BTG Pactual announced its fourth quarter results for 2015. The bank reported net income of R$1.2 bn ($0.3bn), 45% higher than in the fourth quarter of 2014, despite a tumultuous end to the year.
The Brazilian headquartered bank underwent a challenging end to 2015. Former CEO, Andre Esteves, resigned following his arrest in relation to the ongoing Petrobras scandal. The bank also announced in December that it was looking to sell off Swiss private bank, BSI, only three months after it received regulatory approval for the purchase.
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The challenging end to the year was reflected in a dip in assets – totalling R$ 266.6 billion, 12% lower than in the previous quarter.
Full year 2015 total adjusted revenues were R$10.09 bn and net income was R$4.6 bn, respectively 50% and 35% higher than in 2014. Net income per unit was R$1.34 in the fourth quarter of 2015 and R$5.02 for the year ended December 31 2015. All results are preliminary and unaudited.
"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."
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