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Porto Seguro's Q2 income buoyed by interest on capital payment

Porto Seguro SA reported second-quarter net income of 234.9 million Brazilian reais, up about 36.9% year over year from 171.6 million reais.

The insurer noted that its quarterly results benefited from a payment of interest on capital in the amount of 243 million reais. Excluding that effect, quarterly net earnings were 1% lower year over year, the company said.

Porto Seguro's income and social contribution taxes in the three-month period totaled 26.5 million reais, down sharply from 134.2 million reais a year earlier. Excluding that, pretax profit dipped to 261.4 million reais from 305.8 million reais year over year.

Total revenues for the quarter reached 4.14 billion reais, up 5.3% from the 3.93 billion reais recorded in the second quarter of 2016, as net premiums grew to 3.52 billion reais from 3.38 billion reais. Revenue from credit operations, meanwhile, rose 11.9% year over year to 267.2 million reais, while revenue from services was up 16.8% to 267.9 million reais.

Total expenses in the quarter reached 4.07 billion reais, 3.6% higher than the 3.93 billion reais incurred a year earlier.

Return on average equity stood at 15.0% in the quarter. Nonperforming loans more than 90 days past due was 5.0% in the quarter, lower than the 7.3% market average, and lower than the 6.6% seen in the year-ago period.

As of July 31, US$1 was equivalent to 3.13 Brazilian reais.