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Banco ABC Brasil posts modest Q2 net income increase of 2.9% YOY

Banco ABC Brasil S.A. on Aug. 3 posted a recurring net income of 107.1 million Brazilian reais, or 57 centavos per share, for the second quarter, slightly up from the 104.1 million reais, or 62 centavos per share, earned in the year-ago period.

Managerial net interest income for the bank was 275.8 million reais in the quarter, 10.0% higher year over year from 250.8 million reais. Service fees at the bank were up 16.6% annually to 75.7 million reais, from 64.9 million reais. The bank's net interest margin stood at 4.3% in the quarter, compared to 4.6% a year earlier.

Loan loss provisions at the bank were slightly up to 56.6 million reais in the quarter, from 54.1 million reais in the year-ago period. Personnel and other administrative expenses were up 12.0% annually to 77.9 million reais, from 69.6 million reais.

Banco ABC Brasil's recurring return on average equity was 14.0% for the quarter, down from the 15.7% recorded a year earlier. Recurring return on average assets was 1.6%, down from 1.8% a year ago.

The expanded credit portfolio reached 22.91 billion reais at the end of June 2017, 9.0% higher than the balance of 21.01 billion reais at the end of June 2016.

Past-due loans more than 90 days overdue as a percentage of the loan portfolio stood at 0.6% in the quarter ended June 2017, down from 1.1% for the same period a year earlier.

As of Aug. 2, US$1 was equivalent to 3.13 Brazilian reais.