February 28, 2018 / 12:42 AM / in 10 months

UPDATE 2-Brazil's Banco BTG Pactual posts 4th-qtr net income of $229 mln -filing

(Adds assets under management numbers)

By Carolina Mandl

SAO PAULO, Feb 27 (Reuters) - Brazil Banco BTG Pactual SA’s net income grew by 9.4 percent from a year earlier to 744 million reais ($229 million) as income from trading rebounded, the bank said in a securities filing on Tuesday.

Investment banking and asset management fees also helped BTG Pactual to post total revenue of 1.370 billion reais in the quarter, up 34 percent from the prior year.

BTG closed 2017 with a 20 billion reais influx of investors’ money into its funds, reaching 232 billion reais of assets under management in December, according to the filing.

The amount is still 65 percent lower than the total 653 billion reais in assets under management BTG held on the third quarter of 2015, before the arrest of its founder Andre Esteves in November 2015. But last year’s numbers show the bank has started to regain confidence among investors.

São Paulo-based BTG Pactual’s expanded loan book totaled 28.6 billion reais, up 2 percent from the previous quarter. The bank also said that provisions for loan losses rose in the quarter.

Latin America’s largest independent bank said recurring return on equity was 16 percent annualized, down 0.5 percentage point from the previous quarter.

BTG Pactual’s investor relations head Joao Dantas said in November that the bank is aiming for an average return on equity of 20 percent in the medium term.

Management, led by Chief Executive Officer Roberto Sallouti, will discuss the company’s results in a conference call on Wednesday. ($1 = 3.2512 Brazilian reais) (Reporting by Carolina Mandl; editing by Cynthia Osterman, G Crosse)

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