BNDES reports record profit of $3.7bn
Brazilian development bank BNDES made a record high profit of BRL20.7 billion ($3.7 billion) for 2020, up 19% and boosted by sales of stakes in large Brazilian companies.
The sales of equity stakes, including in oil company Petrobras, miner Vale, and pulp maker Suzano, raised more than BRL45 billion, CEO Gustavo Montezano said. The bank plans to sell its stake in state-controlled utility Companhia Paranaense de Energia, known as Copel, in the first half of this year. BNDES will also sell up to BRL6 billion reais in Vale’s local bonds during the second quarter, Montezano added.
He said the bank shifted its strategy in 2020 and for the first time lent more to small and medium companies than to corporates. Total lending rose 17% to BRL64.9 billion.
