November 14, 2019 / 3:37 PM / a month ago

Brazil's BNDES bank reports sharp rise in third-quarter profit

RIO DE JANEIRO, Nov 14 (Reuters) - Brazil’s BNDES national development bank on Thursday reported a third-quarter profit of 2.7 billion reais ($648.5 million), up nearly 70% compared with the same period last year, thanks to its improved stock portfolio performance.

“The result was stable compared to the second quarter, but we are doing well, reacting well to our repositioning and we want to be a less financial and more impactful bank,” BNDES President Gustavo Montezano told reporters.

Over the first three quarters of 2019, BNDES’ posted a profit of 16.5 billion reais, an increase of almost 160% over the same period of 2018.

Montezano said the bank’s improved results for the year can be explained by the better performance of its stock portfolio, which from January to September had an accumulated gain of 8.9 billion reais, up 155.8% from the same period in 2018.

$1 = 4.1637 reais Reporting by Rodrigo Viga Gaier Editing by Paul Simao

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