Brazil's Banco Pine anticipates up to 22% loan growth in 2021

Brazil-based Banco Pine SA issued financial guidance for 2021 and anticipates classified loan portfolio growth of between 18% and 22%.

Recurring credit revenues for the São Paulo-based lender are projected to grow between 33% and 37% this year, while income from services and fees, excluding income from guarantees, is expected to increase 14% to 18%.

The company said operating expenses could remain stable or rise by up to 4% this year.

Banco Pine booked a net loss of 27.2 million reais in the fourth quarter of 2020, compared to a 33.1 million reais net loss a year earlier, as net interest income fell 34.6% year over year.

As of Feb. 10, US$1 was equivalent to 5.37 Brazilian reais.