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Banco BTG Pactual's Q2 income up 50% YOY to 1.03B reais

Banco BTG Pactual SA reported adjusted net income of about 1.03 billion reais in the second quarter of 2019, about 50% higher than the 685 million reais booked a year earlier, and about 42.7% higher than the 721 million reais in the linked quarter.

Adjusted net income per unit rose to 1.18 reais in the quarter, up from 78 centavos per unit in the year-ago quarter.

Revenue from sales and trading surged 232% higher annually to 886 million reais from 267 million reais, mainly due to higher client activity and a better trading environment. Revenue from principal investments was also up 517% yearly to 344 million reais, from just 56 million reais a year ago.

Adjusted total operating expenses were 51% higher to 882 million reais, from 584 million reais. Out of the total, bonus expenses saw the biggest yearly increase of 184%, growing to 347 million reais mainly due to revenue increases. Tax charges followed with an 89% yearly increase to 106 million reais.

Annualized return on average equity, or ROAE, was up 20.6% in the quarter, up from 14.5% a year ago.

The corporate lending portfolio held 34.24 billion reais as of the second quarter, up 31.3% from 26.07 billion reais a year ago. Assets under management were up 32.9% annually to 226.4 billion reais.

As of Aug. 12, US$1 was equivalent to 3.99 Brazilian reais.