BNDES profit rises with sale of Petrobras shares

Brazilian state-run development bank BNDES posted an increase in profits in the first quarter as it reversed loan-loss provisions and sold shares in oil giant Petrobras.

The lender reported net income of 2.06 billion reais ($56.98 billion) for the quarter, more than five times its year-ago profit of 373 million reais.

The Rio de Janeiro-based bank posted gains of 831 million reais from partial sales of its stakes in portfolio companies. Most of it came from Petrobras. BNDES' stake in Petrobras fell to 15.98% from 16.54% in the quarter.