Brazil's BNDES posts higher profit on participations
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.
Net income came in at R$11.1 billion in the first quarter, significantly higher than the R$2.1 billion 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.