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SAO PAULO, May 5 (Reuters) - Net income at Cetip SA Mercados Organizados, Latin America's largest securities depositary, beat first-quarter profit estimates as robust revenue growth in the securities unit and declining expenses offset the impact of higher taxes.
São Paulo-based Cetip earned 135.24 million reais ($38.2 million) in net income last quarter, slightly above the average consensus estimate of 133.8 million reais compiled by Thomson Reuters. Profit climbed 5.6 percent on a quarterly basis and 12 percent from a year earlier, according to a securities filing.
$1 = 3.5431 Brazilian reais Reporting by Guillermo Parra-Bernal and Aluísio Alves; Editing by Chris Reese