(Corrects sixth paragraph to show recurring return on equity was 1.8 percentage points below prior quarter, not more than 2)
SAO PAULO, May 2 (Reuters) - First-quarter recurring profit at Brazil’s Banco BTG Pactual SA decreased about 22 percent in the first quarter from a year earlier, to 661 million reais ($186.14 million), as revenues fell.
BTG revenues totaled 1.310 billion reais, down 21 percent from a year earlier, as fees from investment banking, trading and merchant banking dropped.
Brazil’s largest independent investment bank said in a securities filing that its stake in Swiss private bank EFG International reported losses in the quarter, also leading BTG’s revenues to drop.
Expanded loan book reached 29.4 billion reais, up 2.7 percent from the previous quarter. In February, investors relation head João Dantas said the bank was seeking loan growth.
Influx of investors’ money into BTG funds continued positive, with nearly 20 billion reais in the first quarter. Assets under management reached 264 billion reais in March, according to the filing.
São Paulo-based BTG posted a recurring return on equity of 14.2 percent, 1.8 percentage points lower from the previous quarter. The bank targets a 20 percent return on equity in the medium term.
Management, led by chief executive officer Roberto Sallouti, will discuss results on a conference call on Thursday. ($1 = 3.5511 reais) (Reporting by Carolina Mandl Editing by Bill Trott)