Brazil's Unibanco Posts Preliminary 1998 Income Of $267.9 Million
Dow Jones Online News, Thursday, January 21, 1999 at 23:32
SAO PAULO -(Dow Jones)- Uniao de Bancos Brasileros, Brazil's
third-largest private bank, said Thursday its preliminary 1998 net
income totaled 454.1 million reals ($267.9 million), up 5.3% from 1997.
Unibanco said full-year earnings per 1,000 shares equaled 4.58 reals.
Shareholders' equity totaled 2.91 billion reals.
It said fourth-quarter earnings totaled 142 million reals, more than
twice third-quarter results. It did not provide a year-on-year
comparison.
"This result is mainly due to increased securities revenues resulting
from the higher interest rates during the period as well as fee income
growth," Unibanco stated.
It also said it was optimistic about 1999 prospects.
"Although trends for the first quarter of 1999 are not clear at this
time due to the recent changes in the Brazilian economy, it is estimated
that the impact of the recent devaluation of the Brazilian currency on
Unibanco will be positive," it stated.
Unibanco said average return on equity was 16.4% in 1998.
Interest on capital stock of 96.2 million reals will be distributed,
it added. When added to 82 million reals of dividends distributed last
July, total distribution to shareholders will be 178.2 million reals, up
24% from total dividends paid in 1997.
The bank did not provide further details.
Unibanco said it would release complete consolidated financial
statements during the week of Feb. 8.
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