BB Seguridade Posts Higher Q2 Profit

Brazilian company BB Seguridade Participacoes SA

reported a 53.6% rise in its second-quarter net profit. The company's quarterly net profit surged to 845 million Brazilian reais ($368 million), from 550 million reais, in the year-ago quarter. Recurring profit came in at 845.4 million reais ($372 million), versus analysts' estimates of 726 million reais. Its net revenue climbed 46.2% to 1.15 billion reais from 791 million reais. Proceeds from investments climbed 36.8% y/y to 39.91 million reais. The company's expenses increased 9.5% y/y to 130 million reais, while return on equity rose to 64.9% from 43.7%. BB Seguridade shares closed at $14.56 yesterday.