12 de agosto de 2016 / 14:12 / hace un año

UPDATE 1-Brazil's BNDES posts hefty quarterly loss on provision jump

(Changes dateline to SAO PAULO, recasts to add second-quarter numbers, background throughout)

SAO PAULO, Aug 12 (Reuters) - State development bank BNDES, Brazil's main source of long-term credit for companies, posted a net loss in the second quarter, reflecting the burden of soaring loan-loss provisions as corporate defaults and bankruptcies hit all-time highs.

In a Friday statement, Rio de Janeiro-based BNDES said that it had lost a net 2.174 billion reais ($689 million) in the first six months, reversing profit of 3.515 billion reais a year earlier. The number implies a second-quarter shortfall of 3.772 billion reais, according to Thomson Reuters calculations.

A year earlier, BNDES had booked second-quarter profit of 1.930 billion reais. The bank did not unveil quarterly numbers.

The build-up of loan-loss provisions as well as writedowns on the bank's investment portfolio were responsible for the first-half shortfall, the first in the bank's history. BNDES set aside about 9.588 billion reais worth of combined loan-loss and investment-loss provisions between January and June, almost six times bigger than in the year-earlier period.

Based on that number, the expense BNDES incurred to build up provisions was 8.717 billion reais in the second quarter, compared with about 90 million reais a year earlier.

$1 = 3.1562 Brazilian reais Reporting by Guillermo Parra-Bernal; Additional reporting by Rodrigo Viga Gaier in Rio de Janeiro; Editing by Chizu Nomiyama

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below