deductible personal loans of 7.79bn reais and middle market loans of 297mn reais.
Average shareholders' equity stood at 1.7bn reais and the capital adequacy (Basel) ratio at 13.7%.
BCSul is a multiple-service bank that operates with a commercial and investment portfolio. It is authorized to execute exchange operations, with a focus on the personal credit segment through paycheck-deductible loans to public employees and social security beneficiaries. The bank also has operations in the corporate lending segment through short-term loans, usually secured by receivables, to small and midsized companies.
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