August 5, 2014 / 11:38 PM / 3 years ago

Brazil's BTG Pactual beats profit estimates on advisory revenue

SAO PAULO, Aug 5 (Reuters) - Net income at investment bank Grupo BTG Pactual SA rose to the highest in more than two years in the second quarter after a jump in interest income and financial advisory helped offset higher expenses and a steep loss in proprietary investments.

São Paulo-based BTG Pactual earned 962 million reais ($424 million) in the quarter, compared with 909 million reais in a Reuters poll of four analysts. The number was the highest since the last quarter of 2011.

Under the stewardship of controlling shareholder André Esteves, the bank is expanding in global reinsurance, commodities trading and wealth management.

$1 = 2.27 Brazilian reais Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker

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