Banco Cruzeiro do Sul (BCSul) saw 2Q11 earnings rise 13.8% year-on-year thanks to strong loan growth, according to the Brazilian bank's latest earnings release.
Quarterly net income was 40.5mn reais (US$25.5mn) and first half earnings came in at 81.5mn reais, up 8.3% on 1H10.
The bank's lending is focused on payroll and retirement-linked loans and this portfolio climbed by 41.5% to 7.07bn reais in the year through June.
BCSul finished 1H11 with a capital adequacy ratio of 18.3% compared to 15.4% at the end of June 2010.
To read the full earnings release in English, go to this link
To read the release in Portuguese, go to this link