Banco Pan's Q1 earnings rise on loan growth, lower provisions
Brazilian lender Banco Pan posted higher first quarter earnings thanks to stronger lending and lower provision expenses.
Net earnings totaled 96.1mn reais (US$24mn) in the first three months, up from 56.6mn reais in the year-ago period, the bank said in a results statement.
The loan portfolio expanded 14% year-on-year to 21.8bn reais at the end of the first quarter.
Pan's expenses for loan loss provisions totaled 276mn reais in the first quarter, down from 294mn reais in the first quarter of 2018.
The mid-sized bank is controlled by state-owned Caixa Econômica Federal and local investment bank BTG Pactual.
Pan's main lines of business are vehicle financing, payroll-linked consumer loans and corporate lending.
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