PanAmericano reports US$47.1mn in Q1 earnings

Wednesday, May 18, 2011

Brazil's Banco PanAmericano posted 76.2mn reais (US$47.1mn) in 1Q11 profits, but did not disclose comparative figures from the year-ago period, following the 4.3bn-real accounting scandal revealed in November last year, according to the bank's latest financial statements.

The scandal resulted in the entrance of local investment bank BTG Pactual, buying a 51% stake of PanAmericano's voting shares, or 37.6% of overall ownership, from then-controlling Silvio Santos group for 450mn reais.

The scandal also forced BTG and PanAmericano's other main shareholder, Caixa Econômica Federal (CEF), to pledge to inject 14bn reais into the bank to keep it afloat, as BNamericas reported previously.

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PanAmericano provided comparative figures for 4Q10, and net income was up 4.96% quarter-on-quarter, on the back of contained financial intermediation expenses, which saw a 21.4% decrease to 462mn reais in 1Q11.

Overall, PanAmericano saw its gross profit from financial intermediation expand 1.65% from 4Q10 to 568mn reais.

The bank's loan portfolio shrank 23.4% quarter-on-quarter to 10.2bn reais. PanAmericano's capital adequacy BIS ratio was 13.5%, compared to -5.7% three months prior.

To read the full statement, in English, go to this link

To read the full statement, in Portuguese, go to this link