Banco Pine SA on Aug. 14 reported a net loss of 21 million Brazilian reais for the second quarter, extending the 7 million reais net loss in the year-ago period.
Gross results from financial intermediation, excluding overhedge effects, were recorded at a net loss of 8 million reais, compared to a net loss of 4 million reais in the second quarter of 2016. Of the final amount, provision for loan losses grew to 50 million reais in the quarter, 51.5% higher than the 33 million reais incurred in the year-ago period.
Fee income was up 33.3% to 20 million reais in the quarter, from 15 million reais a year earlier.
However, other operating expenses also grew 34.8% yearly to 31 million reais, from 23 million reais. Personnel expenses rose slightly to 22 million reais, from 21 million reais a year earlier.
Banco Pine's loan portfolio reached 6.58 billion reais in the second quarter of 2017, about 5.0% higher than the 6.27 billion reais a year earlier.
The bank's 90-day nonperforming loan ratio was 3.7% in the quarter, compared to 1.3% a year earlier. Its provision for loan losses and credits overdue by 90 days were affected by the non-payment of a particular client, the bank noted in its earnings release.
As of Aug. 14, US$1 was equivalent to 3.19 Brazilian reais.