August 13, 2018 / 10:36 PM / 5 months ago

Brazil's BNDES development bank Q2 profit soars with Eletropaulo stake sale

SAO PAULO, Aug 13 (Reuters) - Brazilian state development bank BNDES said on Monday second-quarter profit almost tripled to 2.7 billion reais ($695.6 million) from 972 million reais a year earlier as it sold shares in the electricity company Eletropaulo SA.

BNDES Chief Executive Officer Dyogo Oliveira said the bank had a 1 billion reais profit with the sale of Eletropaulo shares, as the final transaction price was far above its value in the bank’s books.

In June, Italy’s Enel SpA acquired 73 percent of the shares of Eletropaulo, paying about 5.5 billion reais to become Brazil’s largest electricity company.

The state-run bank’s loan book shrank 1.7 percent in the quarter to 518.9 billion reais.

BNDES’ 90-day default ratio ended June at 1.45 percent, down nearly 0.2 percentage point from March. ($1 = 3.8815 Brazilian reais) (Reporting by Rodrigo Viga Gaier; writing by Carolina Mandl; editing by Diane Craft)

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