February 28, 2018 / 9:54 PM / a year ago

Brazil's BTG seeks to grow loan book as economy recovers

SAO PAULO, Feb 28 (Reuters) - Brazil’s Banco BTG Pactual SA said on Wednesday it is seeking a higher growth of its loan portfolio this year, as the bank has excess capital and Latin America’s largest economy shows stronger signs of recovery.

In 2017, Latin America’s largest independent bank expanded it loan book by 18 percent to 28.617 billion reais ($8.83 billion). Net interest income with credit however, decreased by 10 percent, to 790 million reais, as expenses for loan losses rose.

BTG Pactual’s investor relations head, João Dantas, told Reuters that in 2018 the bank plans on increasing its loan book at a faster pace than last year but he did not provide any specific guidance.

On Tuesday, BTG Pactual said in a securities filing that its recurring net income grew 9.4 percent in 2017, to 744 million. ($1 = 3.2416 reais) (Reporting by Carolina Mandl; Editing by Sandra Maler)

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