Banco ABC earnings soar on better asset quality
Small Brazilian lender Banco ABC Brasil saw second quarter profits advance 44.2% to 112mn reais (US$29.8mn) on the back of much lower provisions for loan losses.
Provision expenses were 33.1mn reais Q2, down from 56.6mn reais a year ago.
The bank was able to reduce provisions as the non-performing loan ratio improved to 2.6% at the end of June from 4% at end-June last year.
The loan portfolio expanded 10.6% to 25.3bn reais in the 12 months through June.
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News in: Political Risk & Macro (Brazil)
Brazil targets Chinese fiber imports with hike in tariffs
The government will increase import duties to 35% on two types of products.
Brazilian govt proposes funding reform for struggling state firms
The government submitted a bill with the aim of making several loss-making state firms profitable.
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