Loan book reduction hurting Banco Indusval's bottom line
The second quarter saw the bottom line at Brazilian lender Banco Indusval once again hit by a smaller loan portfolio.
The bank said in a Q2 results report that it intentionally reduced the portfolio by 48.2% to 862mn reais (US$221mn) in the 12 months through June as part of a more conservative lending approach.
Indusval managed to narrow its net loss to 51.8mn reais in the second quarter from 55.4mn reais in the same quarter of 2017.
"During the second quarter we maintained our policy of intentionally reducing our loan portfolio. In this sense, we continued with a more rigorous credit policy, increasing provisioning levels, and further strengthening our focus on agribusiness companies and producers," Indusval said.
The agribusiness segment made up 50.1% of Indusval's loan book at the end of June.
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