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.
