BNDES posts profits of US$464mn for H1

Brazilian development bank BNDES reached profits of 1.4bn reais (US$464mn) in the first half of the year, the bank said in a statement. The half-year result is higher than profits for all of 2003, which were 1.03bn reais. Net equity during the first six months increased 11.6% over the same year ago period, from 12.9bn reais in 2003 to 14.4bn reais in 2004. Profit on net equity was 10.5% during the period. The capital adequacy index (Basle index) was at 16%, compared to the 11% required by the central bank. Bank assets came to 165bn reais, an 8.7% jump over 2003 levels of 152bn reais.