UPDATE 1-Brazilian bank BTG Pactual’s profit jumps on rising revenue

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SAO PAULO, Feb 14 (Reuters) – Latin America’s largest investment bank, Banco BTG Pactual SA, posted a 42% rise in fourth-quarter net income on the back of rising revenue across all business units.

Recurring net income, excluding one-offs, was in line with analyst expectations at 1.010 billion reais ($232.17 million) as revenue soared by 61% year on year to 2.486 billion reais.

Gains at its trading desk, investment banking unit, corporate lending and proprietary investments offset a 21% rise in operating expenses, including employee bonuses.

The bank continued to expand its loan book, with growth of 11.5% from the previous quarter to 43.8 billion reais, helped by lending outside Brazil and to small companies. In November BTG said it was planning to extend more loans in Chile and Colombia.

The Sao Paulo-based bank reported an annualized return on equity, a measure of profitability, of 19.1%, down slightly from the previous quarter.

The bank’s main efforts are now concentrated in growing its digital investment platform for consumers, dubbed BTG Pactual Digital. BTG is hoping to become Brazil’s sixth-largest retail bank by customer numbers. ($1 = 4.3503 reais) (Reporting by Carolina Mandl Editing by David Goodman )

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