August 12, 2016 / 12:57 PM / 2 years ago

Brazil state development bank BNDES posts loss in first half

SAO PAULO/RIO DE JANEIRO, Aug 12 (Reuters) - Brazil’s state development bank BNDES, the nation’s biggest source of long-term corporate funding, posted a net loss of 2.174 billion reais ($689 million) in the first six months of the year, reversing profit of 3.515 billion reais a year earlier.

In a statement, the Rio de Janeiro-based lender said the build-up of loan- and investment-loss provisions on the bank’s loan book and investment holding unit was responsible for the shortfall in the January-to-June period. BNDES set aside about 9.588 billion reais worth of combined loan-loss and investment-loss provisions in the period, almost six times bigger than in the year-earlier period.

The bank did not disclose quarterly numbers.

$1 = 3.1562 Brazilian reais Reporting by Guillermo Parra-Bernal and Rodrigo Viga Gaier; Editing by Chizu Nomiyama

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