trending Market Intelligence /marketintelligence/en/news-insights/trending/00YHp6EANzFtgoWsWwI_5g2 content esgSubNav
In This List

BNDES may return extra 3.2B reais to Treasury by end of 2019, chairman says

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


BNDES may return extra 3.2B reais to Treasury by end of 2019, chairman says

Banco Nacional de Desenvolvimento Econômico e Social may transfer roughly 3.2 billion Brazilian reais of profit to Brazil's National Treasury by the end of 2019, Diário Comércio Indústria e Serviços reported, citing the state-run development bank's chairman, Carlos Thadeu de Freitas.

The announcement comes after BNDES President Gustavo Montezano said the bank would look to make early dividend payments to Brazil's Treasury and would comfortably repay 126 billion reais of debt to the government in 2019.

Thadeu de Freitas added that the amount could increase if BNDES' profits accelerate.

The company could repay up to 8 billion reais to the Treasury if its stake in state-owned oil firm Petrobras is reduced further, the executive noted.

The company reported net income of 13.8 billion reais for the first half of 2019, nearly triple its year-ago earnings. The result was driven mainly by gains from the sale of stakes in companies such as state-owned oil firm Petrobras and mining company Vale.

As of Sept. 10, US$1 was equivalent to 4.11 Brazilian reais.