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SAO PAULO, May 10 (Reuters) - Grupo BTG Pactual SA beat first-quarter profit estimates as income from trading and wealth management rose sharply and management at Latin America's largest independent investment bank reined in expenses and costly funding.
São Paulo-based BTG Pactual earned 1.071 billion real ($308 million) in net income last quarter, down 13 percent from the previous three months, according to a statement released late on Tuesday. The results were better than the average consensus estimate of 980 million reais complied by Thomson Reuters.
$1 = 3.4739 Brazilian reais Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler