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Votorantim's Q2 profit rises as expenses, provisions fall

Banco Votorantim SA on Aug. 10 posted net income of 145 million Brazilian reais for the second quarter of 2017, up 34.3% from the 108 million reais earned in the second quarter of 2016.

Net interest income slipped 10.8% year over year to 1.08 billion reais from 1.21 billion reais. On the other hand, income from services and banking fees was up 30.0% to 326 million reais from 263 million reais. Banco Votorantim's net interest margin was 4.8% in the quarter, compared to 5.1% in the year-ago period.

Personnel and administrative expenses ticked to 612 million reais, from 646 million reais. The bank's allowance for loan losses was also down to 385 million reais in the quarter, 15.8% lower than the 457 million reais incurred a year earlier. Nonperforming loans over 90 days past due comprised 4.4% of the loan portfolio as of June, an improvement from the 4.6% ratio the previous year.

Return on average equity was 7.1% for the quarter, compared to 5.4% a year earlier. Return on average assets improved to 0.6% from 0.4%.

Banco Votorantim's managed loan portfolio reached 46.83 billion reais as of June, down from 46.88 billion reais as of June 2016.

As of Aug. 9, US$1 was equivalent to 3.15 Brazilian reais.