February 15, 2017 / 2:11 AM / in a year

Profit at Brazil's BTG Pactual falls as revenue plummets

SAO PAULO, Feb 15 (Reuters) - Profit at Brazil’s Grupo BTG Pactual SA fell in the fourth quarter, as revenue in most business lines dropped in the wake of a dramatic balance sheet downsizing at Latin America’s largest independent investment bank.

In a statement released late on Tuesday, BTG Pactual said net income totaled 652 million reais ($211 million) in the quarter, down 1 percent from the prior three months.

Annualized return on equity, a measure of profitability, rose slightly to 12.7 percent in the fourth quarter, the statement said, after a large interest-on-equity payment helped reduce shareholder equity by about 17 percent.

$1 = 3.0840 reais Reporting by Guillermo Parra-Bernal; Editing by Leslie Adler

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