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Banco Indusval's Q3 net loss further widens as loan operations income declines

Banco Indusval SA on Dec. 15 formally posted a net loss of 74.9 million Brazilian reais for the third quarter as the bank continued to reduce its credit portfolio and bolster its allowance for loan losses.

The quarterly loss, which compares with a 28.2 million-reais loss in the year-ago period, was disclosed earlier in the month in central bank data. In its earning statement, which had been delayed, Banco Indusval blamed the loss on the voluntary reduction of its credit portfolio, high costs tied to its allowance for loan losses and the cost of cash carryover.

Revenues from loan operations and agro bonds fell 63.0% year over year to 25.1 million reais from 67.8 million reais, while the company's allowance for loan loss expenses more than doubled to 63.6 million reais from 28.2 million reais.

Personnel and administrative expenses, meanwhile, rose to 42.4 million reais from 38.4 million reais a year ago.

The bank's expanded credit portfolio stood at 1.34 billion reais at the end of the third quarter, down from 1.66 billion reais in the linked quarter and 2.07 billion reais at the end of the third quarter in 2016. The bank's net interest margin with clients hit 4.24% in the third quarter, compared with 4.08% three months earlier and 4.58% a year ago.

Nonperforming loans more than 90 days past due jumped to 121.3 million reais from 67.7 million reais in the year-ago period. The figure includes the one-off loan granted to grain trader Ceagro Agrícola Ltda., the bank noted.

The bank delayed the filing of its third-quarter results due to a review of the bank's financial statements, as they also studied the potential impact of recent "strategic events."

As of Dec. 15, US$1 was equivalent to 3.32 Brazilian reais.