Market Overview

BB Seguridade Posts Higher Q2 Profit

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Brazilian company BB Seguridade Participacoes SA (OTC: BBSEY) 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.

 

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