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."

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects

Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.

  • Project: Quebradona
  • Current stage: Blurred
  • Updated: 3 days ago
  • Project: Itinga
  • Current stage: Blurred
  • Updated: 3 days ago
  • Project: Ayawilca
  • Current stage: Blurred
  • Updated: 3 days ago

Other companies

Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.

  • Company: BASF Chile S.A.  (BASF Chile)
  • BASF Chile, a subsidiary of German chemical company BASF SE, started operations in Chile in 1910 representing the firm on the Pacific Coast, and supplying Peru, Bolivia, Ecuador...
  • Company: BNP Paribas Colombia
  • The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
  • Company: ATCO México
  • ATCO México, the local subsidiary of Canadian holding group ATCO, is engaged in the development, construction and operation of energy infrastructure. Since its incorporation in ...
  • Company: Akzo Nobel Ltda.  (AkzoNobel Brasil)
  • AkzoNobel Brasil is the Brazilian subsidiary of AkzoNobel, the Dutch global paints and coatings company and producer of specialty chemicals with operations in more than 80 count...
  • Company: 3M Chile S.A.  (3M Chile)
  • 3M Chile is the local subsidiary of the diversified global technology company 3M, which operates in four business units: security and industry, transportation and electronics, h...
  • Company: Gold Fields Ltd.  (Gold Fields)
  • Gold Fields Ltd. is a South African mining company engaged in gold mining and related activities, including exploration, extraction, processing and smelting. It is a producer of...
  • Company: Finning International Inc.  (Finning)
  • Finning International is a Canadian distributor of heavy equipments. The firm is the world's largest Caterpillar equipment dealer, with operations in western Canada, the UK, Ire...