UPDATE 1-BTG Pactual's net income up 10% in Q1 on higher revenues
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SAO PAULO, May 8 (Reuters) - Brazil's Banco BTG Pactual SA on Monday reported a first quarter adjusted net profit of 2.26 billion reais ($456 million), meeting market expectations as total revenues increased by double digits on a yearly basis.
The bottom line represents a 10% increase from the same period a year ago, the firm said in a press release. Analysts polled by Refinitiv had a median forecast for a net income of 2.22 billion reais.
BTG Pactual, the largest investment bank in Latin America, celebrated "record revenues in most business lines" despite what it called a challenging credit and capital markets environment.
The lender's net revenue totaled 4.80 billion reais in the period, up 10% year-on-year and slightly above market consensus of 4.74 billion reais.
Quarterly return on average equity, a widely followed gauge of profitability, reached 20.9%, against 21.5% a year earlier and an expected 20.1%. BTG had previously said it has a
goal
of keeping the metric above 20% in the long term.
($1 = 4.9528 reais) (Reporting by Gabriel Araujo; Editing by Toby Chopra)