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BNDES reports H1 profit of 1.34B Brazilian reais


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BNDES reports H1 profit of 1.34B Brazilian reais

Brazil's state-run Banco Nacional de Desenvolvimento Econômico e Social, or BNDES, reported 1.34 billion Brazilian reais in net income for the first half of 2017, amid declining delinquency levels and a contribution of from the bank's investment unit BNDES Participações S.A., or BNDESPAR, according to an official statement released on Aug. 14.

The result compares to a net loss of 2.17 billion reais in the first half of 2016.

Results for the half include 1.42 billion reais in gains from equity investments, swinging from a 4.92 billion reais loss a year earlier.

"The 92.7% reduction in expenses with investment losses and the higher return provided by the variable income portfolio, in the form of dividends, equity pick-ups and disposals, were the main contributions of the results of equity investments, mainly from [BNDESspar]," the bank noted.

BNDES also said it would carry out the impairment test of the shares in the scandal-plagued Brazilian meatpacking giant JBS in the second half of 2017, due to "high volatility" in the company's share value recently.

As of Aug. 11, US$1 was equivalent to 3.18 Brazilian reais.