SAO PAULO, May 14 (Reuters) - Brazil’s state development bank BNDES posted a first-quarter profit more than five times higher than in the same period a year earlier, helped by the performance of its participations arm, the bank said on Tuesday.
Net income came in at 11.1 billion reais in the first quarter, significantly higher than the 2.1 billion reais posted in the same period a year earlier.
BNDES said it sold shares during the quarter in Fibria SA, which was delisted and then absorbed by pulpmaker Suzano SA , as well as in miner Vale SA and in state-controlled oil company Petroleo Brasileiro SA.
The bank also benefitted from the appreciation of its shares in Suzano SA, Petrobras, as the oil company is known, and state-controlled power utility Centrais Eletricas Brasileiras SA . (Reporting by Rodrigo Viga Gaier; writing by Carolina Mandl; editing by Jonathan Oatis)