SAO PAULO May 8 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
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.