SAO PAULO, May 13 (Reuters) - Brazil's state development bank BNDES posted net income of 1.598 billion reais ($453 million) in the first quarter, barely changed from a year earlier, even after provisions more than doubled in the face of a harsh recession and rising defaults.
Loans in arrears totaled the equivalent of 0.23 percent of BNDES's loan book at the end of March, according to a Friday statement. Loan-loss provisions jumped to 871 million reais, compared with 393 million reais a year earlier, the statement said.
Profit was 1.585 billion reais in the same period of 2014, the statement said.
$1 = 3.5305 Brazilian reais Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama