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BTG Pactual posts above consensus earnings in Q1

Bnamericas Published: Wednesday, May 11, 2016
BTG Pactual posts above consensus earnings in Q1

Brazilian investment bank BTG Pactual and BTG Pactual Participations registered combined net income of 1.07bn reais (US$310mn) in the first quarter of the year, 14% above market consensus.

The results were also 9% above Deutsche Bank's expectations, and were up 25% year-on-year and down 13% quarter-on-quarter.

Total revenues were up 84.2% to 3.61bn reais from 1.96bn reais during the same period in 2015. Compared to the previous quarter, revenues were up 3%.

"Results benefited from still strong sales and trading revenues, which included 173mn reais from the purchase of their own debt, as well as strong results at BSI, which benefited from the sale of a stake in B-Source (a business process outsourcer in Switzerland)," Deutsche Bank said in a release. "This offset 80mn reais in non-recurring expenses related to staff reductions and independent advisors and a relatively high tax rate of 40%."

ROAE fell to 18.8% from 22.0% the previous quarter, but came in above last year's 18.0%.

Total assets were 234bn reais at the end of March, a 12% decrease compared to end-4Q15.

While results were well above expectations, Deutsche Bank noted that pending sales of assets like BSI, Commodities and Pan Seguros "make future estimates difficult to predict."

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