May 12, 2020 / 9:25 AM / 21 days ago

Brazil's BTG Pactual misses Q1 profit estimates

SAO PAULO, May 12 (Reuters) - Brazilian investment bank Banco BTG Pactual SA missed first-quarter estimates for profit and decided to reduce markets-related risks, bracing for the crisis caused by the coronavirus pandemic.

Recurring net income, which excludes one-time items, came in at 789 million reais ($135.63 million), 7% below analysts’ expectations, according to a Refinitiv consensus of 848.9 million reais, but up 9.4% year-on-year. ($1 = 5.8172 reais) (Reporting by Carolina Mandl, editing by Louise Heavens)

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