20 January 2016 Insurance

BTG Pactual profits increase 45% in Q4 2015

Brazilian financial company BTG Pactual, which also operates in the insurance and reinsurance markets, has reported a net income of R$1.2 billion ($300 million) for the fourth quarter of 2015, a 45 percent increase than in the fourth quarter of 2014.

Revenues were R$3.5 billion ($860 million), 122 percent higher than in the fourth quarter of 2014 and up 37 percent compared to the third quarter of 2015. Full year 2015 total adjusted revenues were R$10.09 billion ($2.5 billion) and net income was R$4.6 billion ($1.13 billion), respectively 50 percent and 35 percent higher than in 2014.

On 31 December 2015, BTG Pactual’s assets totalled R$266.6 billion ($65.6 billion), 12 percent lower than in the previous quarter.

“The objective of releasing a preview of our 2015 results in the third week of January 2016 is to provide transparency to the market, as well as to our clients and investors,” said Persio Arida, chairman of BTG Pactual.

“As everyone knows, we had a tough end to the year, with a degree of stress unparalleled in the history of the institution. I am pleased to report that we responded to the difficulties rapidly and effectively.”

Marcelo Kalim, co-chief executive officer (CEO) of BTG Pactual, added: “In the space of 45 days, we changed the management team, the Board of Directors and the voting structure of the company.

“The Board of Directors established an independent investigation committee and we began to negotiate the sale of certain assets. We dramatically reduced risk and balance sheet leverage. Our liquidity position at the end of 2015 was stronger than it was on 24 November 2015.”

Roberto Sallouti, Co-CEO of BTG Pactual, commented: “Our partnership model, which aligns clients’ interests with those of the Bank, remains intact. We continue to provide a significantly differentiated and competitive service.”

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