Banco PanSA posted a first-quarter net loss of 96.1 million Brazilian reais,31% higher than the 73.5 million reais net loss booked in the year-ago period.
Gross income from financial intermediation fell 17% yearover year to 309 million reais. The bank's managerial net interest marginreached 11.6% from 11.1% in the first quarter of 2015, according to a May 2earnings release.
Allowance for loan losses totaled 296 million reais in thethree-month period, up 18% from 252 million reais a year earlier.Administrative and personnel expenses, meanwhile, ticked 12% higher on anannual basis to 465 million reais. Tax expenses totaled 52 million reais, downslightly from 54 million reais a year ago.
Banco Pan's credit portfolio with retained results, whichincludes retail and corporate loans, reached about 17.45 billion reais at theend of the first quarter, down 2% from 17.87 billion reais at the close of theyear-ago period. Corporate loans declined 17% annually, while auto loans fell20%.
Based on an operational distribution agreement signed withPan Seguros SA, which is valid until December 2034, the bank originated 43million reais in insurance premiums in the first quarter, compared to 42million reais in the year-ago period.
As of May 2, US$1 wasequivalent to 3.50 Brazilian reais.