August 2, 2017 / 12:05 AM / a year ago

BTG Pactual quarterly profits fall 30 pct as Brazil turmoil mounts

SAO PAULO, Aug 1 (Reuters) - Profit at Grupo BTG Pactual SA sank the most in six years in the second quarter as mounting political turmoil in Brazil drove down sales and trading income at Latin America’s largest independent investment bank.

In a Tuesday securities filing, São Paulo-based BTG Pactual said net income totaled 503 million reais ($161 million) last quarter, down 30 percent from the prior three months. Profit fell to the lowest level since the third quarter of 2011, driving return on equity down to 13.3 percent.

Management led by Chief Executive Officer Roberto Sallouti will discuss results at a conference call on Wednesday.

$1 = 3.1260 reais Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker

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