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BNDES pays more dividends to Brazil's Treasury than earned net income in 2012-2015

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BNDES pays more dividends to Brazil's Treasury than earned net income in 2012-2015

Banco Nacionalde Desenvolvimento Econômico e Social paid 33.38 billion Brazilian reaisin dividends to the National Treasury between 2012 and 2015, an amount higher thanthe bank's net income of 31.06 billion reais in the same period, due to an accountingexception created by Brazil's national monetary council, Valor Econômico reported.

Without the exception the bank's net income for that period wouldhave been 24.38 billion reais or 6.68 billion reais less, the report said.

The losses are an accumulation of 2.38 billion reais from sharesin state-run energy company Eletrobras' in 2012, 4.3 billion reais from shares ofstate-run oil company Petrobras' in 2014 and 2.73 billion reais loss from Petrobras'in 2015.

In a statement, the BancoCentral do Brasil said that the national monetary council has the legalcompetence not only to issue accounting standards for Brazilian financial institutionsoverall, but also to set specific rules for "certain institutions, throughadequate justification."

As of April 13, US$1 wasequivalent to 3.54 Brazilian reais.