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Banco Indusval delays Q3 results filing, acknowledges net loss for period

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Banco Indusval delays Q3 results filing, acknowledges net loss for period

Banco Indusval SA, which has struggled to turn a profit in recent quarters, said it has delayed the filing of its third-quarter results to Dec. 15 due to an ongoing review process.

At the same time, the São Paulo-based lender acknowledged a report by Valor Econômico indicating that it booked a net loss of 74.9 million Brazilian reais in the third quarter. That report cited central bank data.

The bank said it is currently reviewing the explanatory notes in its quarterly earnings release, as well as related reports from its board and independent auditors. The company is also analyzing the potential impact of recent "strategic events."

Banco Indusval on Dec. 4 announced an investment agreement with The Hive BR Holding LLC to develop a digital banking platform for unit Banco Intercap SA. The deal involves a capital injection of between 2 million and 10 million reais for the subsidiary.

For the second quarter, the bank posted a net loss of 55.4 million reais, widening from net losses of 31.6 million reais in the first quarter and 19.8 million reais in the year-ago period. The company attributed the second-quarter loss to lower-than-expected revenues from investment banking activity and high provision expenses, among other factors.

As of Dec. 5, US$1 was equivalent to 3.23 Brazilian reais.