Q1 2026 Banco BTG Pactual SA Earnings Call (English, Portuguese) Transcript
Key Points
- Banco BTG Pactual S.A. (BSP:BPAC3) achieved record revenues and earnings in Q1 2026, with a return on equity of 26.6%, demonstrating strong financial performance despite a challenging macro environment.
- The company reported a 34% year-over-year increase in revenues, reaching BRL10 billion, and a 42% growth in net income, amounting to BRL4.8 billion.
- Corporate lending showed strong momentum, with a 22% growth in the portfolio and record revenues, benefiting from reduced competition in capital markets.
- Asset & Wealth Management experienced significant growth, with BRL83 billion in organic net new money and a 28% year-over-year increase in assets under management.
- The company maintained a solid capitalization with a 15.9% capital ratio and a 31% year-over-year growth in unsecured funding, reaching BRL379 billion.
- Investment Banking revenues decreased by 9.3% compared to the previous quarter, affected by volatility and a weaker DCM market.
- Sales & Trading revenues saw a 6.6% decrease from the previous quarter, attributed to a more conservative risk management approach amid increased market volatility.
- The consumer finance segment faced higher provisions in the auto loan portfolio, impacting credit revenues.
- The cost-income ratio remained flat at 38%, with expectations for improvement delayed until the integration of core banking systems is completed next year.
- Stage 2 and Stage 3 loans as a percentage of the total portfolio increased, influenced by the consolidation of Banco Pan's portfolio, which has a higher component of these stages.
Good morning, and welcome to the first-quarter of 2026 results conference call of Banco BTG Pactual. With us today here, we have Roberto Sallouti, Renato Cohn and Julia Rocha. We would like to inform you that this event is being recorded. (Operator Instructions) Today, we have a simultaneous webcast that may be accessed through the website, www.btgpactual.com/ir and the platform. There will be a replay facility for this call from today.
Before proceeding, let me mention that this call may contain forward-looking statements relating to the prospects of the business, estimates for operating and financial results and those related to the growth prospects of Banco BTG Pactual.
These are merely projections and as such, are based exclusively on the expectations of Banco BTG Pactual's management concerning the future of the business. Such forward-looking statements depend substantially on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry,
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