August 2, 2017 / 3:01 PM / a year ago

BTG Pactual's distressed debt unit bolsters profit

SAO PAULO, Aug 2 (Reuters) - A nascent Brazilian economic recovery and the need for lenders to offload souring credit from their balance sheets are propping up Grupo BTG Pactual SA’s distressed debt unit and offering a chance to reverse weak second-quarter results, executives said on Wednesday. Activity at BTG Pactual’s special situations unit helped bolster corporate lending income at Latin America’s No. 1 independent investment bank last quarter, Chief Financial Officer João Dantas said during a call to discuss results.

Profit, which has misses estimates, should soon return to normal levels, Chief Executive Officer Roberto Sallouti said during the same call. (Reporting by Guillermo Parra-Bernal; Editing by Bernadette Baum)

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