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Banco ABC Brasil records 19.1% rise in Q1 recurring profit

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Banco ABC Brasil records 19.1% rise in Q1 recurring profit

Banco ABCBrasil SA reported first-quarter recurring net income of 95.5million Brazilian reais, up 19.1% compared to 80.3 million reais in theyear-ago period. Recurring EPS for the quarter was 56 centavos,compared to 52 centavos a year ago.

Published net income for the period grew to 91.1 millionreais, or 54 centavos per share, from 80.3 million reais, or 52 centavos pershare, in the prior-year period.

On a managerial basis, net interest income grew 3.3% yearover year to 226.1 million reais, from 218.9 million reais. Banking servicesfees grew 23.8% over the same period to 56.1 million reais, from 45.3 millionreais previously. The bank's net interest margin in the quarter was 4.0%,compared to 4.3% a year earlier.

Personnel and other administrative expenses totaled 69.3million reais, 9.2% higher than the 63.5 million reais a year earlier. Loanloss provisions at the bank grew 13.1% annually to 48.9 million reais, from43.3 million reais.

Banco ABC Brasil's expanded credit portfolio held 21.39billion reais for the first quarter, 0.4% higher than the 21.30 billion reaisin the year-ago period. The bank said its corporate portfolio grew 1.8% yearover year to 18.86 billion reais, though its midsized business portfoliodropped 8.6% to 2.53 billion reais.

Recurring annualized return on average equity was 15.0%,compared to 14.5% in the year-ago period. Annualized return on average assetswas 1.5%, flat from 1.5% a year earlier.

As of May 4, US$1 was equivalent to 3.54 Brazilian reais.