Brazil's Banco BTG Pactual SA on Monday posted all-time high quarterly net income and total revenue, driven by what it called a "robust performance" across all business units. Shares in BTG jumped following the results and were trading up 3.8% at 22.75 reais in mid afternoon, making it the top gainer on Brazil's Bovespa stock index, which fell 1.6%. The lender reported a 72% jump in first-quarter recurring net profit to 2.06 billion reais ($405.7 million), the highest level since its 2012 initial public offering (IPO), according to a securities filing.
Banco BTG Pactual SA's founder Andre Esteves is seeking to be reappointed as the Brazilian investment bank's chairman, it said in a securities filing on Wednesday, but Chief Executive Roberto Sallouti said his return will not affect the bank's course. Esteves gained regulatory approval in December to return to the bank's controlling shareholder group, known as G7, having stepped down as CEO and chairman after being jailed briefly in 2015 on suspicion of corruption. Still, Esteves has overseen a push into retail banking, led negotiations on acquisitions and worked directly with clients on deals as a Reuters report showed in July, troubling some corporate governance specialists.
Brazilian lender Banco BTG Pactual SA on Wednesday posted a 41.7% jump in fourth-quarter profit to 1.782 billion reais ($345.42 million) on rising revenue in almost all its businesses. Total revenue reached 3.489 billion reais in the quarter, up 23% from a year earlier, mainly boosted by sales and trading, wealth management and consumer banking. The bank posted revenue of 917 million reais in its sales and trading unit, up 22% year-over-year, helped by a spike in Brazil's benchmark interest rate.