Banco Pan reports a profit of R$ 51,8 million in the first half of the year.

Kelly Oliveira
Reporter from Agência Brasil

Brasilia – Banco Pan, formerly known as PanAmericano, reported a net profit of R$ 51,8 million in the first half of this year, compared to a loss of R$ 259,6 million in the same period of 2012.

In the second quarter of this year, Pan had a profit of R$ 12,7 million, compared to a positive result of R$ 39 million in the previous quarter and a loss of R$ 262,5 million in the same period last year.

According to the consolidated balance sheet of the bank, controlled by Caixa and BTG Pactual, one of the reasons that led to the improvement in results was the reduction in expenses for provisions for doubtful accounts. This reserve of resources for the case of default was R$ 533,1 million in the first half of 2013, 31,8% lower than the R$ 782,4 million in the same period of the previous year.

The bank also reported an increase in the recovery of written-off loans against the provision for doubtful accounts. Revenue from the recovery of overdue loans reached R$ 90,7 million in the first half of 2013, a figure 58% higher than the R$ 57,4 million of the same period in 2012.

The total loan portfolio was R$ 14,764 billion at the end of the second quarter, 5,5% higher than the result in March (R$ 14 billion) and 37,2% above that recorded in June of last year (R$ 10,8 billion).

According to the bank, vehicle financing remains its main market. In the first half of the year, R$ 3,088 billion in new vehicle financing was granted, compared to R$ 1,675 billion in the same period last year.

Pan's consolidated net worth was R$ 2,523 billion in June 2013, compared to R$ 2,509 billion in March 2013 and R$ 2,710 billion in the same month of 2012.

Edited by: José Romildo