Brazil's BTG Pactual's Q4 adjusted net income jumps 61% (updated)

Vontobel Holding AG

05/02/2024 09:24

(Adds full-year figures in paragraphs 4,5)
    By Natalia Siniawski
       Feb 5 (Reuters) - Brazil's Banco BTG Pactual SA
 BPAC3.SA  fourth-quarter adjusted net income jumped 61% to 2.85
billion reais ($573.45 million) on the year, supported by record
high revenues in most of its businesses.
    BTG Pactual, the largest investment bank in Latin America,
celebrated "record net income" despite what it called a
challenging year of high interest rates environment and tougher
credit market conditions.
    Revenues reached 5.65 billion reais ($1.14 billion), up 55%
on a yearly basis, with BTG's return on average equity (ROAE) -
a gauge of profitability - hitting 23.4% in the quarter.
    Full-year figures showed a similar trend, with all-time high
revenues and net income resulting in a 22.7% ROAE, the company
added.
        BTG Pactual said 2023 was also marked by market share
gains, "especially in our client franchises" and they expect
continued gains in operational leverage and ROAE expansion in
2024.
  
        An asset manager for Switzerland's Vontobel Quality
Growth said Brazil was one of the most attractive investment
opportunities in emerging markets, predicting a continuing
positive trend for the country's equities and favorable economic
backdrop.
    

        
  
    
    
($1 = 4.9699 reais)

 (Reporting by Natalia Siniawski, Editing by Louise Heavens and
Bernadette Baum)
 ((natalia.siniawski@thomsonreuters.com;))