Brazil's BTG Pactual is easing dependence on trading, CEO says
SAO PAULO May 8 (Reuters) - First-quarter results at BTG Pactual Group, Brazil's largest independent investment bank, showed that revenue dependence on trading and principal investments is easing, Chief Executive Officer André Esteves said on Wednesday.
The business model of BTG Pactual is gradually turning more predictable and fee-based, allaying concerns among investors about the sustainability and stability of the bank's earnings, Esteves told investors on a conference call to discuss first-quarter earnings.
Profit at the São Paulo-based firm reached 612 million reais ($304 million) in the first quarter, compared with 854 million reais in the prior three months, according to a securities filing on Tuesday. The result missed the 700.8 million reais profit estimate in a Thomson Reuters survey of four analysts.