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Brazilian medium-sized bank BicBanco is aiming to close this year with an ROE of 20%, VP Milto Bardini told BNamericas.
BicBanco reported 81.9mn reais (US$50.5mn) in net profits in the first quarter, up 2.1% on the year-ago period, according to its latest financial statements. The ROE for the quarter was 17.6%.
The bank's efficiency ratio was 37.3% in 1Q11, and Bardini said BicBanco expects to finish the year with a ratio of 35%.
The loan book amounted to 14.1bn reais at end-March, up 6.6% in the quarter and increasing 33% on the same time in 2010.
Bardini predicted that BicBanco would grow its lending significantly higher this year than the expected market average of 15-20%.
The bank closed 1Q11 with a capital adequacy ratio of 15.6% and 2bn reais in shareholders' equity.
BicBanco's main focus is commercial lending to medium-sized companies.
To read the financial statements in English, go to this link
To read the financial statements in Portuguese, go to this link